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Councilmember Stille introduced the following resolution and moved its adoption, which motion
<br />was seconded by Councilmember Brever:
<br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
<br />PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
<br />PAYMENT OF $5,310,000 GENERAL OBLIGATION BONDS, SERIES 2017A
<br />BE IT RESOLVED by the City Council, City of St. Anthony, Minnesota (the "City "), as
<br />follows:
<br />SECTION 1. AUTHORIZATION AND SALE.
<br />1.01. Authorization. The City has presently outstanding its General Obligation Bonds,
<br />Series 2009A (the "Prior Bonds "), initially dated as of May 7, 2009. The Prior Bonds were
<br />issued for the purpose of financing road reconstruction projects (the "2009 Improvement
<br />Portion ") by the City pursuant to Minnesota Statutes, Chapter 429, and park improvement
<br />projects (the "2009 Abatement Portion ") by the City pursuant to Minnesota Statutes,
<br />Section 469.1814 and Chapter 475. This Council hereby determines that it is in the best interest
<br />of the City to issue its $5,310,000 General Obligation Bonds, Series 2017A (the "Bonds ") for the
<br />purpose of (a) currently refunding on or about June 1, 2017 (the "Redemption Date ") all of the
<br />outstanding Prior Bonds; (b) financing the 2017 road reconstruction projects being undertaken by
<br />the City (the "Improvements "); (c) financing various items of capital equipment (the
<br />"Equipment") and (d) funding costs of issuance of the Bonds (collectively, the "Project'). The
<br />portion of the Bonds ($835,000) issued to refund the 2009 Abatement Portion of the Prior Bonds
<br />are referred to as the "Tax Abatement Bonds" and are issued pursuant to the Minnesota Statutes,
<br />Section 469.1814 and Chapter 475. The portion of the Bonds ($1,355,000) issued to refund the
<br />2009 Improvement Bonds and the portion of the Bonds ($2,600,000) issued to finance the
<br />Improvements are referred to as the "Improvement Bonds" and are issued pursuant to Minnesota
<br />Statutes, Chapter 429. The portion of the Bonds ($520,000) issued to finance the Equipment are
<br />referred to as "Equipment Bonds," are issued pursuant to Minnesota Statutes, Chapter 412.301,
<br />and does not exceed 0.25 percent of the market value of taxable property in the City. The
<br />allocation of the Bonds for this purpose is set forth in Section 3.01 hereof.
<br />1.02. Sale. Pursuant to the Preliminary Official Statement prepared on behalf of the City
<br />by Ehlers & Associates, Inc., municipal advisor to the City, sealed or electronic proposals for the
<br />purchase of the Bonds were received at or before the time specified for receipt of proposals. The
<br />proposals have been opened, publicly read and considered and the purchase price, interest rates
<br />and net interest cost under the terms of each proposal have been determined. The most favorable
<br />proposal received is that of Piper Jaffray & Co., in Minneapolis, Minnesota, together with co-
<br />managers (the "Purchaser "), to purchase the Bonds in the principal amount of $5,310,000, at a
<br />price of $5,573,704.80 plus accrued interest, if any, on all Bonds to the day of delivery and
<br />payment, on the further terms and conditions hereinafter set forth.
<br />1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor
<br />and City Manager are hereby authorized and directed on behalf of the City to execute a contract
<br />for the sale of the Bonds with the Purchaser in accordance with the Preliminary Official
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