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Councilmember ________________________ then introduced the following resolution <br />and moved its adoption: <br /> <br />RESOLUTION 18-036 <br />RESOLUTION RELATING TO $2,705,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SERIES 2018A; AWARDING THE SALE, <br />FIXING THE FORM AND DETAILS AND PROVIDING FOR THE <br />EXECUTION AND DELIVERY THEREOF AND SECURITY <br />THEREFOR AND LEVYING AD VALOREM TAXES FOR THE <br />PAYMENT THEREOF <br /> <br />BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the <br />“City”), as follows: <br /> <br />Section 1. Recitals, Authorization and Sale of Bonds. <br /> <br />1.01. Authorization. This Council has previously determined to issue and sell on the <br />date hereof its $2,705,000 General Obligation Improvement Bonds, Series 2018A (the Bonds), <br />pursuant to Minnesota Statutes, Chapters 429 (the “Act”) and 475. Proceeds of the Bonds will <br />be used to finance various road reconstruction projects in the City (the “Improvements”). <br /> <br />1.02. Sale of Bonds. The City has received [________ (___)] proposals for the purchase <br />of the Bonds. The most favorable proposal received is that of [____________________] of <br />[_____________, ___________] (the “Purchaser”), to purchase the Bonds at a price of <br />$[____________], the Bonds to bear interest at the rates set forth in Section 3.01 hereof and to <br />be subject to the further terms and conditions set forth in this Resolution. The proposal is hereby <br />accepted, and the Mayor and the City Manager are hereby authorized and directed to execute a <br />contract on the part of the City for the sale of the Bonds with the Purchaser. The good faith <br />deposit of the Purchaser shall be retained and deposited by the City until the Bonds have been <br />delivered, and shall be deducted from the purchase price paid at settlement. <br /> <br />1.03. Performance of Requirements. All acts, conditions and things which are required <br />by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be <br />performed precedent to and in the valid issuance of the Bonds having been done, existing, having <br />happened and having been performed, it is now necessary for this Council to establish the form <br />and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. <br /> <br />1.04. Maturities of Bonds. The Council hereby finds that the maturities of the Bonds as <br />set forth in Section 3.01 hereof are warranted by the anticipated collections of special <br />assessments and ad valorem taxes levied and to be levied for the payment of the Bonds as <br />provided in Section 4 hereof. <br /> <br />Section 2. Form of Bonds. The Bonds shall be prepared in substantially the form <br />attached as Exhibit A hereto. <br /> <br />19