RES 18-036 RESOLUTION RELATING TO $2,610,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2018A; AWARDING THE SALE

Home Browse Search

Councilmember 54, � IQ then introduced the following resolution and moved its adoption: RESOLUTION 18 -036 RESOLUTION RELATING TO $2,610,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2018A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City "), as follows: Section 1. Recitals. Authorization and Sale of Bonds. 1.01. Authorization. This Council has previously determined to issue and sell on the date hereof its $2,610,000 General Obligation Improvement Bonds, Series 2018A (the Bonds), pursuant to Minnesota Statutes, Chapters 429 (the "Act") and 475. Proceeds of the Bonds will be used to finance various road reconstruction projects in the City (the "Improvements "). 1.02. Sale of Bonds. The City has received four (4) proposals for the purchase of the Bonds. The most favorable proposal received is that of FTN Financial Capital Markets of Memphis, Tennessee (the "Purchaser "), to purchase the Bonds at a price of $2,681,822.91, the Bonds to bear interest at the rates set forth in Section 3.01 hereof and to be subject to the further terms and conditions set forth in this Resolution. The proposal is hereby accepted, and the Mayor and the City Manager are hereby authorized and directed to execute a contract on the part of the City for the sale of the Bonds with the Purchaser. The good faith deposit of the Purchaser shall be retained and deposited by the City until the Bonds have been delivered, and shall be deducted from the purchase price paid at settlement. 1.03. Performance of Requirements. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, existing, having happened and having been performed, it is now necessary for this Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. 1.04. Maturities of Bonds. The Council hereby finds that the maturities of the Bonds as set forth in Section 3.01 hereof are warranted by the anticipated collections of special assessments and ad valorem taxes levied and to be levied for the payment of the Bonds as provided in Section 4 hereof. Section 2. Form of Bonds. The Bonds shall be prepared in substantially the form attached as Exhibit A hereto. 4852- 7706 - 1987\2