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Councilmember SV11 LC„ introduced the following resolution and moved its
<br />adoption, which motion was seconded by Councilmember r6.
<br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
<br />PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
<br />PAYMENT OF $2,480,000 GENERAL OBLIGATION BONDS, SERIES 2019A
<br />BE IT RESOLVED by the City Council (the "Council") of the City of St. Anthony,
<br />Minnesota (the "City"), as follows:
<br />SECTION 1. AUTHORIZATION AND SALE.
<br />1.01. Authorization.
<br />To finance various storm water improvements to address flooding issues and installation
<br />of utilities and a new sidewalk along County Road C (the "Tax Abatement Project"), this Council,
<br />by resolution adopted after a public hearing on June 11, 2019 (the "Abatement Resolution"),
<br />granted an abatement for fifteen (15) years of property taxes to be imposed by the City on certain
<br />parcels in the City, pursuant to Minnesota Statutes, Sections 469.1812 to 469.1815 (the "Tax
<br />Abatement"). Subsequent to such approval, the Council has determined to defer the flood control
<br />portion of the Tax Abatement Project. The revenues received by the City from such Tax
<br />Abatement are herein referred to as the "Tax Abatement Revenue."
<br />This Council hereby determines that it is in the best interest of the City to issue its
<br />2,480,000 General Obligation Bonds, Series 2019A (the "Bonds"), for the purpose of:
<br />a) currently refunding the February 1, 2020, through February 1, 2026, maturities of
<br />the City's $1,375,000 General Obligation Street Reconstruction Bonds, Series 2010A (the "Series
<br />2010A Bonds"), dated, as original issued, as of May 20, 2010, aggregating $725,000 in outstanding
<br />principal amount;
<br />b) currently refunding the February 1, 2021, through February 1, 2027, maturities of
<br />the City's $2,955,000 General Obligation Improvement Bonds, Series 2011 A (the "Series 2011 A
<br />Bonds," and together with the Series 2010A Bonds, the "Refunded Bonds"), dated, as original
<br />issued, as of April 12, 2011, aggregating $1,145,000 in outstanding principal amount;
<br />c) financing the Tax Abatement Project, and
<br />d) funding costs of issuance of the Bonds.
<br />The Series 2010A Bonds were issued to finance the costs of certain street reconstruction
<br />projects (the "Street Reconstruction Project") in the City. The Series 2011A Bonds were issued
<br />to finance various water, street, and sewer improvements (the "Improvement Project," and together
<br />with the Tax Abatement Project and the Street Reconstruction Project, the "Project") and to refund
<br />certain of the City's outstanding general obligation bonds. The Refunded Bonds will be redeemed
<br />on August 1, 2019 (the "Redemption Date"). The City anticipates substantial debt service savings
<br />to result from the refunding of the Refunded Bonds.
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