RES 20-022 ADOPTING A STREET RECONSTRUCTION AND OVERLAY PLAN AND AUTHORIZING THE ISSUANCE AND SALE OF STREET RECONSTRUCTION AND OVERLAY BONDS

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Councilmember 3.-eAa n introduced the following resolution and moved its adoption, which motion was seconded by Councilmember (.94 r : RESOLUTION NO. 20-022 RESOLUTION ADOPTING A STREET RECONSTRUCTION AND OVERLAY PLAN AND AUTHORIZING THE ISSUANCE AND SALE OF STREET RECONSTRUCTION AND OVERLAY BONDS BE IT RESOLVED by the City Council (this "Council") of the City of St. Anthony, Minnesota (the "City"), as follows: SECTION 1. FINDINGS. On the date hereof, the City held a public hearing on (i) the issuance of its bonds, in one or more series, under Minnesota Statutes, Chapter 475.58, Subdivision 3b, as amended (the "Act"), in order to finance the costs of street reconstruction and overlay projects, as described in the proposed street reconstruction and overlay plan (the "Project") and (ii) the proposed street reconstruction and overlay plan prepared with respect to the Project (the "Plan"). All parties who appeared at the hearing were given an opportunity to express their views with respect to the proposal to adopt the Plan and undertake and finance the Project, and any written comments submitted prior to the hearing were considered. The City hereby adopts the Plan. SECTION 2. PURPOSE. It is hereby determined to be in the best interests of the City to issue its general obligation street reconstruction bonds (the "Bonds"), in the principal amount not to exceed $3,000,000, to finance the costs of the Project. The financing of the Project and the issuance and sale of the Bonds would further the policies and goals of the City as set forth in the Plan. SECTION 3. AUTHORIZATION AND APPROVAL OF BONDS. The City gives preliminary approval to issuance of the Bonds, the proceeds of which will be used, together with any additional funds of the City which might be required, to finance certain costs of the Project and to pay costs of issuance of the Bonds. If a petition requesting a vote on issuance of the Bonds, signed by voters equal to five percent of the votes cast in the last general election, is filed with City Clerk by April 9, 2020, the City may issue the Bonds only after obtaining approval of a majority of voters voting on the question at an election. Upon vote being taken thereon, the following members voted in favor thereof: tb*QC) 5,v1 an, S. 41U- V.0,\A`e w - S-./ and the following members voted against the same: Nw\L whereupon the resolution was declared duly passed and adopted.