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4852-6958-9943\3 Councilmember ________________ introduced the following resolution and moved its adoption, which motion was seconded by Councilmember ____________________: RESOLUTION 20-042 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $[3,000,000] GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2020A BE IT RESOLVED by the City Council (the “Council”) of the City of St. Anthony, Minnesota (the “City”), as follows: SECTION 1. AUTHORIZATION AND SALE. 1.01. Authorization. This Council, by resolution adopted March 10, 2020, authorized the issuance and sale of its General Obligation Street Reconstruction Bonds, Series 2020A, in the approximate principal amount of $3,000,000 (the “Bonds”), pursuant to Minnesota Statutes, Section 475.58, subdivision 3b. The proceeds of the Bonds will be used, together with any additional funds of the City which might be required, to finance the cost of certain street reconstruction projects (the “Projects”), described in the 5-Year Street Reconstruction Plan adopted by this Council, following a public hearing, on March 10, 2020. A petition requesting a vote on the question of issuing the Bonds, signed by voters equal to five percent of the votes cast in the last municipal general election, was not filed with the City within 30 days of the public hearing. Accordingly, the issuance of the Bonds is authorized without an election. 1.02. Sale. The City has retained Ehlers and Associates, Inc. (“Ehlers”) as independent municipal advisor in connection with the sale of the Bonds. Pursuant to Minnesota Statutes, Section 475.60, subdivision 2, paragraph 9, the requirements as to a public sale do not apply to the issuance of the Bonds. Pursuant to the Preliminary Official Statement and Terms of Proposal prepared on behalf of the City by Ehlers, proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been opened, publicly read and considered and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of [Purchaser] of [City], [State] (the “Purchaser”). It is hereby determined to issue the Bonds at a purchase price of $[_________] (representing the principal amount of $[PAR], [plus/minus] an original issue [premium/discount] of $[________] less an underwriter’s discount of $[______]) plus accrued interest, if any, and upon the further terms and conditions set forth herein. 1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor and City Manager are hereby authorized and directed to execute a contract on behalf of the City for the sale of the Bonds in accordance with the Terms of Proposal. 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. 15