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Councilmember 1 j0 $ 0 n introduced the following resolution and moved its adoption,
<br />which motion was seconded by Councilmember kr :
<br />RESOLUTION NO.
<br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE,
<br />PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE
<br />PAYMENT OF $3,000,000 GENERAL OBLIGATION STREET
<br />RECONSTRUCTION BONDS, SERIES 2020A
<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. This Council, by resolution adopted March 10, 2020, authorized the
<br />issuance and sale of its General Obligation Street Reconstruction Bonds, Series 2020A, in the
<br />approximate principal amount of $3,000,000 (the "Bonds"), pursuant to Minnesota Statutes,
<br />Section 475.58, subdivision 3b. The proceeds of the Bonds will be used, together with any
<br />additional funds of the City which might be required, to finance the cost of certain street
<br />reconstruction projects (the "Projects"), described in the 5-Year Street Reconstruction Plan
<br />adopted by this Council, following a public hearing, on March 10, 2020. A petition requesting a
<br />vote on the question of issuing the Bonds, signed by voters equal to five percent of the votes cast
<br />in the last municipal general election, was not filed with the City within 30 days of the public
<br />hearing. Accordingly, the issuance of the Bonds is authorized without an election.
<br />1.02. Sale. The City has retained Ehlers and Associates, Inc. ("Ehlers") as independent
<br />municipal advisor in connection with the sale of the Bonds. Pursuant to Minnesota Statutes,
<br />Section 475.60, subdivision 2, paragraph 9, the requirements as to a public sale do not apply to the
<br />issuance of the Bonds. Pursuant to the Preliminary Official Statement and Terms of Proposal
<br />prepared on behalf of the City by Ehlers, proposals for the purchase of the Bonds were received at
<br />or before the time specified for receipt of proposals. The proposals have been opened, publicly
<br />read and considered and the purchase price, interest rates and net interest cost under the terms of
<br />each proposal have been determined. The most favorable proposal received is that of Piper Sandler
<br />& Co. of Minneapolis, Minnesota, and associate (the "Purchaser"). It is hereby determined to
<br />issue the Bonds at a purchase price of $3,132,246.00 (representing the principal amount of
<br />$3,000,000 plus an original issue premium of $154,026.00, less an underwriter's discount of
<br />$21,780.00) plus accrued interest, if any, and upon the further terms and conditions set forth herein.
<br />1.03. Award. The sale of the Bonds is hereby awarded to the Purchaser, and the Mayor
<br />and City Manager are hereby authorized and directed to execute a contract on behalf of the City
<br />for the sale of the Bonds in accordance with the Terms of Proposal. The good faith deposit of the
<br />Purchaser shall be retained and deposited by the City until the Bonds have been delivered, and
<br />shall be deducted from the purchase price paid at settlement.
<br />4852-6958-994315
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