RES 21-045 RELATING TO $2,970,000 GENERAL OBLIGATION BONDS SERIES 2021A

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Councilmember WAS kle- introduced the following resolution (the "Resolution") and moved its adoption, which motion 'w/as seconded by Councilmember W RESOLUTION NO. � LO RESOLUTION RELATING TO $2,970,000 GENERAL OBLIGATION BONDS, SERIES 2021A; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF 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 has determined that it is in the best interests of the City to issue its $2,970,000 General Obligation Bonds, Series 2021A, of the City (the "Bonds") for the purpose of. (a) financing the 2021 road reconstruction projects within the City (the "2021 Improvements"); (b) refunding the February 1, 2022 through February 1, 2029 maturities (the "Refunded Bonds") of the City's $1,775,000 General Obligation Improvement Bonds, Series 2013B, dated, as originally issued, as of April 23, 2013 (the "Series 2013B Bonds"); and (c) funding the costs of issuance of the Bonds. The portion of the Bonds ($2,085,000) being issued to finance the 2021 Improvements is referred to as the "Improvement Bonds" and is being issued pursuant to Minnesota Statutes, Chapters 429 and 475. The Series 2013B Bonds were issued for the purpose of financing the City's 2013 street reconstruction projects (the "2013 Improvements," and together with the 2021 Improvements, the "Improvements"). The Refunded Bonds will be redeemed on June 1, 2021 (the "Redemption Date"). The City anticipates substantial debt service savings to result from the refunding of the Refunded Bonds. The portion of the Bonds being issued to refund the Refunded Bonds ($885,000) is referred to as the "Refunding Bonds" and is being issued pursuant to Minnesota Statutes, Chapters 429 and 475, and Section 475.67. Maturity schedules for each portion of the Bonds are attached hereto as Schedule I. 1.02. Sale of Bonds. The City has retained Ehlers & Associates, Inc., an independent municipal advisor ("Ehlers"), to assist the City in connection with the sale of the Bonds. The Bonds are being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9), without meeting the requirements for public sale under Minnesota Statutes, Section 475.60, Subdivision 1. Pursuant to the Terms of Proposal and the Official Statement prepared on behalf of the City by Ehlers, sealed proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been 4813-3012-09294