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Councilmember then introduced the following resolution <br />and moved its adoption: <br />RESOLUTION 05-027 <br />RESOLUTION RELATING TO $1,695,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SF,RIES 2005A; AWARDING THE SALE, <br />FIXING THE FORM AND DETAILS AND PROVIDING FOR THE <br />EXECUTION AND DELIVERY THEREOF AND SECURITY <br />THEREFOR AND LEVYING AD VALOREM TAXES FOR THE <br />PAYMENT 'H IEREOF <br />BE II' RESOLVED by the City Council of the City of St. Anthony, Minnesota (the <br />"City"), as follows: <br />Section 1. Recii<ilsAuthorization and Sale of Bonds. <br />1.01. Authorization. "This Council has heretofore ordered the an improvement project to <br />be constructed within the City under and pursuant to Minnesota Statutes, Chapter 429, consisting <br />of various street improvements and storm sewer improvements (collectively the <br />"Improvements"). The present estimated total cost of the Improvements to be financed with <br />proceeds of the Bonds is as follows: <br />Project Costs .......... <br />Issuance Expenses... <br />Capitalized Interest. <br />Discount Allowance <br />Total ............ <br />$1,593,337 <br />26,000 <br />55,323 <br />20,340 <br />$1,695,000 <br />This Council hereby determines to issue and sell $1,695,000 principal amount of Gencral <br />Obligation Improvement Bonds, Series 2005A, of the City (the "Bonds") to defray a portion of <br />the expense incurred and estimated to be incurred by the City in making the Improvements, <br />including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65, and <br />$20,340 representing interest as provided in Minnesota Statutes, Section 475.56. Tile City has <br />retained Ehlers & Associates, Inc. to act as financial advisor to the City in connection with the <br />issuance and sale of the Bonds, and it is hereby determined to sell the Bonds without meeting the <br />requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision 1, pursuant <br />to the exception from such requirement contained in clause (9) of Minnesota Statutes, Section <br />475.60, subdivision 2. <br />1.02. Sale of Bonds. The City has received _, __ (� proposals for the <br />purchase of the Bonds. The most favorable proposal received is that of <br />of <br />"Purchaser"), to purchase the Bonds at a price of $___ <br />the Bonds to bear interest at the rates set forth in Section 3.01 hereof and to be subject to the <br />further terms and conditions set forth in this Resolution. The proposal is hereby accepted, and <br />