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Councilmember introduced the following resolution and moved its adoption: RESOLUTION NO. 06-028 RESOLUTION RELATING TO $3,190,000 GENERAL OBLIGATION BONDS, SERIES 2006A; 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 of the City of St. Anthony, Minnesota (the City), as follows: Section 1. Recitals. 1.01. Authorization. This Council hereby determines that it is in the best interests of the City to issue its $3,190,000 General Obligation Bonds, J Series 2006A, subject to adjustment in accordance with the Official Statement (the Bonds), of the City (a)'to finance various street and storm sewer improvements (the Improvements); (b) to refund in advance of maturity the 2007 through 2014 maturities of the outstanding General Obligation Bonds, Series 1998A, dated April 1,1998 (the 1998A Bonds); and (c) to refund in advance of maturity, together with other available funds, the outstanding General on Obli atiTemporary Improvement Obligation p Y p Bonds, Series 2004A, dated June 1, 2004 (the 2004A Bonds). The 1998A Bonds and the 2004A Bonds. are together referred to as the Refunded Bonds. 1.02. Sale of Bonds. The City has retained Ehlers & Associates, Inc., an independent financial advisor, 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 P (9), without meeting the requirements for public sale under Minnesota Statutes, Section 475.60, Subdivision 1. The City has received proposals for the purchase of the Bonds. The most favorable proposal received is that of , of , and associates (the Purchaser), to purchase the Bonds at a price of $ , the Bonds to bear interest at the rates set forth "in Section 3.01.- The proposal is hereby accepted, and the Mayor and the City Manager are hereby authorized and directed to execute a contract on the part of the City for the sale of the Bonds with the Purchaser. The good faith checks of the unsuccessful bidders shall be returned forthwith. 1.03. Issuance of Bonds. All acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed prior to the issuance of the Bonds have been done, do exist, have happened, and have been performed, wherefore it is now necessary for this Council to establish the form and terms of the Bonds, to provide for the security thereof, and to issue the Bonds forthwith. 90