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Councilmember then introduced the following resolution <br />and moved its adoption: <br />RESOLUTION 07-033 <br />RESOLUTION RELATING TO $2,050,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SERIES 2007A; 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 THEREOF <br />BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the <br />"City"), as follows: <br />Section 1. Recitals, Authorization 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 />.............. $1,925,415 <br />.............. 26,000 <br />.............. 73,985 <br />.............. 24,600 <br />Total................................................................ $2,050,000 <br />This Council hereby determines to issue and sell $2,050,000 principal amount of General <br />Obligation Improvement Bonds, Series 2007A, 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 />$24,600 representing interest as provided in Minnesota Statutes, Section 475.56. The 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 L) proposals for the <br />purchase of the Bonds. The most favorable proposal received is that of <br />of <br />(the "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 />