CC PACKET 03222011 - Laserfiche WebLink

Home Browse Search

17 Councilmember then introduced the following resolution and moved its adoption: RESOLUTION 11-028 RESOLUTION RELATING TO $3,000,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2011A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND 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, Authorization and Sale of Bonds. 1.01. Authorization. This Council hereby determines that it is in the best interests of the City to issue its $3,000,000 General Obligation Improvement Bonds, Series 2011A (the `Bonds"), of the City (a) to finance various water, street and sewer improvements (the "Improvements"); and (b) to refund in advance of maturity the 2012 through 2019 maturities, aggregating $1,030,000 in principal amount, of the outstanding General Obligation Improvement Bonds, Series 2003A, dated April 26, 2003 (the "Refunded Bonds"). The Refunded Bonds will be redeemed on May 1, 2011 (the "Redemption Date"). 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 (9), without meeting the requirements for public sale under Minnesota Statutes, Section 475.60, Subdivision 1. Pursuant to the Terms and Conditions of Sale for the Bonds, U proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. The proposals have been opened and publicly read and considered, and the purchase price, interest rates and true interest cost under the terms of each bid have been determined. 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 2.01. 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. Performance of Requirements. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, existing, having happened and having been performed, it is now necessary for this Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. 1.04. Maturities of Bonds. The Council hereby finds that the maturities of the Improvement Bonds as set forth in Section 3.01 hereof are warranted by the anticipated