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R! Councilmember then introduced the following resolution and moved its adoption: RESOLUTION 11-080 RESOLUTION RELATING TO $2,215,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 201113; 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 I3onds 1.01. Authorization. The City has presently outstanding its General Obligation Improvement Bonds, Series 2004A, initially dated as of June 1, 2004 (the "Series 2004A Bonds") and its General Obligation Improvement Bonds, Series 2005A, initially dated as of April 1, 2005 (the "Series 2005A Bonds," and together with the Series 2004A Bonds, the "Prior Bonds"). The Prior Bonds were issued pursuant to were issued to defray the expense incurred and estimated to be incurred by the City in making various water, street and sewer improvements in the City, including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.65 and are payable primarily from special assessments which the City has levied or agreed to levy on the property specially benefited by the improvements financed by the issuance of the Bonds and ad valorem taxes levied on all taxable property in the City. This Council hereby determines that it is in the best interest of the City to issue its $2,215,000 General Obligation Refunding Bonds, Series 2011B (the "Bonds") for the purpose of currently refunding on February 1, 2012 (the "Redemption Date") all of the outstanding Prior 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 (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, (__) 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.