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35 Councilmember then introduced the following resolution and moved its adoption: RESOLUTION 12-093 RESOLUTION RELATING TO $1,500,000 GENERAL OBLIGATION WATER AND SEWER REVENUE REFUNDING BONDS, SERIES 2013A; 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. The City owns and operates a municipal water and sanitary sewer utility (the "Utility"). This Council hereby determines that it is in the best interest of the City to issue its $1,500,000 General Obligation Water and Sewer Revenue Refunding Bonds, Series 2013A (the "Bonds") for the purpose of currently refunding on February 1, 2013 (the "Redemption Date") the 2014 through 2024 maturities, aggregating $1,450,000 in principal amount, of the City's outstanding General Obligation Water and Sewer Revenue Bonds, Series 2003B, initially dated as of April 16, 2003 (the "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. 1.03. Performance of Requirements. The City is authorized by Minnesota Statutes, Section 444.075 and Chapter 475, to issue and sell the Bonds to refund the Prior Bonds, and to pledge to the payment of the Bonds net revenues to be derived from charges for the service, use and availability of the Utility. Except for the Prior Bonds, the City presently has no outstanding obligations which constitute a lien on the net revenues of the Utility. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to