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<br />Councilmember then introduced the following
<br />resolution and moved its adoption:
<br />RESOLUTION NO. 12-040
<br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING
<br />SALE, PRESCRIBING THE FORM AND DETAILS AND
<br />PROVIDING FOR THE PAYMENT OF $9,660,000 GENERAL
<br />OBLIGATION BONDS, SERIES 2012A
<br />BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota
<br />(the "City"), as follows:
<br />Section 1. Authorization and Sale.
<br />1.01. Authorization of Bonds. On November 8, 2011, this Council held a public
<br />hearing on the questions of approving the adoption of City of St. Anthony, Minnesota, Capital
<br />Improvement Plan for the Years 2011 'Through 2015 (the "Plan") and issuing general obligation
<br />capital improvement plan bonds in for the purpose of purchasing the public works facility and
<br />fire station (the "Facilities"), which Facilities are currently leased by the City from the Housing
<br />and Redevelopment Authority of the City of St. Anthony (the "Authority"). The Facilities were
<br />originally financed with proceeds of the Authority's $5,530,000 Public Facilities Lease Revenue
<br />Bonds, Series 2003 (City of St. Anthony Annual Appropriation Lease Obligations) dated, as
<br />originally issued, as of July 1, 2003 (the "Series 2003 Bonds").
<br />This Council hereby determines that it is in the best interest of the City to issue its
<br />$9,660,000 General Obligation Bonds, Series 2012A (the "Bonds") for the purpose of (i)
<br />financing the cost of the 2012 road reconstruction project in the City (the "Improvements"); (ii)
<br />purchasing the Facilities and in connection with such purchase refunding in advance of maturity
<br />and prepaying on February 1, 2013 (the "Redemption Date") the 2013 through 2024 maturities,
<br />aggregating $3,875,000 in principal amount, of the Series 2003 Bonds (the "Refunded Series
<br />2003 I3onds"); (iii) a crossover refunding on February 1, 2013 (the "Series 2006A Crossover
<br />Date") the 2014 through 2022 maturities, aggregating $1,890,000 in principal amount, of the
<br />City's General Obligation Improvement Bonds, Series 2006A, dated, as originally issued, as of
<br />April 1, 2006 (the "Refunded Series 2006A Bonds"); and (iv) a crossover refunding on February
<br />1, 2014 (the "Series 2007A Crossover Date," together with the Series 2006A Crossover Date, the
<br />"Crossover Dates") the 2015 through 2023 maturities, aggregating $1,380,000 in principal
<br />amount, of the City's General Obligation Improvement Bonds, Series 2007A, dated, as originally
<br />issued, as of April 24, 2007 (the "Refunded Series 2007A Bonds;" together with the Refunded
<br />Series 2003 Bonds and the Refunded Series 2006A Bonds, the "Refunded Bonds"). The portion
<br />of the Bonds issued to finance the Improvements are referred to as the "Improvement Bonds."
<br />The portion of the Bonds issued to refund the Refunded Bonds are referred to as the "Refunding
<br />Bonds." The Redemption Date is the earliest date upon which the Refunded Series 2003 Bonds
<br />may be redeemed. The refunding of the Series 2006A Bonds and the Series 2007A Bonds
<br />constitutes a "crossover refunding" as defined in Minnesota Statutes, Section 475.17, subd. 13.
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