HomeMy WebLinkAboutCC RES 02-025 A RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2002 Meeting Sheet
IIIIII VIII VIII VIII VIII VIII III) IIII
104620
Box: 31
Folder: RES 2002
Document: CC RES 02-025 A RESOLUTION CALLING FOR THE SALE OF
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2002
• RESOLUTION 02-025
RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 2002
BE IT RESOLVED by the City Council of the City of St. Anthony(the
City),as follows:
Section 1. Purpose. The City Council has ordered various improvement
projects under Minnesota Statutes, Chapter 429 (collectively, the Improvements). To
finance the Improvements, it is determined to be in the best interests of the City to issue
its General Obligation Improvement Bonds, Series 2002 in the principal amount of
$1,500,000 (the Bonds),pursuant to Minnesota Statutes, Chapters 429 and 475.
Section 2. Terms of Proposal. Springsted Incorporated, financial
consultant to the City,has presented to this Council a form of Terms of Proposal for sale
of the Bonds,which is attached hereto and hereby approved and shall be placed on file
with the City Clerk. Each and all of the provisions of the Terms of Proposal are hereby
adopted as the terms and conditions of the Bonds and of the sale thereof. Springsted
Incorporated, as independent financial advisors,pursuant to Minnesota Statutes, Section
475.60, Subdivision 2,paragraph(9)is hereby authorized to solicit bids for the Bonds on
• behalf of the City on a negotiated basis.
Section 3. Sale Meeting. This Council shall meet at the City Hall on
Tuesday,March 12, 2002 at 7:00 o'clock P.M. for the purpose of considering sealed bids
for the purchase of the Bonds, and of taking such action thereon as may be in the best
interests of the City.
Section 4. Reimbursement of Costs from Proceeds of the Bonds. All or a
portion of the costs of the Improvements may be paid by the City prior to the issuance of
the Bonds to finance the Improvements, and to the extent such costs are paid by the City
prior to the issuance of the Bonds it is the reasonable intent of the City to reimburse all or
a portion of the costs of the Improvements paid by the City prior to the issuance of the
Bonds from the proceeds of the Bonds.
Adopted this 12`x'day of February,2
Attest:
City CIA Mayor
Reviewed for administration. IN Al
City Manager