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HomeMy WebLinkAboutCC RES 06-028 RESOLUTION RELATING TO $3,190,000 GENERAL OBLIGATION BONDS, SERIES 2006A; AUTHORIZING THE ISSUANCE, FIXING THE FORM AND DETAILS , PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE Meeting Sheet IIIIIIVIIIVIIIVIIIVIIIVIII IIIIIIII 104289 Box: 31 Folder: RES 2006 Document: CC RES 06-028 RESOLUTION RELATING TO $3,190,000 GENERAL OBLIGATION BONDS, SERIES 2006A; AUTHORIZING THE ISSUANCE, FIXING THE FORM AND DETAILS , PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE • CERTIFICATION OF MINUTES RELATING TO $3,190,000 GENERAL OBLIGATION BONDS, SERIES 2006A Issuer: City of St. Anthony,Minnesota Governing Body:. City Council Kind, date,time and place of meeting: A regular meeting, held on March 14,2006, at 7:00 o'clock p.m., at the City Hall. Members present: rayl Members absent: F'auSf- Documents Attached: Minutes of said meeting(pages): 1 through 22 RESOLUTION NO. 06-028 RESOLUTION RELATING TO $3,190,000 GENERAL OBLIGATION BONDS, SERIES 2006A; AUTHORIZING THE ISSUANCE,AWARDING THE SALE,FIXING • THE FORM AND DETAILS,PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF I,the undersigned,being the duly qualified and acting recording officer of the public corporation issuing the obligations referred to in the title of this certificate, certify that the documents attached hereto, as described above,have been carefully compared with the original records of said corporation in my legal custody,from which they have been transcribed;that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said obligations; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above,pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this 14th day of March, 2006. Barb Uiu, City Clerk • • Councilmember introduced the following resolution and moved its adoption: RESOLUTION NO. 06-028 RESOLUTION RELATING TO $3,190,000 GENERAL OBLIGATION BONDS, SERIES 2006A; AUTHORIZING THE ISSUANCE,AWARDING THE SALE, FIXING THE FORM AND DETAILS,PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE 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. 1.01. Authorization. This Council hereby determines that it is in the best interests of the City to issue its $3,190,000 General Obligation Bonds, Series 2006A, subject to adjustment in accordance with the Official Statement(the Bonds), of the City(a)to finance various street and storm sewer improvements (the Improvements); (b)to refund in advance of maturity the 2007 through 2014 maturities of the outstanding General Obligation Bonds, Series • 1998A, dated April 1, 1998 (the 1998A Bonds); and(c)to refund in advance of maturity, together with other available funds,the outstanding General Obligation Temporary Improvement Bonds, Series 2004A, dated June 1, 2004 (the 2004A Bonds). The 1998A Bonds and the 2004A Bonds are together referred to as the Refunded Bonds. 1.02. Sale of Bonds. The City has retained Ehlers &Associates,Inc., an independent financial advisor,to assist the City in connection with the sale of the Bonds. The Bonds are being sold pursuant to Minnesota Statutes, Section 475.60, Subdivision 2,paragraph (9), without meeting the requirements for public sale under Minnesota Statutes, Section 475.60, Subdivision 1. The City has received proposals for the purchase of the Bonds. The most favorable proposal received is that of of , and associates (the Purchaser),to purchase the Bonds at a price of$ ,the Bonds to bear interest at the rates set forth in Section 3.01. 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. Issuance of Bonds. All acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done,to exist,to happen and to be performed prior to the issuance of the Bonds have been done, do exist,have happened, and have been performed,wherefore it is now necessary for this Council to establish the form and terms of the Bonds,to provide for the security thereof, and to issue the Bonds forthwith. • • (2) This Section 8 (and the form and requirements of the Disclosure Information)may be amended or supplemented by the City from time to time,without notice to (except as provided in paragraph(3) of subsection(b)) or the consent of the Owners of any Bonds,by a resolution of this Council filed in the office of the recording officer of the City accompanied by an opinion of Bond Counsel,who may rely on certificates of the City and others and the opinion may be subject to customary qualifications,to the effect that: (i) such amendment or supplement(a) is made in connection with a change in circumstances that arises from a change in law or regulation ora change in the identity, nature or status of the City or the type of operations conducted by the City, or(b)is required by, or better complies with, the provisions of paragraph(b)(5) of the Rule; (ii)this Section 8 as so amended or supplemented would have complied with the requirements of paragraph(b)(5) of the Rule at the time of the primary offering of the Bonds,giving effect to any change in circumstances applicable under clause (i)(a) and assuming that the Rule as in effect and interpreted at the time of the amendment or supplement was in effect at the time of the primary offering; and(iii) such amendment or supplement does not materially impair the interests of the Bondowners under the Rule. If the Disclosure Information is so amended,the City agrees to provide, contemporaneously with the effectiveness of such amendment, an explanation of the reasons for the amendment and the effect, if any, of the change in the type of financial information or operating data being provided hereunder. (3) This Section 8 is entered into to comply with the continuing disclosure provisions of • the Rule and should be construed so as to satisfy the requirements of paragraph(b)(5) of the Rule. Section 9. Authorization of Payment of Certain Costs of Issuance of the Bonds. The City authorizes the Purchaser to forward the amount of Bond proceeds allocable to the payment of issuance expenses to Resource Bank&Trust Company,Minneapolis,Minnesota, on the closing date for further distribution as directed by the City's financial advisor,Ehlers & Associates,Inc. Attest: llfayor Pro Tem Cityok • -22- • The motion for the adoption of the foregoing resolution was duly seconded by Councilmember —T�1 U l�V1 , and upon vote being taken thereon,the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted, and was signed by the Mayor which signature was attested by the City Clerk. • -23-