HomeMy WebLinkAboutCC RES 98-028 RESOLUTION CALLING FOR THE SALE OF GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1998A Meeting Sheet
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Box: 26
Folder: RES 1998
Document: CC RES 98-028 RESOLUTION CALLING FOR THE SALE OF
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1998A
CITY OF ST. ANTHONY
RESOLUTION 98-028
RESOLUTION CALLING FOR THE SALE OF GENERAL
OBLIGATION IMPROVEMENT BONDS, SERIES 1998A
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 1998A in the principal amount of
$725,000 (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 with the City Hall on
Tuesday, March 10, 1998 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 of 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.
Section 5. Consolidation of Improvements. Pursuant to Minnesota
Statutes, Section 435.56, the Improvements are hereby consolidated and joined as one
project.
Adopted this 10th day of February, 1998.
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Attest:
City Clerk Mayor
Reviewed for administration.
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