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<br />BE IT RESOLVED By the City Council of the City of Centerville, Anoka County, <br />Minnesota (City) as follows: <br /> <br />Section 1. Sale of Bonds. <br />1.01. Prior Action. a) At the regularly scheduled Council meeting on Wednesday, <br />Augst 12, 1998, the Council considered proposals for the purchase of the City's approximately <br />$615,000 General Obligation ~provement Bonds, Series 1998 (Bonds) that had been received <br />in the manner specified in the Terms of Proposal for the Bonds. <br /> <br />b) Mter consideration of the proposals and other information presented to the <br />Council, the Council determined that it was in the best interests of the City that the sale of the <br />Bonds not be made at that time and that the matter of the sale be taken up at this Council <br />meeting. <br /> <br />c) The City is authorized by the provisions of Minnesota Stattues, section 475.60 to <br />negotiate the sale of the Bonds without public bidding and to negotiate the sale on terms <br />consistent with law and at such times as determined by the Council. <br /> <br />d) The Council determines that it is in the best interests of the City that the proposal <br />of Bernardi Securities, Inc., Chicago, lllinois, to purchase the Bonds now before the Council <br />should be considered. <br /> <br />1.02. It is hereby determined that: <br /> <br />(a) the following assessable public improvements (the Improvements) have <br />been made, duly ordered or contracts let for the construction thereof, by the City <br />pursuant to the provisions of Minnesota Statutes, Chapter 429 (Act); <br /> <br />Proiect Designation & Description: <br /> <br />Construction, engineering, contingency <br />Parkview Addition Improvements <br />Watermain Extension to Senior Housing <br />Issuance Costs <br />Capitalized Interest, 5 months <br />Funds needed <br />Plus allowance for discount bidding <br /> <br />Bond Issue <br /> <br />Total Estimated Project Cost <br /> <br />$514,998 <br />69,387 <br />12,000 <br />12.500 <br />$608,885 <br />6.155 <br />$615,000 <br /> <br />(b) it is necessary and expedient to the sound financial management of the <br />affairs of the City to issue General Obligation Improvement Bonds, Series <br />1998 (Bonds) pursuant to the Act to provide financing for the <br />Improvements. <br /> <br />1.03. The proposal of Bernardi Securities, Inc., of Chicago, illinois (Purchaser) to <br /> <br />DJK-148161 <br />CE155-15 <br />