Res. #06-038 - Awarding Sale of $2,700,000 G.O. Impr. Bonds, Series 2006A

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,- RESOLUTION NO. 06-039 A RESOLUTION AWARDING THE SALE OF $2,700,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2006A FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Centerville, Anoka County, Minnesota (City) as follows: Section I. Sale of Bonds. 1.01 It is hereby determined that: (a) the following assessable public improvements (the Improvements) have been made, duly ordered or contracts let for the construction thereof, by the City pursuant to the provisions of Minnesota Statutes, Chapter 429 (Act); Proiect Designation & Description: Total Proiect Cost Hunter's Crossing 3 rd Addition, 2151 Avenue, Improvements Project Fund Costs of Issuance Capitalized Interest Discount Allowance Unused Discount (To Debt Service Fund) Total $2,456,964 27,100 163,436 24,300 28.200 $2,700,000 (b) it is necessary and expedient to the sound financial management of the affairs ofthe City to issue $2,700,000 General Obligation Improvement Bonds, Series 2006A (Bonds) pursuant to the Act to provide financing for the Improvements. (c) The City is authorized by Minnesota Statutes, section 475.60, subdivision 2(9) to negotiate the sale of the Bonds, it being determined that the City has retained an independent financial adviser in connection with such sale. The actions of the City staff and financial advisers in negotiating the sale of the Bonds are ratified and confirmed in all aspects. 1.02. Award to the Purchaser and Interest Rates. The proposal of North American Capital Markets, Minneapolis, Minnesota (Purchaser) to purchase $2,700,000 General 294858v3 SIB CE155-26 2