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Commissioner adoption: Jacobs introduced the following resolution and moved its RESOLUTION PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $1,645,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1996A BE IT RESOLVED by the City Council of the City of Falcon Heights, Minnesota (the "Issuer"), as follows: Section 1. Authorization nd 4ale. 1.01 Tax Increment Financing Authorization Pursuant to the Minnesota Tax Increment Financing Act, Minnesota Statutes, Sections 469.174 through 469.179, inclusive and as amended (the "TIF Act"), the Issuer has established Tax Increment Financing District No. 1 within Development District No. 2, and Tax Increment Financing District No. 2 within Development District No. 1, and has amended the Development Programs and Tax Increment Financing Plans as of January 24, 1996. The Tax Increment Financing Plans provide for the issuance of bonds or other obligations by the Issuer pursuant to Section 469.178 of the TIF Act and Minnesota Statutes, Chapter 475 to provide funds for application as set forth in the Tax Increment Financing Plans. 1.02 Financing. pursuant to Section 469.178 of the TIF Act and Minnesota Statutes, Chapter 475, a municipality may issue general obligation bonds payable from tax increments to finance all or a portion of tax increment eligible expenditures. The Issuer has determined to issue its bonds in the principal amount of $1,645,000 on the terms provided for in this Resolution to finance a portion of the expenditures specified in the Tax Increment Financing Plans. 1.03 Negotiated Sale The Issuer has retained Springsted Incorporated, St. Paul, Minnesota, as its financial advisor in connection with the issuance of the bonds described in Section 1.02. The Issuer has delegated to Springsted Incorporated the authority to solicit offers to purchase the bonds and to negotiate the terms of the bonds with the purchaser submitting the best bid as determined by Springsted Incorporated. FBS Investment Services. Inc (the "Purchaser") has submitted to Springsted Incorporated its offer for the proposed terms for the sale of the Issuer's $1,645,000 General Obligation Tax Increment Bonds, Series 1996A (the "Bonds"), including the principal amount to mature in each year, the interest rate(s) to be borne by each maturity, the redemption features to apply to the Bonds, and other terms and conditions as specified herein, which offer has been determined by Springsted Incorporated to be the best offer and is hereby accepted. 1.05 Award. The sale of the Bonds is hereby awarded to the Purchaser on the terms specified herein. The Mayor and the City Administrator of the Issuer are hereby authorized and C~ 1452997 2