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The Council then proceeded to consider and discuss <br />the bids, after which member Mayor Eggert introduced <br />• the following resolution and moved its adoption: <br />RESOLUTION NO. 85-23 <br />RESOLUTION ACCEPTING RID ON SALT (1F <br />$1,300,000 GErTFRAL ORLiGATioN TAX iNCRF~~*'*^J' <br />BONDS OF 1985 <br />PROVITIING FOR TuFIR ISSTTANCF, AnTD <br />PLEDGING TAX INCREMENTS FOR TNF, SFC[1RITY TT~F.RF,f1F <br />WHEREAS: <br />A. The City Council of the City of Falcon Heights <br />has heretofore created Development District *10. 1 (the <br />"Development District") pursuant t_o the provisions of Minnesota <br />Statutes, Chapter 472A, and has approved a development program <br />(the "Program") with respect to the Development nistrict; <br />B. The Council has also approved a tax increment <br />financing plan (the "Plan") and created Tax Increment Financing <br />District No. 2 (Housing District No. 2) within the nevel~pment <br />District (the "Tax Increment District") under the provisions of <br />Minnesota Statutes, Section 273.71 to 273.78; <br />C. Pursuant to the provisions of_ the Program and the <br />Plan, funds are to be expended within the Development nistrict <br />• for land acquisition and .certain capital and administration <br />costs within the Development District (hereinafter referred to <br />as the "Project"); <br />NnW, THERF.FORF', RF IT RFSOL~IF,D by the ['ouncil of the <br />City of Falcon Heights, Minnesota, as follows: <br />1. mhe bid of First IIank St. Paul (the <br />"Purchaser") to purchase 1,300,000 general Obligation Tax <br />Increment Bonds of 1985 of the City (hereinafter referred to as <br />"Bonds" or individually as "Bond"), in accordance with the <br />notice of bond sale, at the rates of interest hereinafter set <br />forth, and to pay therefor the sum of $ 1,282,450 plus <br />interest accrued to settlement is hereby found, determined and <br />declared to be the most favorable bid received and is hereby <br />accepted, and the Bonds are hereby awarded to said hidc~er. "'he <br />Clerk-Treasurer is directed to retain the deposit of said <br />bidder and to forthwith return the good faith checks or drafts <br />to the unsuccessful bidders. <br />• 2 <br />