CCRes_85-23 - Laserfiche WebLink

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2. The Bonds shall be dated June 1, 1985, as the date of original issue and shall be issued forthwith as fully • registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof. The Bonds shall mature on March 1 in the years and amounts as follows: 1989-90 $ 50,000 1991-93 $100,000 1994 $125,000 1995-96 $150,000 1997 $175,000 1998 $300,000 3. For the purposes of complying with Minnesota Statutes, Section 475.54, Subdivision 1, the maturity schedule for the Bonds has been combined with the maturity schedules for the City's outstanding $525,000 General Obligation Tax Increment Improvement Ronds of 1983, dated September 1, 1983 and $600,000 General Obligation Tax Increment Bonds of 1984, Series B, dated November 1, 1984, as permitted by Minnesota Statutes, Section 475.54, Subdivision 2. 4. The Bonds shall provide funds to finance the Project. Pursuant to the Plan adopted by the City, tax increments derived from the Tax Increment District established pursuant to the Plan, have been pledged to the payment of the • Bonds and interest thereon. The estimated collection of the tax increments exceeds 20$ of the cost of the Project. It is not anticipated that any net proceeds from the Project will be available for the payment of debt service of the Ronds. '^he total cost of the Project, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Ronds herein authorized. Work on the Project shall proceed with due diligence to completion. 5. The Bonds shall bear interest payable semi- annually on March 1 and September 1 of each year commencing March 1, 1986 at the respective rates per annum set forth opposite the maturity years as follows: Maturity Years Interest Rates 1989 6.50$ 1990 6.75$ 1991 7.00$ 1992 7.20$ 1993 7.40$ • 3