CCRes_85-68 - Laserfiche WebLink

Home Browse Search

d 2. Original Issue Date; Denominations; Maturity. The Bonds shall be titled 'General Obligation Tax Increment • Bonds of 1985, Series B", shall be dated December 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 of a single maturity. The Bonds shall mature on March 1 in the years and amounts as follows: Years Amounts 1990 $ 20,000 1991 75,000 1992 125,000 1993 150,000 1994 175,000 1995 200,000 3. Combination of Maturities. 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 Bonds of 1983, dated September 1, 1983, $600,000 General Obligation Tax Increment Bonds of 1984, Series B, dated November 1, 1984, and $1,300,000 General Obligation Tax Increment Bonds of 1985, dated June 1, 1985, as permitted by Minnesota Statutes, Section • 475.54, Subdivision 2. 4. Purpose. The Bonds shall provide funds to finance the Project. Pursuant to the Plan adopted by the City, tax increments derived from the Tax Increment District established pursuant to the Plan, have been pledged to the payment of the Bonds and interest thereon. The estimated collection of the tax increments exceeds 20$ of_ the cost of the Project. The 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 Bonds herein authorized. Mork on the Project shall proceed with due diligence to completion. 5. Interest. The Bonds shall bear interest payable semiannually on arc 1 and September 1 of each year commencing September 1, 1986, at the respective rates per annum set forth opposite the maturity years as follows: 3 •