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HomeMy WebLinkAboutCCRes_83-32a,. ` .~, ~ ~~ • EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF FALCON HEIGHTS, MINNESOTA HELD: AUGUST 31, 1983 Pursuant to due call and notice thereof, a special ' meeting of the City Council of the City of Falcon Heights, Ramsey County, Minnesota, was duly called and held at the City Hall in said City on the 31st day of August, 1983, at 7:30 P.M. for the purpose of opening, considering bids for and awarding the sale of $525,000 General Obligation Tax Increment Improvement Bonds of 1983 of said City. The following members were present: Members Chestovich, Ciernia and Larson and the following were absent: Mayor Warkentien, :+Iember Eggert The Clerk-Administrator presented affidavits showing • publication of notice of call for bids on $525,000 General Obligation Tax Increment Improvement Bonds of 1983 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on July 19, 1983. The affidavits were examined, found to comply with the provisions of Minnesota Statutes,. Chapter 475, and were approved and ordered placed on file. The Council proceeded to receive and open bids for the sale of the bonds. The following bids were received: Bidder Interest Rate Net Interest Cost See attached "Bid Tabulation" n U ~ ~ ~~~ • BID TABULATION . $525,000 General Obligation Tax Increment Improvement Bonds City of Falcon Heights, Minnesota .• SALE: Wednesday, August 31, 1983 AWARD: THE FIRST NATIONAL BANK OF SAINT PAUL _ MOODY'S RATING "A-1" COUPON NET INTEREST COST NAME OF BIDDER RATE YEAR & RATE PRICE THE FIRST NATIONAL BANK OF SAINT PAUL Saint Paul, Minnesota Northstar State Bank DAIN BOSWORTH, INC. Minneapolis, Minnesota Robert S.C. Peterson, Inc. L~ NORWEST SECURITIES Minneapolis, Minnesota Moore, Juran & Company, Inc. •P.IPER, JAFFRAY & HOPtJ00D, INC. Minneapolis, Minnesota Allison-Williams Company Robert W. Baird & Company, Inc. CRONIN & MARCOTTE, INC. Minneapolis, Minnesota • 6.25°0 6.50% 6.70% 6.90% 7.10% 7.40% 7.60% 7.80% 6.Z5% 6.40% 6.70% 7.00% 7.20% 7.50% 7.70 7.90% 6.25% 6.50% 6.75% 7.00°0 7.25% 7.50% 7.75% 8.00% 6.25% 6.50°~ 6.75% 6.90°0 7..20% 7.50% 7.70°0 7.90% 6.25% 6.60% 6.80% 7.10% 7.40°0 7.70°~ 8.00°~ 8.20 °v 1985 19 86 1987 1988 1989 1990 1991 1992 19 85 1986 1987 1988 19 89 1990 1991 1992 1985 1986 1987 19 88 19 89 1990 19.91 1992 1985 ' 1986 1987 1988 1989 1990 1991 1992 1985 1986 1987 1988 1989 1990 1991 1992 $195,875.00- $518,437.50 7.4976% $198,037.50 $518,175.00 7.5803% $198,337.50 $519,225.00 7.5918% $199,593.75 $516,600.00 7.6399% $203,525.00 $518,175.00 7.7904% • - Bid Tabulation continued on reverse side . City of Falcon Heights , P1i nn~ ~a Wednesday, August 31, 1983 Page 2 • . COUPON NET INTEREST COST NA61E OF BIDDER _ RATE YEAR & RATF aQrr~ FIRST NATIONAL BANK OF ~~IINNEAPOLIS 6.40;0 1985 Minneapolis, Minnesota 6.70% 1986 7.00 % 1987 • 7.25% 1988 7.50 % 1989 7.75% 1990 8.00% 1991 8.20% 1992 AMERI A ~ C N NATIONAL BANK & TRUST CO~~PANY ~~ 6.50,0 I985 Saint Paul, Minnesota 6.75% 1986 Dougherty, Dawkins, Strand & Yost, Inc. 7.00% 1987 Juran & Moody, Inc. 7.25% 1988 7.50% 1989 7.75% 1990 7.90% 1991 . . 8.00% 1992 $204,906.25 $518,700.00 7.8433% $205,000.00 $517,125.00 7.8468% *************** FREERS AND ASSOCIATES, INC. 507 Marquette Avenue Minneapolis, Minnesota 55402 Telephone: (612) 339-8291 ~' ~ ' RESOLUTION 83=32A/'~ • The Council then proceeded to consider and discuss the bids, after which member Ciernia introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $525,000 GENERAL OBLIGATION TAX INCREMENT • IMPROVEMENT BONDS OF 1983 AND PROVIDING FOR THEIR ISSUANCE BE IT RESOLVED by the Council of the City of Falcon Heights, Minnesota, as follows: St. Paul 1• The bid of the First National Sank of / (the "Purchaser") to purchase 525,000 General Obligation Tax Increment Improvement Bonds of 1983 of the City (hereinafter referred to as the "bonds"), in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 518,437.50 plus interest accrued to settlement is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and the bonds are hereby awarded to said bidder. The Clerk- Administrator is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. • 2. The $525,000 general obligation bonds of the City shall be initially dated September 1, 1983 and shall be issued forthwith as fully registered bonds. The bonds initially delivered to the Purchaser shall be numbered R-1 and upward, in the denomination of $5,000 or any integral multiple thereof. The bonds shall mature, without option of prepayment, on March 1 in the amounts and years as follows: $50,000 in the year 1985; $75,000 in each of the years-1986 to 1989; $50,000 in each of the years 1990 and 1991; and $75,000 in the year 1992. All dates are inclusive. 3. The bonds shall provide funds to defray the expense of certain capital and administration costs in accordance with the City's Tax Increment District Financing Plan approved by the City Council on July 27, 1983 (the "Plan") within the ,City's Development District No. 1 created pursuant to Minnesota Statutes, Chapter 472A (the "Project"). Pursuant LJ .. ~ l to the Plan adopted by the City, tax increments derived from the tax increment financing district established pursuant to the Plan, have been pledged to the payment of the Bonds and interest thereon. The estimated collection of the tax increments exceeds 20$ of the cost of the Project. - 4. The bonds shall mature in the years and shall bear interest payable March 1, 1984 and semiannually thereafter on September 1 and March 1 of each year at the respective rates per annum set opposite the maturity years: Maturity Years 1985 1986 1987 1988 1989 1990 1991 1992 • Interest Rates 6.25 6.50 6.700 6.900 7.100 7.40a 7.608 7.800 5. Norwest Bank of Minneapolis, N.A. , in Minneapolis Minnesota is appointed Bond Registrar and paying agent. Principal and interest on the bonds shall be paid to the registered holders (or record holder). of the bonds in the manner set forth in the form of bond and paragraph 11 of this resolution. 6. The bonds to be issued hereunder shall be in substantially the following form: • ,- • UNITED STATES OF AMERICA STATE OF MINNESOTA RAMSEY COUNTY CITY OF FALCON HEIGHTS R- $ GENERAL OBLIGATION TAX INCREMENT IMPROVEMENT BOND OF 1983 Date of Original Interest Rate Maturity Date Issue CusiP ~ PER ANNUM March 1, Sept. 1, 1983 KNOW ALL PERSONS BY THESE_ PRESENTS that the City of Falcon Heights, Ramsey County, Minnesota (the "Issuer"), certifies that it is indebted and for value received promises to pay to or registered assigns, without option of prepayment, in the manner hereinafter referred to, the principal sum of • DOLLARS on the maturity date specified above, and to pay interest thereon semiannually on March 1 and September 1 of each year (each, an "Interest Payment Date") commencing March 1, 1984 at the rate per annum specified above, calculated on the basis of a 360-day year of twelve 30-day months until the principal sum is paid or has. been provided for. This Bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the date of original issue hereof. The principal of and premium, if any, on this Bond are payable upon presentation and surrender hereof at the principal office of the Bond Registrar, Norwest Bank of Minneapolis, N.A. , in F~inneaAOlis Minnesota, a national banking association duly organized and validly existing under the laws of the United States or any successor Bond Registrar duly appointed by the Issuer. Interest on this Bond will be paid on each Interest Payment Date by check or draft mailed to the person in whose name this Bond is registered (the "Holder" or "Bondholder") on the registration books of the Issuer maintained by the Bond Registrar and at the address appearing thereon at the close of business on the Y br fifteenth day of the calendar month .next preceding such Interest Payment Date (the "Regular Record Date"). Any interest not so timely paid shall cease to be payable to the person who is the Holder hereof as of the Regular Record Date, and shall be payable to the person who is the Holder hereof at the close of business on a Special Record Date for the payment . of such defaulted interest. The Special Record Date shall be fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest, and notice of the Special .Record Date shall be given to Bondholders not less than ten days prior thereto. The principal of and premium, if any, and interest. on this Bond are payable in lawful money of the United States of America. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL .FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORT:3 HERE. IT IS HEREBY CERTIFIED AI~ID~RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this Bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law, and this • Bond, together with all other debts of the Issuer outstanding on the date of original issue hereof and the date of its issuance and delivery to the original purchaser, does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City of Falcon Heights, Ramsey County,. Minnesota, by its City Council has caused this Bond to be executed in its behalf by the facsimile signatures of the Mayor and the Clerk-Administrator, the corporate seal of the Issuer having been intentionally omitted as permitted by law. • ~_ • Date of Registration and Authentication: BOND REGISTRAR'S CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the within mentioned Resolution. Bond Registrar By Authorized Signature C Registrable by: Payable at: CITY OF FALCON HEIGHTS, RAMSEY COUNTY MINNESOTA /s/ Facsimile Mayor /s/ Facsimile Clerk-Administrator • (., ON REVERSE OF BOND This Bond is one of an issue in the total principal amount of $525,000 all of like date of original issue and tenor, except as to number, maturity, interest rate, and . denomination, which Bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the ,City Council on August 31, 1983 (the "Resolution") for the purpose of providing money to defray the expense of certain capital and administration costs within Development District No. 1 established by the Issuer and is payable out of the General Obligation Tax Increment Improvement Bonds of 1983 Fund of the Issuer. This Bond constitutes a general obligation of the Issuer, and to provide moneys for the prompt and full payment of the principal and interest when the same become due, the full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. The Bonds. are issuable solely as fully registered Bonds in the denominations of $5,000 and integral multiples thereof and are exchangeable for fully registered Bonds of ot~ier denominations in equal agyregate principal amounts and in authorized denominations at the principal office of the Bond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the. rights and duties of the Bona Registrar. Copies of the Resolution are on file in the principal office of the Bond Registrar. This Bond is transferable by the Holder in person or by his attorney duly authorized in writing at the principal office of the Bond Registrar upon presentation and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the Resolution, provided, however, that no Bond may be issued in the name of "bearer" or similar designation. Thereupon the Issuer shall execute and the Band Registrar shall authenticate and deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the transferee, of an authorized denomination, in aggregate principal amount equal to the principal amount of this Bond, of the same maturity, and bearing interest at the same rate. - No service charge. shall be made by t'he Bond Registrar to the Holder for any registration, transfer or Holder exchange hereinbefore referred to, but the Issuer may require payment by the Holder of a sum sufficient to cover any tax or other governmental charge payable in connection therewith and the cost of printing the new Bonds. .-. ~ ~- • The Issuer and the Bond Registrar may treat the person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Bond be overdue and neither the Issuer nor the Bond Registrar shall be affected by notice to the contrary.. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security until the Certificate of Authentication hereon shall have been executed by the Bond Registrar. The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UNZF GIFT MIN ACT Custodian Custom--- i~iinor • under Uniform Gifts to Minors Act State Additional abbreviations may also be used though not in the above list. • . -. ~ ~- • ASSIGNMENT For value received, assigns and transfers unto hereby irrevocably constitute attorney to transfer the said registration thereof, with fu premises. the undersigned hereby sells, the within Bond and does and appoint Bond on the books kept for the L1 power of substitution in the Dated: Notice: The assignor's signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or any change whatever. Signature Guaranteed: Signature(s) must be guaranteed by a national bank or trust • company or by a brokerage firm having a membership in one of the major stock exchanges. The Bond Registrar will not effect transfer of this Bond unless the information concerning the transferee requested below is provided. Name and Address: nclude in ormation or all point owners if the Bond is held by joint account.) • ~. • 7. The bonds shall be executed on behalf. of the City by the signatures of its Mayor and Clerk and be sealed with the seal of the City; provided, however, that the seal of the City may be a printed facsimile; provided further that both of such signatures may be printed facsimiles, and the corporate seal may be omitted on the bonds as permitted by law.. In the event . of disability or resignation or other absence of either such officer, the bonds may be signed by the manual or facsimile signature of that officer who may act on behalf of such absent or disabled officer.. In case either such officer whose ' signature or facsimile of whose signature shall appear on the bonds shall cease to be such officer before the delivery of the bonds, such signature or facsimile shall nevert'neless be valid and sufficient for all purposes, the same as if he had remained in office until delivery. 8. No bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this resolution unless and until a Certificate of Authentication on such bond, substantially in the form hereinabove set forth, shall have been duly executed by an authorized representative of the Bond Registrar. Certificates of Authentication on different bonds need not be signed. by the same person. The Bond Registrar shall authenticate the signatures of officers of the City on each bond by execution of the Certificate of • Authentication on the bond and shall date each bond in the space designated Date of Registration and Authentication as of the date of such registration and authentication; and the executed Certificate of Authentication on each bond shall be conclusive evidence that it has been authenticated and delivered under this resolution. 9. The City will cause to be kept at the principal office of the Bond Registrar a Bond Register in which, subject to such reasonable regulations as the Bond Registrar may prescribe, the Bond Registrar shall provide for the registration of bonds and the registration of transfers of bonds entitled to be registered or transferred as herein provided. Upon surrender for transfer of any bond at the principal office of the Bond Registrar, the City shall execute, and the Bond Registrar shall .authenticate, date (in the space designated Date of Registration and Authentication) and • (. deliver, in the name of the designated transferee or transferees, one or more new bonds of any authorized denomination or denominations of a like aggregate principal. amount, having the same stated maturity and interest rate, as requested by the transferor; provided, however, that no bond shall be issued in the name of "bearer" or any similar _ designation. At the option of the holder, bonds may be exchanged for bonds of any authorized denomination or denominations of a like aggregate principal amount and stated maturity, upon surrender of the bonds to be exchanged at the principal office of the Bond Registrar, and upon payment, if the City shall so require, of such charges. Whenever any bonds are so surrendered for exchange, the City shall execute, and the Bond Registrar shall authenticate, date (in the space designated Date of Registration and Authentication) and deliver, the bonds which the holder making the exchange is entitled to receive. • All bonds surrendered upon any exchange or transfer provided for in this resolution shall be promptly cancelled by the Bond Registrar and thereafter disposed of as directed by the City. All bonds delivered in exchange for or upon transfer of bonds shall be valid general obligations of the City evidencing the same debt, and entitled to the same benefits under this resolution, as the bonds surrendered for such exchange or transfer. Every bond presented or surrendered for transfer or exchange shall be duly endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, duly executed by the holder thereof or his attorney duly authorized in writing. 10. Each bond delivered upon transfer of or in exchange for or in lieu of any other bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other bond. 11. Interest on any bond shall be paid interest payment date by check or draft mailed to whose name the bond is registered (the "Holder") registration books of the City maintained by the and at the address appearing thereon at the close on each the person in on the Bond Registrar of business • .. • on the fifteenth day of the calendar month next preceding such interest payment date (the "Regular Record Date"). Any such interest not so timely paid shall cease to be payable to the person who is the Holder thereof as of the Regular Record Date, and shall be payable to the person who is the Holder thereof at the. close of business on a Special Record Date for the payment of such defaulted interest. Such Special Record Date shall be fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest, and notice of the Special Record Date shall be given by the Bond Registrar to the Holders not less than 10 days prior thereto. 12. The City and the Bond Registrar may treat the person in whose name any bond is registered as the owner of such bond for the purpose of receiving payment of principal of and premium, if any, and interest on (subject to the payment provisions in paragraph 11 above), on such bond and for all other purposes whatsoever whether or not such bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by notice to the contrary.. 13. The bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the purchaser shall not be obliged to see to the proper application thereof. • 14. There is hereby created a special fund to be designated "General Obligation Tax Increment Improvement Bonds of 1983 Fund" (the "Fund") to be held and administered by the Treasurer separate and apart from all other funds of the City. The Fund shall be maintained in the manner herein specified until all of the bonds herein authorized and the interest thereon have been fully paid. There shall. be maintained in the Fund two separate accounts, to be designated the "Construction Account" and the "Debt Service Account", respectively. The proceeds of the sale of the bonds herein authorized, less any accrued interest received thereon, and less any amount paid for the bonds in excess of $514,706, and less capitalized interest in the amount of $ 18,437.50 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before July 1, 1984), plus any special. assessments levied with respect to the public improvements financed by the bonds and collected prior to completion of the public improvements and payment of the costs thereof, shall be - - credited tq the Construction Account, from which there shall be paid-all costs and expenses of the Project, including the cost of any construction contracts heretofore let and. all other - costs incurred and to be inEUrred to the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said • ~: ~ ~- • account shall be used for no other purpose except as otherwise provided by law; provided that the bond proceeds may also be used to the .extent necessary to pay interest on the bonds due prior to the anticipated date of commencement of the collection of increments or special assessments herein covenanted to be levied; and provided further that if upon completion of the improvements there shall remain any unexpended balance in the Construction Account, the balance (other than any special assessments) may be transferred by the Council to the fund of any other improvement instituted pursuant to Minnesota Statutes, Chapter 429; and provided further that any special assessments credited to the Construction Account are hereby pledged and shall be used only to pay principal and interest due on the bonds. There is hereby pledged and there shall be credited to the Debt Service Account (a) all collections of special assessments herein covenanted to be levied and either initially credited to the Construction Account and required to pay any principal and interest due on the bonds or collected subsequent to the completion of the public improvements and payment of the costs thereof; (b) all accrued interest received upon delivery of the bonds; (c) all funds paid for the bonds in excess of $514,706; (d) capitalized interest in the amount of $ 18,437.50 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before July 1, 1984); (e) tax increments derived from the • economic development district established pursuant to the Plan as a tax increment financing district (the "Tax Increment Financing District") in an amount sufficient, together with the other sums herein pledged to the payment of the bonds (excluding (f) hereof), to pay 105$ of the principal and interest on the bonds when due; (f) any collections of all taxes hereafter levied in the event that the tax increments are insufficient for the payment of the principal and interest on the bonds, and (g) all funds remaining in the Construction Account after completion of the Project and payment of the costs thereof. The Debt Service Account herein created shall be used solely to pay the principal and interest and any premiums for redemption of the bonds issued hereunder and any other general obligation bonds of the City hereafter issued by the City and made payable from said account as provided by law. Any sums from time to time held in the Debt Service Account (or any other City account which will be used to pay principal or interest to become due on the bonds) in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield shall not''be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments. ~~ ~- 15. It is hereby determined that no less than 20$ of the cost of the City of each public improvement financed • hereunder within the meaning of Minnesota Statutes, Section 475.58, Subdivision 1(3) shall be paid by special assessments. to be levied against every assessable lot, piece and land benefited b the parcel of covenants and agrees thatlit willoleteall•constructionereby contracts not heretofore let within one year after ordering each improvement financed hereunder unless the resolution ordering the improvement specifies a different time limit for the letting of construction contracts and will do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity, in any action or proceedings taken or to be taken by the City or this Council or any of the City officers or employees, either in the making of the assessments or in the performance of any condition precedent thereto, the City and this Council will forthwith do all further acts and take all further proceedings as may be required by law to make the assessments a valid and binding lien upon such property. The assessments have not heretofore been authorized, and accordingly, for purposes of Minnesota Statutes, Section 475.55, Subdivision 3, the special assessments are hereby authorized. Subject to such adjustments as are required by conditions in existence at the time the • assessments are levied, the assessments are hereby authorized and it is hereby determined that the assessments shall be payable in equal, consecutive, annual installments, with general taxes for the years shown below and_with interest on the declining balance of alI such assessments at a rate per annum not greater than the maximum permitted by law and not less than c~_$ per annum: Improvement Designation Amount --- ----- Levy Years See attached "Computation of Levy and Assessments" U ~. `: _~ . ~,. C . • At the time the assessments are in fact levied the City Council shall, based on the then current estimated • collections of the assessments, make any adjustments in any ad valorem taxes required to be levied in order to assure that the City continues to be in compliance with Minnesota Statutes, Section 475.61, Subdivision 1. 16. The County Auditor of Ramsey County has certified that the original assessed value of real property within the Tax Increment Financing District area, according to the assessment as of January 2, 1981 is $ 159,246 Under the provisions of Minnesota Statutes, Section 273.76, the County Auditor will include only the original assessed value in the assessed valuation upon which he computes the rate of all state, county, city, school district and other taxes, but will extend the rate so determined against the entire assessed valuation of such real property in 1983 and each subsequent year, and the County Treasurer will remit to the City of Falcon Heights that portion of the taxes paid each year on such real property in Tax Increment Financing District which the excess of the assessed valuation over the original assessed value bears to such original value. 17. On or before October 10 of each year, the Clerk-Administrator shall certify to the County Auditor of • Ramsey County the amount of tax increments and any other funds appropriated to and then held in the Debt Service Account and the estimated collections of tax increments to be received in the next succeeding year. In the event that it is anticipated that the aggregate of said sums will not be sufficient to pay the principal and interest on the bonds to become due in the first calendar year thereafter and the first six months of the succeeding calendar year, the City Council shall pass a resolution requesting the County Auditor of Ramsey County to levy an ad valorem tax in an amount as is necessary, together with the aforementioned funds then held in the Debt Service Account and said estimated collections of tax increments to pay the principal and interest on the bonds to become due during said period. The tax increments and special assessments are such that if collected in full they, together with estimated collections of other revenues herein pledged for the payment of the bonds, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the bonds. 1,. ~.. For the prompt and full payment of the principal and interest on the bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance. in the Debt Service Account is ever insufficient to pay all principal and interest then due on the bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 18. The Clerk-Administrator is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey County, Minnesota, together with such other information as he shall require, and to obtain from the Auditor his certificate that the bonds have been entered in the Auditor's Bond Register. 19. The officers of the City are hereby authorized and directed to prepare and furnish to the purchaser of the bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to the bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deerned representations of the City as to the facts recited therein. 20. Notwithstanding any provisions herein to the contrary the City reserves the right to terminate, reduce, or apply to other lawful purposes the tax increments herein pledged to the payment of the bonds and interest thereon to the extent and in the manner permitted by law. The motion for the adoption of the foregoing resolution was duly seconded by member Larson and upon vote being taken thereon, the following voted in favor thereof: Members Chestovich, Larson, Ciernia and the following voted against the same: None (Mayor Warkentien and Member Eggert being absent) Whereupon said resolution was declared duly passed and adopted. ~- • ~-; SCHLL~IIL.lw Df- t'r]:t~~±Clf'E`~i., r'~~i`~lri 7:i~17'Lt~:ET f'~a ~`i~•iLi••~•T `~ ~~ ~' ~; , L1 G 0 G . (J . (H ~ I'r~ i fd L= i`~ C i~••t °f I i°f f•' f: i - p~ L: i•~i ] = i'! i• T~ t:l i~•! T.i C; CITY C1f= Fl1L.GLl.i~! 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( C STATE OF MINNESOTA COUNTY OF RAMSEY • CITY OF FALCON HEIGHTS I, the undersigned, being the duly qualified and acting Clerk-Administrator of the City of Falcon Heights, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City, duly called and held on-the date therein indicated, insofar as such minutes relate to awarding the sale of $525,000 General Obligation Tax Increment Improvement Bonds of 1983 of said City. • WITNESS my hand and the seal of said City this 31st day of August ~ 1983. Clerk-Administrator (SEAL)