03-26-08 Council Agenda - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF LITTLE CANADA, MINNESOTA HELD: March 26, 2008 Pursuant to due call, a regular or special meeting of the City Council of the City of Little Canada, Ramsey County, Minnesota, was duly held at the City Hall on March 26, 2008, at 7:30 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of $2,690,000 General Obligation Bonds, Series 2008A. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $2,690,000 GENERAL OBLIGATION BONDS, SERIES 2008A, PLEDGING FOR THE SECURITY THEREOF SPECIAL ASSESSMENTS, NET REVENUES AND TAX INCREMENTS LEVYING A TAX FOR THE PAYMENT THEREOF A. WHEREAS, the City Council of the City of Little Canada, Minnesota (the "City ") has heretofore determined and declared that it is necessary and expedient to issue $2,690,000 General Obligation Bonds, Series 2008A (the "Bonds" or individually a "Bond "), pursuant to Minnesota Statutes, Chapters 429, 469 and 475 to finance various (i) assessable public improvement projects (the "Assessment Improvements ") and (ii) the water and sanitary sewer system improvements (the "System Improvements ") (all of said improvements being sometimes referred to in this Resolution, collectively, as the ( "City Improvement Projects ") and public improvements within Municipal Development District No. 5 (the "Development District ") (the "Development District Improvement Projects ") within the City and: B. WHEREAS, the City Council, has heretofore established the Development District pursuant to the provisions of Minnesota Statutes, Sections 469.124 through 469.134, and has approved a Development Program (the "Program ") with respect to the Development District; and C. WHEREAS, the City Council has also heretofore established Tax Increment Financing District No. 5 -1 as a renewal and renovation district within the Development District (the "Tax Increment District ") under the provisions of Minnesota Statutes, Sections 469.174 through 469.1799 and has approved a tax increment financing plan (the "Plan ") with respect to the 'Fax Increment District; and D. WHEREAS, pursuant to the provisions of the Program and Plan, funds are to be expended within the Development District for the purpose of providing money to finance eligible project costs within the Tax Increment District, constituting capital and administration costs 1