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D. WHEREAS, no other obligations have been sold pur- <br />suant to a private sale within the last twelve (12) calendar <br />months of the date hereof which, when combined with this issue, <br />would exceed the $1,200,000 limitation on negotiated sales as <br />required by Minnesota Statutes, Section 475.60, Subdivision 2(2); <br />and <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Little Canada, Minnesota, as follows: <br />1. Purchase. The City of Little Canada, Minnesota <br />(the "Purchaser "), has determined to purchase a $175,000 General <br />Obligation Taxable Tax Increment Bond, Series 1993A of the City <br />(hereinafter referred to as the "Bond "), in accordance with the <br />terms and at the rate of interest hereinafter set forth, and to <br />pay therefor the sum of $175,000, plus interest accrued to <br />settlement. <br />2. Title; Original Issue Date; Denomination; <br />Maturities. The Bond shall be titled "General obligation Taxable <br />Tax Increment Bond, Series 1993A ", shall be dated March 1, 1993, <br />as the date of original issue and shall be issued forthwith on or <br />after such date as a fully registered bond. The Bond shall be in <br />the denomination of $175,000. The Bond shall mature on December <br />1 in the years and installments as follows: <br />Year <br />1995 -1999 <br />2000 <br />2001 <br />2002 <br />Installment Year <br />$10,000 <br />15,000 <br />20,000 <br />15,000 <br />All dates are inclusive. <br />2003 <br />2004 <br />2005 <br />Installment <br />$20,000 <br />25,000 <br />30,000 <br />3. Purpose. The Bond shall provide funds to finance <br />the Project pursuant to Minnesota Statutes, Chapters 469 and 475. <br />Pursuant to the Plan, tax increments derived from the Tax <br />Increment District (the "Tax Increments ") established pursuant to <br />the Plan, have been pledged to the payment of the Bond and <br />interest thereon. The estimated collection of Tax Increments <br />exceeds twenty percent (20 %) of the cost of the Project. The <br />total cost of the Project, which shall include all costs <br />enumerated in Minnesota Statutes, Section 475.65, is estimated to <br />be at least equal to the amount of the Bond. <br />4. Interest. The Bond shall bear interest payable <br />semiannually on June 1 and December 1 of each year (each, an <br />"Interest Payment Date "), commencing December 1, 1993, calculated <br />on the basis of a 360 -day year of twelve 30 -day months, at the <br />rate of eight percent (8.00%) per annum. <br />Page 29 <br />232758 <br />