05/22/2006 Council Packet - Laserfiche WebLink

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• • • 2. It is hereby determined that: (a) the City is authorized by Minnesota Statutes, Section 469.1813 (the "Act ") to issue and sell general obligation bonds in an amount equal to the sum of abatements granted for a property; (b) pursuant to a resolution adopted by the City Council of the City on March 13, 2006, the City Council approved a property tax abatement for certain property in the City in an amount sufficient to pay the principal and interest on bonds in a maximum principal amount of $2,715,000; and (c) it is necessary and expedient to the sound financial management of the affairs of the City to issue its General Obligation Tax Abatement Bonds, Series 2006A (the "Bonds ") pursuant to the Act to provide financing for the Project. 3. To provide financing for the Project, the City will therefore issue and sell the Bonds in the amount of $2,680,190. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $29,810. The excess of the purchase price of the Bonds over the sum of $2,680,190 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will be issued, sold and delivered in accordance with the teiiiis of the following Official Terms of Proposal: (The remainder of this page is intentionally left blank.)