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2006-085 Council Resolution
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2006-085 Council Resolution
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Last modified
9/17/2014 2:43:00 PM
Creation date
9/16/2014 1:28:15 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
05/22/2006
Council Meeting Type
Regular
Resolution #
06-085
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(a) the City is authorized by Minnesota Statutes, Sections 469.1813 to <br />469.1815 (the "Act ") to issue and sell general obligation bonds in an amount equal to the <br />sum of abatements granted for a property; <br />(b) pursuant to a resolution adopted by the City Council of the City on <br />March 13, 2006, the City Council approved a property tax abatement for certain property <br />in the City in an amount sufficient to pay the principal and interest on bonds in a <br />maximum principal amount of $2,715,000; and <br />(c) it is necessary and expedient to the sound financial management of the <br />affairs of the City to issue its General Obligation Tax Abatement Bonds, Series 2006A <br />(the "Bonds ") pursuant to the Act to provide financing for the Project. <br />3. To provide financing for the Project, the City will therefore issue and sell the <br />Bonds in the amount of $2,442,830. To provide in part the additional interest required to market <br />the Bonds at this time, additional Bonds will be issued in the amount of $27,170. The excess of <br />the purchase price of the Bonds over the sum of $2,442,830 will be credited to the debt service <br />fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. <br />The Bonds will be issued, sold and delivered in accordance with the terms of the following <br />Official Terms of Proposal: <br />• <br />(The remainder of this page is intentionally left blank.) <br />• <br />
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