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.. ~<. . . . MOUNDS VIEW RESOLUTION NO. 2444 RESOLUTION PROVIDING FOR THE ISSUANCE AND PUBUC SALE OF $1,760,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES'1989A OF THE CITY OF MOUNDS VIEW , MINNESOTA It is hereby resolved by the City Council of the City of Mounds View (the "Issuer") as follows: 1. Findings, Authorization. 1.1 It is hereby found and determined that it is necessary and expedient to the sound financial management of the Issuer for the Issuer to issue its taxable general obligation tax increment bonds in order to provide funds to pay capital and administrative costs of Development Project Number 3 (the TtProject") established pursuant to Minnesota Statutes, Sections 469.124 to 469.134. 1.2 The Issuer, pursuant to Minnesota Statutes, Sections 469.174 through 469.179 has established a tax increment financing district within the Project pursuant to a tax increment financing plan (the "Plan") dated as of February 22, 1988. The Issuer is authorized by Minnesota Statutes, Section 469.178 to (a) issue its general obligation bonds for the purpose of financing expenditures of the Authority incurred pursuant to Minnesota Statutes, Section 469.176, subd. 4; and (b) to provide for the issuance of such bonds in the manner provided by, and subject to the limitations of, Minnesota Statutes, Chapter 475. 2. Sale of Bonds. 2.1 In order to provide funds to pay the capital and administrative costs of the Project in accordance with the Plan, the Issuer shall issue its Taxable General Obligation Tax Increment Bonds, Series 1989A (the "Bonds") in the principal amount of $1,760,000. Any excess of the purchase price of the Bonds over the sum of $1,733,600 shall be credited to the debt service fund for the Bonds to pay interest first due on the Bonds. 2.2 The Bonds shall be issued, sold and delivered in accordance with the Official Terms of Bond Offering, attached hereto as Appendix A. 3. Award of Bonds, Advertisement, Meeting. 3.1 The City Clerk-Administrator of the Issuer is authorized and directed to cause advertisement for sealed bids for the purchase of the Bonds to be published in the manner required by Minnesota Statutes, Chapter 475, and in any additional publications as the City Clerk-Administrator may determine to be suitable. Such advertisement for sealed bids shall be in substantially form attached hereto as Appendix B. 3.2. Sealed bids for the Bonds will be opened by the City at the offices of the City's fiscal consultant, SPRINGSTED Incorporated, 85 east Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143, on Monday, February 27, 1989 at 12:00 Noon, Central Time. Consideration for award of the Bonds will be by the City Council at 7:00 p.m., Central Time, of the same day.