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<br />. <br /> <br />. <br /> <br />. <br /> <br />, ~ <br />.. --- <br /> <br />CITY OP MOUNDS VIEW, MINNESOTA <br />RESOLUTION NO. ?S40 <br /> <br />BEING A RESOLUTION AUTHORIZING AND AWARDING THE <br />SALE OP, AND PROVIDING THE FORMS, TERMS, <br />COVENANTS AND DIRECTIONS FOR $1,490,000 <br />TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, <br />SERIES 1989C, AND PLEDGING FOR THE SECURITY THEREOF <br />TAX INCREMENT PROM TAX INCREMENT FINANCING DISTRICT NO.1 <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL (THE "COUNCIL") OF THE <br />CITY OF MOUNDS VIEW, MINNESOTA (THE "ISSUER") AS FOLLOWS: <br /> <br />Section 1. <br /> <br />Recitals. <br /> <br />1.01 The Council has heretofore created Tax Increment Financing District <br />No.1 (the "District") by adoption of a Tax Increment Financing Plan relating <br />thereto on September 22, 1986, and the modification thereof on June 12, 1989, <br />pursuant to Minnesota Statutes, Sections 469.174 to 469.179, within Development <br />District No. 2 created by the Issuer pursuant to Minnesota Statutes, Sections <br />469.124 to 469.134. <br /> <br />1.02 The County Auditor of Ramsey County has certified the Adjusted <br />Original Tax Capacity Value of all taxable property in the District. <br /> <br />1.03 Based upon present and anticipated tax capacity rates for ad valorem <br />taxes to be levied on taxable property in the District, the Council hereby <br />determines that the total annual tax increment to be derived from the District will <br />be approximately $257,328 for 1991 and approximately $332,767 for 1992 and <br />beyond. <br /> <br />Section 2. <br /> <br />A ward of Sale; Terms of Bonds. <br /> <br />2.01. Affidavits showing publication of notice of call for bids for the sale <br />of the Issuer's $1,490,000 Taxable General Obligation Tax Increment Bonds, Series <br />1989C (the "Bonds") in the official newspaper of the Issuer and in Northwestern <br />Financial Review have been examined and have been approved and ordered placed <br />on file. The following bids for the sale of the Bonds were received: <br /> <br />[A ttached] <br /> <br />2.02. After considering the bids received, the Issuer hereby awards the sale <br />of the Bonds to (the "Purchaser")' as the bidder <br />offering the lowest net interest cost by its bid to purchase the Bonds at a price of <br />$ plus accrued interest to the date of delivery, the Bonds to bear <br />interest at the rates per annum set forth below. <br /> <br />The City Clerk-Administrator of the Issuer is directed to retain the good faith <br />check of the Purchaser pending delivery of and payment for the Bonds, and to <br />return the checks of the unsuccessful bidders. <br /> <br />1 <br />