Laserfiche WebLink
,~ <br />dated December 11, 1990 (the "Joint Powers Agreement"), <br />providing in part for the issuance by the City of Blaine (on <br />behalf of all the Cities) of its bonds in an amount not to <br />exceed $4,450,000 {the "Bonds") for the purpose of defraying <br />the expense of the acquisition, construction, furnishing, <br />and betterment of land, buildings, and equipment for <br />municipal fire protection and firefighting purposes. <br />(c) Pursuant to Section III(G) of the Joint Powers <br />Agreement, each City's share of the debt service on the <br />Bonds is from year to year equal to that City's percentage <br />for that year derived from a certain formula (the "Formula") <br />multiplied by the total amount of debt service due on the <br />Bonds in the applicable year. <br />(d) The City's Formula share applicable for 1992 (the <br />year in which first payment of debt service on the Bonds <br />occurs) is 22.75$. Accordingly, the City's share of the <br />principal amount of the Bonds (which share is hereinafter <br />referred to as the "City's Bonds") is initially $1,012,375. <br />(e) At the general municipal election held in the City <br />on November 6, 1990, the electorate of the City gave its <br />approval by a vote of 3,198 in favor to 1,317 opposed to the <br />following question, which was duly presented to the <br />electorate for its consideration: <br />• "Shall the City of Mounds View, <br />Minnesota, be authorized to issue <br />its general obligation bonds in an <br />amount not to exceed $945,000 to <br />defray the expense of the <br />acquisition, construction, <br />furnishing, and betterment of land, <br />buildings and equipment for <br />municipal fire protection and fire- <br />fighting purposes?" <br />(f) In the interests of efficiency, and as provided in <br />the Joint Powers Agreement, the City of Blaine is to be the <br />issuer of the Bonds, and the Council has been advised that <br />on April 18, 1991, the Blaine City Council adopted a <br />resolution awarding the public sale and setting the terms of <br />the Bonds. Pursuant to that resolution, the Bonds will be <br />dated as of May 1, 1991, will mature on February 1 in the <br />years and amounts, and will bear per annum interest, <br />respectively, as follows: <br />• ~s~~~ <br />2 <br />