Agenda Packets - 1989/02/27 - Laserfiche WebLink

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CITY OF MOUNDS VIEW, MINNESOTA RESOLUTION NO._2AIL BEING A RESOLUTION AUTHORIZING AND AWARDING THE SALE OF, AND PROVIDING THE FORMS, TERMS, COVENANTS AND DIRECTIONS FOR $1,760,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1989A, AND PLEDGING FOR THE SECURITY THEREOF TAX INCREMENT FROM TAX INCREMENT FINANCING DISTRICT NO. 3 BE IT RESOLVED BY THE CITY COUNCIL (THE "COUNCIL") OF THE CITY OF MOUNDS VIEW, MINNESOTA (THE "ISSUER") AS FOLLOWS: Section 1. Recitals. 1.01 The Council has heretofore adopted and created Tax Increment Financing District No. 3 (the "District") pursuant to lliinnesote Statutes, Sections 469.174 to 469.179, within Deveiopment District Number 3 created by the Issuer Pursuant to Minnesota Statutes, Sections 469.124 to 469.134. 1.02 The Issuer has heretofore adopted a Tax Increment Financing Plan for its Tax oncrement Financing District No. 3 and the County Auditor of Ramsey County has certified the Adjusted Original Assessed Value of all taxable property in the Tax Increment Financing District. i 1.03 Bas,d upon present and anticipated tax capacity rates for ad valorem taxes to be levied on taxable property in Tax Increment Financing District No. 3, the Council hereby determines that the total annual tax increment to be derived from the District will be approximately $253,697 for 1991 and approximately $251,633 for 1992 and beyond. Section 2. Award of Sale: Terms of Bonds. 2.01. Affidavits showing publication of notice of call for bids for the sole of the Issuer's $1,760,000 Taxable General Obligation Tax Increment Bonds, Series 1989A (the "Bonds") in the official newspaper of the Issuer and in Northwestern Financial have been examined and have been approved and ordered placed on file. The following bids for the sale of the Bonds were received: [Attached] 2.02. After considering the bids received, the Issuer hereby awards the sale of the Bonds to (the "Purchaser") as the bidder offering the lowest net interest cost by its bid to purchase the Bonds at a pric< of $ plus accrued interest to the date of delivery, the Bonds to bear interest at the rates per annum set forth below. The City Clerk -Administrator of the Issuer is directed to retain the good faith check of the Purchaser pending delivery of and payment for the Bonds, and to return the checks of the unsuccessful bidders.