Agenda Packets - 1987/12/14 - Laserfiche WebLink

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MOUNDS VIEW RESOLUTION NO. 2273 RESOLUTION PROVIDING FOR THE ISSUANCE AND PUBLIC SALE OF $6,000,000 TAXABLE GE OF SERIES 1988A THE CITY OF MOUNDS VIEW,VIEW,MINN SOTA 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 public redevelopment costs of a Development Project (the Project) established pursuant to Minnesota Statutes, Sections 469.124 to 469.134, as amended. i.2 The Issuer pursuant to Minnesota Statutes, Sections 273.71 through 273.78 has established Tax increment Redevelopment District No. 1 within. its Development District No. 2 pursuant to a Tax Increment Financing Plan (the "Plan") dated September 22, 1986. The Issuer is authorized by Minnesota Statutes, Section 273.77 to (a) issue its general obligation bonds for the purpose of financing pxnpnditures of the Authority incurred pursuant to Minnesota -Statutes, Section 273.75, subd. 4; and (b) to provide for the issuance v, 5� 6 w••�� ••• •••- •••—" nPr provided by, and subject to the limitations of, Minnesota Statutes, Chapter 475. 2. Sale of Bonds. 2,t in order to provide funds to pay the public redevelopment m,s of the Project in accordance with the Plar•, the Issuer shall issue its Taxable General Obligation Tax increment Bonds, Series 1988A (the "Bonds") in the principal amotmt of $6,000,000. Any excess of the purchase price of the Bonds over the sum of $5,910,000 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 BondsiAdvert[sement, @Ieeting. 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 on Monday, January 11, 1988, at 11:00 a.m., Central Time, at the off'^.es of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143.