RES 85-047 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $2,125,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985B

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Councilmember Marl's introduced the following resolution and moved its adoption : RESOLUTION NO. 85=047 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $2, 125, 000, GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985B BE IT RESOLVED by the City Council of the City of Saint Anthony, Minnesota (the City) , as follows : 1. Bond Authorization. The Housing and Redevelopment Authority of St. Anthony, Minnesota (the HRA) , has approved . a redevelopment plan, as. defined in Minnesota Statutes, Section 462 .421, subdivision 15, designated as the Kenzie Terrace Redevelopment Plan (the Kenzie Redevelopment Plan) , and a redevelopment project, as defined in Minnesota Statutes, Section 462 .421, subdivision 13, designated as the Kenzie Terrace Redevelopment Project (the Kenzie Project) to be undertaken by the HRA pursuant to the Kenzie Redevelopment Plan. To finance the costs to be incurred by the HRA in connection with the Kenzie Redevelopment Plan and the Kenzie • Project, the HRA has approved a tax increment financing plan, pursuant to the provisions of Minnesota Statutes, Section 273 . 74 (the Kenzie Financing Plan) , which established a tax increment financing district, as defined .in Minnesota Statutes, Section 273 . 73 , subdivision 9 (the Kenzie District) . After appropriate proceedings conducted pursuant to Minnesota Statutes, Section 273 .74 , 4.62 . 515 and 462 . 521, this Council approved the Kenzie Redevelopment Plan., the Kenzie Project and the Kenzie Financing Plan. It is hereby found and determined that it is necessary and expedient for the City to. issue and sell its General Obligation Tax Increment Bonds, Series 1985B, in the aggregate principal amount of $2, 125, 000 (the Bonds ) 'to finance certain public costs to be incurred by the HRA and the City in connection with the Kenzie Project, in accordance with the Kenzie Financing Plan. 2 . Terms of Sale; Notice. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Official Terms of Offering for the sale of the Bonds, and Dorsey & Whitney, bond counsel , has presented to this Council a short form of Notice of Sale for publication, both of which are attached hereto and are hereby approved and shall be placed on file in the office of the City Clerk. Each and all of the provisions of the Official Terms of Offering are hereby adopted as the terms and conditions of the Bonds and of the sale thereof and shall be made available to all • prospective purchasers of the Bonds . The City Clerk is authorized and directed to cause the short form of. Notice