HomeMy WebLinkAboutRES 85-047 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $2,125,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985B Meeting Sheet
11111
111 VIII VIII loll. VIII 11-11.
iozaio
Box: 23
Folder: RES 1985
Document: RES 85-047 RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $2,125,000 GENERAL OBLIGATION TAX INCREMENT
BONDS, SERIES 19856
CERTIFICATION OF MINUTES RELATING TO
$2 , 125, 000 GENERAL OBLIGATION TAX
INCREMENT BONDS, SERIES 1985B
Issuer : City of Saint Anthony', Minnesota
Governing Body: City Council
Kind, date, time and . place of meeting: _A regular meeting,
held on Tuesday, November 12 , 1985, at 7 :'J0 o'clock P.M. ,
at the City Hall in Saint Anthony.
Members present : 'Mayor Sundland, Councilmembers Enrooth,
Makowske , P4arks 'and Ranallo
Members absent. None
Documents Attached:
Minutes of said meeting (pages ) :
RESOLUTION NO. 85 047 ' f
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $2 , 125, 000 GENERAL OBLIGATION
• TAX INCREMENT BONDS, SERIES 1985B
OFFICIAL TERMS OF OFFERING
NOTICE OF SALE
I , the undersigned, being the duly qualified and
acting recording officer of the public corporation issuing
the bonds referred to in the title of this certificate, certify
that the documents attached -hereto, as described above, have
been carefully compared with the original records of said
corporation in my legal custody, from which they have been
transcribed; that said documents are a correct and complete
transcript of the- minutes of a meeting of the governing body
of said corporation, and correct and complete copies of all
resolutions and other actions taken and of all documents
approved by the governing body at said meeting, so far as
they relate to said bonds ; and that said meeting. was duly
held by the governing body at the time and place and was
attended throughout by the members indicated above, pursuant
to call and notice of such meeting given as required by law.
WITNESS my hand officially as such recording ,officer
this lf�_day of November, 1985.
ignat e
Carol Lou Johnson, City Clerk
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
• of Sale to be published once in the official newspaper of
the City, which is a legal newspaper having a general circulation
within the City, and once in Commercial West at least ten
days before the date of sale specified in the Notice of Sale.
3 . Combination of Maturities. For the purpose
of complying with the provisions of Minnesota Statutes , Section
475 . 54 , subdivision 7, the maturities of, the Bonds are combined
with the maturities of the City's $545, 000 General Obligation
Tax Increment Bonds, Series 1985A originally dated June 1,
1985 (the Series 1985A Bonds ) in accordance with Minnesota
Statutes , Section 475 . 54 , subdivision 2 . The Series 1985A
Bonds are, and the Bonds when issued will be, general obligations.
of the City.
4 . Sale Date., This Council shall meet at ,5 : 30 `?
P.M. on 1a;ednesday;., ;Dec. _ 1985, to consider the bids and
to take such other action thereon as is deemed in the best
interest of the City .
Mayor
Attest:
City C er c
The motion for the adoption of the foregoing resolution
was duly seconded by Councilmember .Ranallo and,
upon vote being taken thereon, the following voted in favor
thereof : ALL
and the following voted against the same : NONE
whereupon said resolution was declared duly passed. and adopted.
Reviewed for 'administration: I I i� CVYLICt.--S-
City Manager
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