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No. 96-16 <br />• CITY OF FALCON HEIGHTS <br />COUNCIL RESOLUTfON <br />Date: October 9, 1996 <br />------------------------------------------- <br />RESOLUTION AUTHORIZING THE SOLICITATION OF <br />OFFERS FOR THE $1,645,000 GENERAL OBLIGATION <br />TAX INCREMENT BONDS, SERIES 1996A <br />BE IT RESOLVED by the City Council of the City of Falcon Heights, Minnesota (the <br />"Issuer"), as follows: <br />Section 1. Recitals. The City of Falcon Heights, Minnesota (the "Issuer") has <br />established its Development District No. 1 and Tax Increment Financing District No. 2 therein, <br />and has established Development District No. 2 and Tax Increment Financing District No. 1 <br />therein, and has adopted Tax Increment Financing Plans, as amended, for both Tax Increment <br />Financing Districts. The Issuer has determined to finance all or a portion of certain street <br />scaping and road reconstruction costs specified in the Tax Increment Financing Plans through <br />the issuance of its Bonds or other obligations. The Issuer has further determined that such <br />Bonds or other obligations shall be general obligation bonds payable from tax increments <br />• derived from the Tax Increment Financing Districts. The Issuer has retained Springsted <br />Incorporated, St. Paul, Minnesota, as its financial advisor in connection with the issuance of the <br />Bonds and has authorized Springsted Incorporated to solicit offers for the purchase of the Bonds. <br />Springsted Incorporated has submitted to this City Council the proposed form of Terms of <br />Proposal setting forth certain terms of the Bonds. <br />Section 2. Authorization. The Issuer hereby authorizes the publication and <br />dissemination of the Terms of Proposal in substantially the form attached hereto as Exhibit A, <br />such distribution to be by such means as Springsted Incorporated shall deem appropriate. <br />Section 3. Award of Sale. At its regularly scheduled meeting on Wednesday, November <br />13, 1996 this City Council shall consider the offers for the purchase of the Bonds on the <br />recommendation of Springsted Incorporated thereon. <br />Section 4. Ratification. All acts and undertakings of the Mayor, City Administrator and <br />other officers of the Issuer in furtherance of the issuance of the Bonds described herein taken <br />prior to the date of this Resolution are hereby ratified and approved. <br />--------------------------------------------------- <br />Moved by: JarnhG <br />• GEHRZ [~ In Favor <br />GIBBON TALBOT <br />(absent~-IUSTAD ~ Against <br />JACOBS <br />KUETTEL <br />Approved by: - ~,~,~,,,~ <br />Mayor <br />October 9. 1996 <br />Date <br />Attested by: C,cv~O~ ~) ~,~~~~~~ <br />City Clerk <br />October 9. 1996 <br />Date <br />