Agenda - Council - 05/23/2000 - Laserfiche WebLink

Home

RESOLUTION ACCEPTfNG PROPOSALS ON THE COMPETITIVE NEGOTIATED SALE OF $1,695,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2000B, PROViDING FOR THEIR ISSUANCE, PLEDGING FOR. TI-IE SECURITY THEREOF TAX INCREMENTS, AND LEVYING A TAX FOR TIlE PAYMENT THEREOF A. WHEREAS, the City Council of the City of Ramsey, Minn~ota (the "City"), has heretofore createxl Municipal Development District No. 1 (the "Development District") pursuant to the provisions of'Minnesota Statutes, Section-~ 469.124 through 469.134, and has approved a development program (the "Program")with respect to the Development District; and B. WHEREAS, the Council has also heretofore created Tax Increment Financing District Nos. 2 and 6 as a redevelopment district within the Development District (the "Tax Increment District") under the provisions of Minnesota ,..qtatutez, Sections ,~69.174 through 469.179, and has approved a tax increment financing plan (the "Plan") with respect to the Tax Increment District; and C. WHEREAS, pursuant to the provisions of the Program and Plan, funds are to be expended within the Development District to provide funds to finance certain capital and administration costs associated with a water tower and a well, as set forth in the Plan (the "Project"); and D. WHEREAS, the City Council of the City has heretofore determined that it is necessary and expedient to issue $1,695,000 General Obligation Tax Increment Bonds, Series 2000B (the "Bonds" or individually, a "Bond"), pursuant to Minnesota Statutes, Chaptm 469 and 4'/5, to finance the Project; and E. WI-iEREAS, it is in lhe best interests of the City that the Bonds be issued in book-entry form as hereinafter provided; and NOW, THEREFORE, BE 1T P,.ESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: 1. Acceptance of Proposal, The proposal of (the "Purchaser"), to purchase the Bonds in accordance with the Terms of Offering, al the rates of interest hereina~er set forth, and to pay therefor the sum orS.. , plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable Proposal received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. The Administrator is directed to retain the deposit of the Purchaser and to forthwith return to the unsucce~.sful bidder~ their good faith checks or drafu;. I I I I I I I I I I ! I I I I I