Agenda - Council - 12/19/2000 - Laserfiche WebLink

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-90- to the provisions of Mirmesota Statutes, Sections 469.124 tkvough 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 No. 8 as a redevelopment district within the Development District (the "Tax Increment District") under the provisions of Minnesota Statutes, Sections 469.174 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, fi. mds are to be expended within the Development District to provide funds to finance certain capital and administration costs associated with public infrastructure costs within the Tax Increment District 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 $920,000 General Obligation Tax Increment Bonds, Series 200lB (the "Bonds" or individually, a "Bond"), pursuant to Minnesota Statutes, Chapters 469 and 475, to finance the Project; and E. WHEREAS, it is in the best interests of the City that the Bonds be issued in book- entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the City Council of tlie City of Ramsey, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of (-the "Purchaser"), to purchase the Bonds in accordance with the Official Terms of Bond Sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ ., 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 aw~'~ded to the Purchaser. The Administrator is directed to retain the deposit of the Purchaser and to forthwith return to the unsuccessful bidders their good faith checks or drafts. 2. Bond Terms. (a) Title: Oritinal Issue Date: Denominations; Maturities: Term Bond Option. The Bonds shall be dated January 1, 2001, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. TI~e Bonds shall be numbered from R-1 upward in the denomination of $,5,000 each or in any integral multiple thereof of a single maturity (th.e "Authorized Denominations"). The Bonds shall mature on December 15 in the years and amounts as follows: 1237483.1 I I I I I I