Agenda - Council - 02/28/1995 - Laserfiche WebLink

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Publi~ Publi~ (d) the City is authorized by Section 489. 178 of the TIF Act to issue and sell its general obligations to pay all or a portion of the public development costs (Costs) related to the District as identified in the development program and tax increment financing plans (Plan) for the TIF Districts; the following Costs to be financed by the Bonds are authorized by the Plan: Improvements: Redevelopment Cost Improvements: Uranium Street McKinley Street AEC Utility Extension * Sunwood Drive * Subtotal Costs of Issuance Allowance for Discount Bidding Less: Investment Earnings Total Bond Issue: $ 254,400 527,950 1,121,000 635,300 $2,538,650 36,500 39,000 (14,150). $2,600,000 bond issue. (e) Represents only that portion of total project costs to be financed with this it is necessary and expedient to the sound financial management of the affairs of the City to issue $2,600,000 General Obligation Tax Increment Bonds, Series t995A (Bonds) to provide financing for the Costs. ~ 2. In order to provide financing for the Costs, the City will therefore issu~iand sell Bonds in the amount of $2,561,000. In order to provide in part the addi~onal interest required to market the Bonds at this time, additional Bonds will ~e issued in the amount of $39,000. The excess of the purchase price of the Bon~ over the sum of $2,561,000 will be credited to the debt service fund for the Bonc~s for the purpose of paying interest first coming due on the additional Boncis. The Bonds will be issued, sold and delivered in accordance with the termi of the following Terms of Proposal: I I I I I I I i i I I I I I I I I SJ~844019 RA~.25-~6 I I