Agenda - Council - 09/14/1993 - Laserfiche WebLink

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CITY OF RAMSEY RESOLUTION NO. RESOLUTION AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR THE ISSUANCE OF ITS $205,300 TAX INCREMENT REVENUE NOTE, SERIES 1993A BE IT RESOLVED BY THE CITY COUNCIL ("COUNCIL") OF THE CITY OF RAMSEY, MINNESOTA ("CITY."~ AS FOLLOWS: Section 1. Authorization: Award of Sale. 1.01. Authorization. The City has heretofore approved the establishment of the Tax Increment Financing District No. 5 (the "T[F District") within Development District No. 1 ("Development District"), and has adopted a tax increment financing plan for the purpose of financing certain improvements within the Development District. Pursuant to Minnesota $~atutes, Section 469.178, the City is authorized to issue and sell its bonds for the purpose of financing a portion of the public development costs of the Development District. Such bonds are payable from all or any portion of revenues derived from the TIF District and pledged to the payment of the bonds. The City hereby finds and determines that it is in the best interests of the City that it issue and sell its $205,300 Tax Increment Revenue Note, Series I993A (the "Note") for the purpose of financing certain public development costs of the Development District. !.02. Issuance, Sale. and Terms of the Not~. The Council hereby delegates to the City Administrator the determination of the date on which the Note' is to be issued. Tine Note shall be issued in the total principal mount of $205,300 and shall be sold to Good Value Homes, Inc. (the "Owner"). The Note shall be dated the date of initial delivery thereof, and shall bear interest at the rate of 8% per annum to the earlier of maturity or prepayment. The City shall receive in exchange for the sale of the Note the agreement of the Owners to pay special assessments related to certain "Public Improvements", as set forth in paragraphs 7 and 26 of that certain Development Agreement between the City and the Owner (the "Agreement"). Section 2. Form of Note. The Note shall be in substantially the following form, with the blanks to be properly filled in and the payment schedule adjusted as of the date of issue: B-1 I i I I I I I I I i I I I I I I I I I