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CITY OF RAMSEY <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION AWARDING THE SALE OF, AND <br />PROVIDING THE FORM, TERMS, COVENANTS AND <br />DIRECTIONS FOR THE ISSUANCE OF ITS $234,042 <br />TAX INCREMENT REVENUE NOTE, SERIES 1993B <br /> <br /> BE 1T RESOLVED BY THE CiTY COUNCIL ("COUNCIL") OF THE CITY <br />OF RAMSEY, MINNESOTA (" CITY" )' AS FOLLOWS: <br /> <br />Section 1. Authorization: Award of Sa.l;. <br /> <br /> 1.01. Authorization. The City has heretofore approved the establishment of the Tax <br />Increment Financing District No. 5 (the "TIF District") within Development District No. 1 <br />("Development District"), and has adopted a tax increment financing plan for the purpose of <br />financing certain improvements within the Development District. <br /> <br /> Pursuant to Minneso~ Statutes, Section 469.178, the City is authorized to issue and sell its <br />bonds for the purpose of financing a portion of the public development costs of the Development <br />District. Such bonds are payable from all or any portion of revenues derived from the TTF District <br />and pledged to the payment of the bonds. The City hereby finds and determines that it is in the best <br />interests of the City that it issue and sell its $234,042 Tax Increment Revenue Note, Series 1993B <br />(the "Note") for the purpose of financing certain public development costs of the Development <br />District. <br /> <br /> 1.02. Issuance. Sat~. and Terms of the Note. The Council hereby delegates to the City <br />Administrator the determination of the date on which the Note"is to be issued. The Note shall be <br />issued in the total principal amount of $234,042 and shall be sold to M.G. Astelford Company (the <br />"Owner"). The Note shall be dated the date of initial delivery thereof, and shall bear interest at the <br />rate of 8% per annum to the earlier of maturity or prepayment.. The City shalt receive in exchange <br />for the sale of the Note the agreement of the Owners to pay special assessments related to certain <br />"Public Improvements", as set forth in paragraphs 7 and 26 of that certain Development Agreement <br />between the City and the Owner (the "Agreement"). <br /> <br /> Section 2. Form of Note. The Note shall be in substantially the following form, with <br />the blanks to be properly filled in and the payment schedule adjusted as of the date of issue: <br /> <br />B-1 <br /> <br />I <br />I <br />I <br />I <br />! <br />I <br />I <br />I <br />I <br />! <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> <br />