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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 $106,'756 <br /> TAX INCREMENT REVENUE NOTE, SERIES 1993C <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL ("COUNCIL") OF THE CITY <br />OF RAMSEY, MINNESOTA ("cITy") AS FOLLOWS: <br /> <br />Section 1. Authorization: Award of Sale. <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 Minnesota Statutes, Section 469.t78, 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 TIF 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 $106,756 Tax Increment Revenue Note, Series 1993C <br />(the "Note") for the purpose of financing certain public development costs of the Development <br />District. <br /> <br /> 1.02. Issuance. Sale. 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 $106,756 and shall be sold to Windemere Woods of <br />Ramsey, a Minnesota Limited Partnership (the "Owner"). The Note shall be dated the date of <br />initial delivery thereof, and shall bear interest at the rate of 8% per annum to the earlier of maturity <br />or prepayment. The City shall receive in exchange for the sale of the Note the agreement of the <br />Owners to pay special assessments related to certain "Public Improvements", as set forth in <br />paragraphs 7 and 26 of that certain Development Agreement between the City and the Owner (the <br />"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-i <br /> <br />I <br />I <br />! <br />I <br />! <br />i <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> I <br /> I <br /> <br /> <br />