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That the City has duly established tax increment financing <br />district No. 3 (TIF District) within the District pursuant <br />to Minnesota Statutes, Sections 273.71 to 273.77 (TIF Act). <br /> <br />That the City is authorized by section 273.77 of the TIF Act <br />to issue and sell its general obligations to pay all or a <br />portion of the public development costs (Development Costs) <br />related to the TIF District as identified in the tax incre- <br />ment financing plan (TIF Plan) for the TIF District. <br /> <br />d) That the TIF Plan lists the following Development Costs to <br /> be financed by the general obligations: <br /> <br />P_~b~ [~ ~.!~.r ~! ~p rovement s <br /> <br />Cost <br /> <br />~qar,~ing Signal <br /> Improvements <br />(]apitalized Interest <br />iinvestment Earnings <br /> of Issuance <br /> Subtotal <br />]~J~count <br /> <br />$ 5,000 <br /> 126,000 <br /> 20,066 <br /> (4,166) <br /> 10,000 <br /> <br />156,900 <br /> 3,100 <br /> <br />Total Bond Issue <br /> <br />$160,000 <br /> <br />That it is necessary and expedient to the sound financial <br />management of the affairs of the City to issue $160,000 <br />Taxable General Obligation Tax Increment Bonds, Series 1987C <br />(Bonds) to provide financing for the Development Costs. <br /> <br /> 2~ '~v~ order to provide financing for the Development Costs, the City <br />shall tt,~refore issue and sell Bonds in the amount of $156,900. In order <br />to provide ii~ part the additional interest required to market the Bonds at <br />this ~.m~, additional Bonds shall be issued in the amount of $3,100. Any <br />excess of the purchase price of the Bonds over the sum of $156,900 shall be <br />credited to 'the debt service fund for the Bonds for the purpose of paying <br />interest t~Jr:~t coming due on such additional Bonds. The Bonds shall be <br />issued, ~o]d and delivered in accordance with the terms of the following <br />OfficJa~i~ Not~.ce of Sale: <br /> <br />2 <br /> <br /> <br />