Laserfiche WebLink
TUat the City has duly established tax increment financing <br />dtstrict No. 1 (TIF District) within the District pursuant to <br />Minnesota Statutes, Sections 273.71 to 273.77 (TIF Act). <br /> <br />(c) ?hat the City is authorized by section 273.77 of the TIF Act to <br /> J. ssue and sell its general obligations to pay all or a portion <br /> c~f the public development costs (Development Costs) related to <br /> the TIF District as identified in the tax increment financing <br /> plan (TIF Plan) for the TIF District. <br /> <br />(~) That the TIF Plan lists the following Development Costs to be <br /> ~imanced by the general obligations: <br /> <br />Pub 1 i¢ 'h,!p'rov ement s <br /> <br /> i~,~ n.~ ~cquisition <br /> ~; ~.~-:~ i~mprovements <br /> ] ~,ves~ment Earnings <br /> (~o.~;ts of Issuance <br /> :~;ub total <br /> <br />Cost <br /> <br />$ <br /> 380,800 <br /> (~,700) <br /> 13,000 <br /> <br />392,100 <br /> 7,900 <br /> <br />Total Bond Issue <br /> <br />$400,000 <br /> <br />That it is necessary and expedient to the sound financial <br />;,~a. nagement of the affairs of the City to issue $400,000 Taxable <br />General Obligation Tax Increment Bonds, Series 1987B (Bonds) to <br />.~rovide financing for the Development Costs. <br /> <br /> 2. [~ ,u=d. er to provide financing for the Development Costs, the City <br />shall there£-re issue and sell Bonds in the amount of $392,100. In order to <br />provide in par~ the additional interest required to market the Bonds at this <br />time, additional. Bonds shall be issued in the amount of $7,900. Any excess of <br />the purchase price of the Bonds over the sum of $392,100 shall be credited to <br />the debt se.r,~i.(e fund for the Bonds for the purpose of paying interest first <br />coming due on such additional Bonds. The Bonds shall be issued, sold and <br />delivered 5n a~:cordance with the terms of the following Official Notice of <br />Sale: <br /> <br /> <br />