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That the City has duly established two tax increment financ- <br />ing districts (TIF District Nos. 1 and 2) within the <br />District pursuant to Minnesota Statutes, Sections 273.71 to <br />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 Districts as identified in the tax incre- <br />ment financing plans (TIF Plans) for the TIF Districts. <br /> <br />'l%at the TIF Plans list the following Development Costs to <br />be financed by the general obligations: <br /> <br />Cost <br /> <br />Sewer, water, well <br /> ~nd water tower <br />Ca]~italized Interest <br />Imvestment Earnings and other funds <br />Co;~ts of Issuance <br /> Subtotal <br />Oi:~count <br /> <br />$2,708,000 <br /> 130,000 <br /> (130,600) <br /> 38,000 <br /> <br />2,745,400 <br /> 54,600 <br /> <br />Total Bond Issue <br /> <br />$2,800,000 <br /> <br />That it is necessary and expedient to the sound financial <br />management of the affairs of the City to issue $2,800,000 <br />General Obligation Tax Increment Bonds, Series 1987A (Bonds) <br />to provide financing for the Development Costs. <br /> <br /> 2~ ~ order to provide financing for the Development Costs, the City <br />shall therefore issue and sell Bonds in the amount of $2,745,400. In order <br />to provide ~n part the additional interest required to market the Bonds at <br />this time, ~dditional Bonds shall be issued in the amount of $54,600. Any <br />excess of ti~e purchase price of the Bonds over the sum of $2,745,400 shall <br />be c~edJt~d to the debt service fund for the Bonds for the purpose of <br />paying inte~:est first coming due on such additional Bonds. The Bonds shall <br />be issued, ~;old and delivered in accordance with the terms of the following <br />Offici~/[ No,:ice of Sale: <br /> <br /> <br />