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introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #89-11-295 <br /> <br />R1,;S()l.[l'lit}¢ PI~,OVIDING FOR THE ISSUANCE AND SALE OF $235,000 <br />TAXABI~I,: {~ENII~RAI~ OBLIGATION TAX INCREMENT BONDS~ SERIES <br />1989(~ <br /> <br />NOW Till.;III;I~()RE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF RAMSI,;Y., AN()KA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />'i'!:~t~ it i.~ i~crcby determined: <br /> <br />~!'hat thc City has duly established Development District No. 1 (District) <br />purst~a n~ to Mi nnesota Statutes, Sections 469.124 through 469.134 (Act); <br /> <br /> 'hat the City has duly established tax increment financing district no. 1 and <br />taxx increment financing district no. 4 (TIF Districts) within the District <br />pt~rsuant to Minnesota Statutes, Sections 469.174 to 469.179 (TI/~ Act); <br /> <br />That thc Plan lists the following Costs to be financed by the general <br />obligations: <br /> <br />Public Improvements <br /> <br />Total Development Costs <br /> <br />Site Improvements <br />/\(hninistration and Costs of Issuance <br /> Subtotal <br />[ )i. scout~t <br /> <br />$ 219,030 <br />12,915 <br />$ 231,945 <br />3,055 <br /> <br />TOTAL $ 235,000 <br /> <br />That it is necessary and expedient to the sound financial management of the <br />al'fairs of the City to issue $235,000 Taxable General Obligation Tax <br />Increment Bonds, Series 1989C (Bonds) pursuant to the Act to provide <br />financing for the Costs. <br /> <br /> 2) 'i'l~: in o;dcr to provide financing for the Costs, the City will issue and sell Bonds <br />in ifc am{>~t ,>; $731,945. To provide in part the additional interest required to market the Bonds <br />at this time':, :t~l(t}Ii~nal llo~ds will be issued in the amount of $3,055. The excess of the purchase <br />price oF thc l-',~rd5 ~vc~' the sum of $231,945 will be credited to the debt service fund for the <br />Bo~ds for tl~,:~' !>t~ l~oso of paying interest first coming due on the additional Bonds. The Bonds <br />will tie issued $.~>td ~md delivered in accordance with the terms of the following Official Terms of <br />OITcring: <br /> <br /> OFFICIAL TERMS OF OFFERING <br /> $235,000 <br /> CITY OF RAMSEY, MINNESOTA <br />(;ENERAL OBLIGATION TAX INCREMENT BONDS, <br /> SERIES 1989C <br /> <br />Scaled bid.~. I~' ~i~,, tg~mcts will bo received by the City or its designee on Tuesday, November 28, <br />1989, umil 1 :()(/i~.~n., Central Time, at the offices of Springsted Incorporated, 85 East Seventh <br />Place, Suit...; I(i0, ~;ai. nt Pad, Minnesota after which time they will be opened and tabulated. <br />Considcrati(~t I'(-~' :tward of the Bonds will be by the City Council at 7:30 p.m., Central Time, of <br />thc .,;amc <br /> <br /> <br />