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Councillnmm~ :~Jimmerman introduced the following resolution and moved for its adoption: <br /> RESOLUTION #93-0~/- 184 <br /> <br />RESOLUTION~ AWARDING THE SALE OF, AND PROVIDING THE FORM, <br />TERMS, COV~NANTS AND DIRECTIONS FOR THE ISSUANCE OF ITS <br />$205,300 TAX INCREMENT REVENUE NOTE, SERIES 1993A <br />NOW THEREPORE, BE IT RESOLVED BY THE CITY COUNCIL ("COUNCIL'*) <br />OF THE ~IT~ OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA <br />("CITY'*) a~ fc Ilow$: <br /> Secfio~ 1. Authorization: Award of Sale. <br /> 1.01~ ~~. 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 />CDevelopmellt E istrict"), and has adopted a tax increment financing plan for the purpose of <br />financing ecru in improvements within the Development District. <br /> <br /> Pursuant ~ Minnesota Statutes, Section 469.178, the City is authorized to issue and sell its <br />bonds for the,)ur~ose of financing a portion of the public development costs of the Development <br />District. Su~l~ibo~ds are payable from all or any portion of revenues derived from the TIF District <br />and pledgedt~ th~ payment of the bonds. The City hereby finds and determines that it is in the best <br />inter,e, sts of th~ Ci~ty that it issue and sell its $205,300 Tax Increment Revenue Note, Series 1993A <br />(the Note")~0r t~e purpose of financing certain public development costs of the Development <br />District ~ <br /> <br /> 1.02, i Issuance. Sale. and Terms of the Note. The Council hereby delegates to the City <br />AdministratO~thldetermination of the date on which the Note is to be issued. The Note shall be <br />issued in the:!~tal!principal amount of $205,300 and shall be sold to Good Value Homes, Inc. (the <br />"Owner"). Tl~,e l~te shall be dated the date of initial delivery' thereof, and shall bear interest at the <br />rate of 8% pe~. antrum to the earlier of maturity or prepayment. The City shall receive in exchange <br />for the sale 0~th~Note the agreement of the Owners to pay special assessments related to certain <br />"Public Imp~,.,. eme..' nts", as set forth in paragraphs 7 and 26 of that certain Development Agreement <br />between the (~i~'ty and the Owner (the "Agreement"). <br /> <br /> Sectioh 2. i Form of Note. The Note shall be in substantially the following form, with <br />the blanks to ~ properly filled in and the payment schedule adjusted as of the date of issue: <br /> <br />B-1 <br /> <br /> <br />