Laserfiche WebLink
Councilme~la <br /> <br />~er Beyer introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #93-09-185 <br /> <br />RESOLUTi <br />TERMS, <br />$234,042 ~ <br />NOW THlg~IEFORE,BE IT RESOLVED BY THE CITY COUNCIL <br />OF THE ': ,i[2IT;Y OF RAMSEY, ANOKA COUNTY, STATE OF <br />(' CITY")~ lis follows: <br /> SectiOn 1, Authorization: AwltlXl of Sale. <br /> <br />ON AWARDING THE SALE OF, AND PROVIDING THE FORM, <br />~OVENANTS AND DIRECTIONS FOR THE ISSUANCE OF ITS <br />~XiINCREMENT REVENUE NOTE, SERIES 1993B <br /> <br />("COUNCIL") <br />MINNESOTA <br /> <br /> 1.0Li ~lllK9.1:illli~. The City h,a,.s heretofore approved the establishment of the Tax <br />Increment Ffnar~¢ing District No. 5 (the TIF District") within Development District No. 1 <br />("Developra~nt District"), and has adopted a tax increment financing plan for the purpose of <br />financing ~ improvements within the Development District. <br /> <br /> Pm'st ant .to Minnesota Statutes, Section 469.178, the City is authorized to issue and sell its <br />bonds for th~ pu~ose of financing a portion of the public development costs of the Development <br />District. Sue ~ Imnds are payable from all or any portion of revenues derived from the TIF District <br />and pledged 1~ the payment of the bonds. The City hereby finds and determines that it is in the best <br />interests of tile O.ty that it issue and sell its $234,042 Tax Increment Revenue Note, Series 1993B <br />(the "Note") for .~he purpose of financing certain public development costs of the Development <br />District. <br /> <br /> 1.02. IsSuance. Sale. and Terr~ of the Note. The Council hereby delegates to the City <br />Administrate: th~ determination of the date on which the Note is to be issued. The Note shall be <br />issued in the. otai principal amount of $234,042 and shall be sold to M.G. Astelford Company (the <br />"Owner"). Tte Note shall be dated the date of initial delivery thereof, and shall bear interest at the <br />rate of 8% pe anlaum to the earlier of maturity or prepayment. The City shall receive in exchange <br />for the sale o th~ Note the agreement of the Owners to pay special assessments related to certain <br />"Public ImprOve~. ~ents", as set forth in,, paragraphs,,7 and 26 of that certain Development Agreement <br />between the:Oty.and the Owner (the Agreement ). <br /> <br /> SectiOn 2, Form of Note. The Note shall be in substantially the following form, with <br />the blanks t° ~ Properly filled in and the payment schedule adjusted as of the date of issue: <br /> <br />B-1 <br /> <br /> <br />