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Councilmen~ber <br /> <br />Zimmerman introduced the following resolution and moved for its adoption: <br /> <br /> RESOLUTION 6'93-09-186 <br />RESOLUT[ON AWARDING THE SALE OF, AND PROVIDING THE FORM, <br />TERMS, :COVENANTS AND DIRECTIONS FOR THE ISSUANCE OF ITS <br />$106,756 i~AJ~. INCREMENT REVENUE NOTE, SERIES 1993C <br />NOW THi~.RE~FORE,BE IT RESOLVED BY THE CITY COUNCIL ("COUNCIL") <br />OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA <br />("CITY")' ~as follows: <br /> <br /> SectiOn L Ao~;horiz0,~ion; Award of Sale. <br /> <br /> 1.01/: Authorization. The City has heretofore approved the establishment of the Tax <br />Increment F~nat~,Cing District No. 5 (the "TIF District") within Development District No. 1 <br />CDevelopmgnt District"), and has adopted a tax increment financing plan for the purpose of <br />financing ce ~rCin~mprovements within the Development District. <br /> Pursdant,to ~innesota 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. Suc~' bOnds are payable from all or any portion of revenues derived from the TIF District <br />and pledged ~ the payment of the bonds. The City hereby finds and determines that it is in the best <br />interests of'~e CJity that it issue and sell its $106,756 Tax Increment Revenue Note, Series 1993C <br />(the "Note") Ifor the purpose of financing certain public development costs of the Development <br />District. <br /> <br /> 1.02.~ Issu~tnc¢, Sale. and Terms of the Note. The Council hereby delegates to the City <br />Administrato~ thi~ determination of the date on which the Note is to be issued. The Note shall be <br />issued in th~ tolal principal amount of $106,756 and shall be sold to Windemere Woods of <br />Ramsey, a Minnesota Limited Partnership (the "Owner"). "The Note shall be dated the date of <br />initial delivcr~ thereof, and shall bear interest at the rate of 8% per annum to the earlier of maturity <br />or prepaym¢/it. The City shall receive in exchange for the sale of the Note the agreement of the <br />Owners to pry special assessments related to certain "Public Improvements", as set forth in <br />paragraphs 7 ¢nd126 of that certmn Development Agreement between the C~ty and the Owner (the <br />"Agreement"). <br /> <br /> SectiOn 2. Form of Note. The Note shall be in substantially the following form, with <br />the blanks to be properly filled in and the payment schedule adjusted as of the date of issue: <br /> <br />B-1 <br /> <br /> <br />