HomeMy WebLinkAbout7537 (Res.)
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Councilmember Junker introduced the following
resolution and moved its adoption:
RESOLUTION NO. 7537
RESOLUTION AUTHORIZING ISSUANCE AND SALE
OF $3,500,000 GENERAL OBLIGATION TEMPORARY
TAX INCREMENT BONDS, SERIES 1985B
BE IT RESOLVED by the City Council of the City of
Stillwater, Minnesota, as follows:
1. Bond Authorization. For the purpose of financing
public improvements within the City's Tax Increment Financing
District No.2, this Council determines that it is necessary to
sell and issue temporary general obligation bonds of the City
in the amount of $3,500,000 pursuant to Minnesota Statutes,
Section 273.77.
2. Sale Terms. springsted Incorporateo, bond
consultants to the City, has presented to this Council a form
of Official Terms of Offering of the sale of the bonds, and a
form of Notice of Sale for publication, which forms are
attached hereto and shall be placed on file in the office of
the City Clerk. Each and all of the provisions of the Official
Terms of Offering are hereby adopted as the terms and
conditions of said bonds and of the sale thereof, and shall be
made available to all prospective purchasers of the bonds. Toe
City Clerk is authorized and directed to cause the Notice of
Sale to be published once in the official newspaper of the
City, and once in the Commercial west, a financial periodical
published in Minneapolis, at least ten days before the date of
sale.
3. Sale Meetinq. This Council shall meet on Tuesday,
December 17, 1985, at 7:30 P.M., to consider the bids received
for the purchase of the bonds, and to take such actions thereon
as is deemed in the best interests of the City.
Attest:
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r-' The motion for the adoption of the foregoing
resolution was duly seconded by Councilmember Kimble,
and upon vote being taken thereon, the following voted in favor
thereof: All present
and the following voted against the same: None
whereupon said resolution was declared passed and adopted.
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