HomeMy WebLinkAbout7659 (Res.)
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Member Kimble introduced the following resolution ana
moved its adoption:
RESOLUTION NO. 7659
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF
$600,000 GENERAL OBLIGATION TEMPORARY TAX INCREM~NT
BONDS, SERIES 1986B
BE IT RESOLVED by the City Council of tne City of
Stillwater, Minnesota, as follows:
1. Bond Authorization. For tne purpose of refunoing
a portion of the City's General Obligation Temporary Tax
Increment Bonds, Series 1985A, dated December 15, l~&~, tne
City determines that it is necessary to sell and issue general
obligation temporary tax increment bonds of the City in the
amount of $600,000 pursuant to Minnesota Statutes, Cnapters 273
and 475.
2. Sale Terms. Springsted Incorporatea, bona
consultants to the City, has presented to this Council a form
of Official Terms of Offering of the sale of the bonos, ana a
form of Notice of Sale for publication, wnich forms are
attached hereto and shall be placed on file in tne oftice of
the Clerk. Each and all of the provisions of the Official
Terms of Offering are hereby adopted as tne terms ana
conditions of said bonds and of the sale tnereof, and snaIl be
made available to all prospective purcnasers of tne bonos. Tne
Clerk is authorized and directed to cause the Notice of Sale to
be published once in the official newspaper of tne C~ty, ana
once in the Commercial West, a financial periodical pUblisnea
in Minneapolis, at least ten days before tne date of sale.
3. Sale Meeting. This Council shall meet on ~uesaay,
November 18, 1986, at 6:30 P.M., to consider the bias receivea
for the purchase of the bonds, and to take such actions tnereon
as is deemed in the best interests of the City.
App,o.ed, 4 A ~
/' . ayor
Attest:
Adopted by Council 10/21/86
Publish: 10/31/86
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