HomeMy WebLinkAbout7660 (Res.)
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000160
Member Farrell introduced tne following resolution and
moved its adoption:
RESOLUTION NO. 7660
RESOLUTION AUTHORIZING ISSUANCE AND SA~E OF
$1,600,000 GENERAL OBLIGATION TEMPORARY TAX INCrtEM~N~
BONDS, SERIES 1986C
BE IT RESOLVED by the City Council of tne City of
Stillwater, Minnesota, as follows:
1. Bond Authorization. For the purpose of refunding
the City's General Obligation Temporary Tax Increment Bonds,
Series 1985B, dated December 15, 1985, tne City aeterm~nes tnat
it is necessary to sell and issue general ooligat~on temporary
tax increment bonds of the City in the amount of ~!,oUU,OUO
pursuant to Minnesota Statutes, Chapters 273 and 475, tne
proceedS to be used together with funds on hand for said
purpose.
2. Sale Terms. Springsted Incorporated, Dona
consultants to the City, has presented to this Counc~l a form
of Official Terms of Offering of the sale of the bonds, and a
form ~f Notice of Sale for publication, wnicn forms are
attached hereto and shall be placed on tile in the office ot
the Clerk. Each and all of the provisions of tne Official
Terms of Offering are hereby adopted as the terms ana
conditions of said Donds and of the sale thereof, and snaIL De
made available to all prospective purcnasers of tne bonds. Tne
Clerk is authorized and directed to cause tne Notice of Sale to
be published once in the official newspaper ot the City, and
once in tne Commercial west, a financial periodical puolisned
in Minneapolis, at least ten days before tne date ot sale.
3. Sale Meeting. This Council snaIl meet on Tuesday,
November 18, 1986, at 6:30 P.M., to consider tne Dids received
for the purchase of the bonds, and to take sucn actions thereon
as is deemed in the best interests of tne City.
ApP'O.'d',~
A), /!L----~
Aayor
Attest:
. Adopted by Counci 1 10/21/86
Publish: 10/31/86