HomeMy WebLinkAbout7720 (Res.)
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(Arke 11 Dev.)
000059
Councilmember Bodlovick
introduced the following
resolution and moved its adoption:
RESOLUTION NO. 7720
RESOLUTION AUTHORIZING ISSUANCE AND SALE
OF $600,000 GENERAL OBLIGATION TAX INCREMENT
BONDS, SERIES 1987A
BE IT RESOLVED by the City Council of the City of
Stillwater, Minnesota, as follows:
I. Bond Authorization. For the purpose of
permanently financing public improvements within the City's Tax
Increment Financing District No. 3 in connection with a project
being undertaken by The Arkell Development Corporation or a
related party, this Council determines that it is necessary to
sell and issue general obligation bonds of the City in the
amount of $600,000.
2. Sale Terms. Springsted Incorporated, 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. The
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.
May 5, 1987,
the purchase
is deemed in
Sale Meeting. This Council shall meet on Tuesday,
at 7:00 P.M., to consider the bids received for
of the bonds, and to take such actions thereon as
the best interests of the City.
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Attest:
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000058
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.
Adopted by Council this 7th day of April. 1987.