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HomeMy WebLinkAbout7721 (Res.) n n n '-4'1'"' -r (Washington Square Dev.) 000061 Member Kimble introduced the following resolution and moved its adoption: RESOLUTION NO. 7721 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $1,600,000 GENERAL OBLIGATION TEMPORARY TAX INCREMENT BONDS, SERIES 1987B BE IT RESOLVED by the City Council of the City of Stillwater, Minnesota, as follows: I. Bond Authorization. For the purpose of refunding the City's General Obligation Temporary Tax Increment Bonds, Series 1986C, dated December I, 1986, the City determines that it is necessary to sell and issue general obligation temporary tax increment bonds of the City in the amount of $1,600,000 pursuant to Minnesota Statutes, Chapters 273 and 475, the proceeds to be used together with funds on hand for said purpose. 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 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 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 1:00 P.M., to consider the bids received for of the bonds, and to take such actions thereon as the best interests of the City. 'pp,aved, 1d4' ~~ Mayor Attest: .. .' n n n J!l f IL , ;~-,,,: -..- ~D()OSO The motion for the adoption of the foregoing resolution was duly seconded by Member Farrell , 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.