HomeMy WebLinkAbout7898 (Res.)
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Member
introduced the
following
Farrell
resolution and moved its adoption:
RESOLUTION NO.
7898
RESOLUTION AUTHORIZING ISSUANCE
GENERAL OBLIGATION TEMPORARY
SERIES 1988B
AND SALE OF $1,600.000
TAX INCREMENT BONDS,
BE IT RESOLVED by the City Council of the City of
Stillwater, Minnesota, as follows:
1. Bond Authorization. For the purpose of refunding
the City's General Ob11gat10n Temporary Tax Increment Bonds,
Series 1987B, dated May 1, 1987, 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 consul-
tants to the C1 ty, 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. Sale Meeting. This Council shall meet on Tuesday,
May 24, 1988, at 4:30 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:
Approved: tJa.ti;
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Mayor
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The motion for the adoption of the foregoing resolution
was duly seconded by Member
Bodlov:lck
and upon vote
being taken thereon, the following voted in favor thereof:
All Members
and the following voted against the same: None
whereupon said resolution was declared passed and adopted.