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HomeMy WebLinkAboutResolution 85-38CITY OF COLUMBIA HEIGHTS~ MINNESOTA RF. SOLUTION NUMBER 85~38 RESOLUTION AUTHORIZING ISSUANCE OF $2,100,000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 1985, SERIES A OF THE CITY OF COLUMBIA HEIGHTS, MINNESOTA BE IT RESOLVED by the City Council ("this Council") of the City of Columbia Heights, Minnesota (the "City"), as follows: Bond Purpose and Authorization of Sale. a. Pursuant to the provisions of Minnesota Statutes, Chapter 475 and Sections 273.71 through 273.78, the Council is authorized to issue bonds in such amount as it deems necessary to defray certain public redevelopment costs of a redevelopment project. ~. b. It is hereby found, determined and declared that the City should issue and the City hereby authorizes and directs the issuance and sale of the $2,100,000 General Obligation Tax Increment Bonds of 1985, Series A (hereinafter referred to as the "Bonds") to provide funds to defray certain public redevelopment costs of the Downtown C.B.D. Redevelopment Project. 2. Sale. This Council shall meet at the time and place specified in the form of Official Notice of Bond Sale for the Bonds for the purpose of opening and considering sealed bids for, and awarding the sale of the Bonds. 3. Notice of Bond Sale. The City Manager of the City is directed to cause notice of advertisement for sealed bids for the purchase of the Bonds to be published in the official newspaper of the City, and in Commercial West, at Minneapolis, Minnesota, in substantially the form attached hereto as Exhibit A, no fewer than ten days before the date of the Council meeting referred to above. Any such publication of notice heretofore made is hereby ratified and confirmed. Each and all of the terms and provisions set forth in the Offieia! Notice of Bond Sale are adopted and confirmed as the terms and conditions of the Bonds and the sale thereof. 4. Terms and Conditions of Bond Sale. The terms and conditions of sale in substantially the form set forth in the Official Terms of Bond Sale attached hereto as Exhibit B and incorporated herein by reference, shall constitute the terms and conditions for the sale of the Bonds, and the Council hereby authorizes the incorporation of such terms and conditions in the material to be distributed to prospective bidders for the Bonds. Information for bidders and bidding forms may be obtained from the undersigned or from Miller & Schroeder MunicipaLs, Inc., Northwestern Financial Center, 7900 Xerxes Avenue South, Minneapolis, Minnesota 55431; telephone: 612- 831-1500, financial consultants to the City. Resolution No. 85-38 page 2. Adopted this 26th day of August, 1985. Offered by: Seconded by: Roll call: Peterson //Anne Student, Council Se'L-we~cary Petkoff ~ Hovland, Petkoff, Peterson, Nawrocki - Nawrocki, Mayor Bruce,S'.