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<br /> After due consideration of the proposals, Member then introduced <br /> -- <br /> the following resolution and moved its adoption: <br /> RESOLUTION NO. 98-J:i <br /> A RESOLUTION AWARDING THE SALE OF $3,100,000 <br /> GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1998A; <br /> FIXING THEIR FORM AND SPECIFICATIONS; <br /> DIRECTING THEIR EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR THEIR PA Y1vIENT <br /> BE IT RESOLVED By the City Council of the City of Arden Hills, Ramsey County, <br /> Minnesota (City) as follows: <br /> Section 1. Sale of Bonds. <br /> 1.01 It is hereby determined that: <br /> (a) the City has duly established the Development District No. I (District) <br /> pursuant to Minnesota Statutes, Sections 469.124 through 469.134 (the Act); , <br /> (b) the City has duly established tax increment financing district no. 2 (TlF <br /> District) within the District pursuant to Minnesota Statutes, Section 469.174 to 469.179 <br /> (TIF Act); <br /> (c) the City is authorized by Section 469.178 of the TIF Act to issue and sell <br /> its general obligations to pay all or a portion of the public development costs (Costs) <br /> related to the District as identified in the development program and tax increment <br /> financing plan (Plan) for the TIF District; <br /> (d) the following Costs to be financed by the Bonds are authorized by the Plan: <br /> Sources <br /> Par amount of Bonds $3,100,000 <br /> Accrued Interest 10.874 <br /> Total Sources $3,110,874 <br /> Uses <br /> Public Improvements $2,766,088 <br /> Discount Allowance 38,750 <br /> Capitalized Interest 276,036 <br /> Finance Related Expenses 30.000 .. <br /> Total Uses $3,110,874 <br /> SJBl32Saa <br /> AA200-1 <br />