Laserfiche WebLink
<br /> - (e) it is necessary and expedient to the sound financial management of the <br /> affairs of the City to issue $3, I 00,000 General Obligation Tax Increment Bonds, Series <br /> 1998A (Bonds) to provide financing for the Costs. <br /> (f) the Tax Increment Pledge Agreement (Pledge Agreement) between the <br /> Arden Hills Economic Development Authority (Authority) and the City is hereby <br /> approved. The Mayor and City Administrator are authorized to execute the Pledge <br /> Agreement on behalf of the City in the form on file with the City on the date hereof, with <br /> such modifications as are approved by such officials, whose approval shall be conclusively <br /> evidenced by their execution of the Pledge Agreement <br /> 1.02. The proposal of (Purchaser) to <br /> purchase $3,100,000 General Obligation Tax Increment Bonds, Series 1998A (Bonds) of the City <br /> described in the Terms of Proposal thereof is found and determined to be a reasonable offer and <br /> is hereby accepted, the proposal being to purchase the Bonds at a price of $ plus <br /> accrued interest to date of delivery, for Bonds bearing interest as follows: <br /> Year of Interest Year of Interest <br /> Maturity Rate Maturitv Rate <br /> 2001 2009 <br /> 2002 2010 <br /> . 2003 2011 <br /> 2004 2012 <br /> 2005 2013 <br /> 2006 2014 <br /> 2007 2015 <br /> 2008 <br /> True interest cost: <br /> 1.03. The sum of $ being the amount proposed by the Purchaser in excess <br /> of$ will be credited to the Debt Service Fund hereinafter created. The City <br /> Administrator is directed to deposit the good faith check of the Purchaser, pending completion <br /> of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers <br /> forthwith. The Mayor and City Administrator are directed to execute a contract with the <br /> Purchaser on behalf of the City. <br /> 1.04. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br /> Chapter 469 (Act), in the total principal amount of $3, 100,000, originally d~ted March I, 1998, <br /> in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-I, upward, <br /> bearing interest as above set forth, and maturing serially on February I in the years and amounts <br /> as follows: <br /> ., <br /> SJBIJ2a.ao <br /> AR200-1 <br />