Laserfiche WebLink
<br />. <br /> <br />(e) it is necessary and expedient to the sound financial management of the <br />affairs of the City to issue $3,100,000 General Obligation Tax Increment Bonds, Series <br />1998A (Bonds) to provide financing for the Costs. <br /> <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 /> <br />1.02. The proposal of FBS Investment Services, Inc. (Purchaser) to <br />purchase $3, I 00,000 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 /> <br /> Year of Interest Year of Interest <br /> Maturitv Rate Maturitv Rate <br /> 2001 3.80% 2009 4.45% <br /> 2002 3.90% 2010 4.50% <br />. 2003 4.00% 2011 4.60% <br />2004 4.05% 2012 4.65% <br /> 2005 4.15% 2013 4.70% <br /> 2006 4.20% 2014 4.70% <br /> 2007 4.30% 2015 4.75% <br /> 2008 4.35% <br /> True interest cost: 4.607% <br /> <br />1.03. The sum of $ 12,539.55 being the amount proposed by the Purchaser in excess <br />of$ $3,061,250 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 /> <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, I 00,000, originally dated March 1, 1998, <br />in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-l, upward, <br />bearing interest as above set forth, and maturing serially on February I in the years and amounts <br />as follows: <br /> <br />. <br /> <br />** $3,073,789.55 <br /> <br />SJB132BBO <br />AR200-1 <br />