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1999-02-10
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1999-02-10
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CITY OF CENTERVILLE, MINNESOTA <br /> RESOLUTION NO. cI 5 <br /> RESOLUTION AWARDING THE SALE OF, AND PROVIDING <br /> THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR <br /> THE ISSUANCE OF ITS $32,250 TAX INCREMENT <br /> REVENUE NOTE, SERIES 1995A. <br /> BE IT RESOLVED BY the City Council ( "Council ") of the City of Centerville, <br /> Minnesota (the "City ") as follows: <br /> Section 1. Authorization; Award of Sale. <br /> 1.01. Authorization. The City has heretofore approved the establishment of <br /> Tax Increment Financing District No. 1 -4 (the "TIF District ") within Development <br /> District No. 1 ( "Project "), and has adopted a tax increment financing plan for the <br /> purpose of financing certain improvements within the Project. <br /> Pursuant to Minnesota Statutes, Section 469.178, the City is authorized to <br /> issue and sell its bonds for the purpose of financing a portion of the public <br /> development costs of the Development District. Such bonds are payable from all or <br /> any portion of revenues derived from the TIF District and pledged to the payment <br /> of the bonds. The City hereby finds and determines that it is in the best interests <br /> of the City that it issue and sell its $32,250 Tax Increment Revenue Note, Series <br /> 1995A ( "Note 1 ") for the purpose of financing certain costs of the Project. <br /> 1.02. Issuance, Sale, and Terms of Note 1. The City hereby delegates to <br /> the Assistant City Clerk the determination of the date on which Note 1 is to be <br /> issued, in accordance with that certain Contract for Private Development between <br /> the City, and the Owner dated October 24, 1995 (the "Agreement ") . Note 1 shall be <br /> sold to Northern Forest Products, L . L. C . (the "Owner ") . Note 1 shall be dated the <br /> date of initial delivery thereof, and shall bear interest at the rate of 8.50% per annum <br /> to the earlier of maturity or prepayment. The City shall receive as consideration for <br /> the sale of Note 1 the right to purchase the Property from the Seller in exchange for <br /> delivery of this Note 1, all as such terms are defined in the Agreement. <br /> Section 2. Form of Note 1. Note 1 shall be in substantially the following <br /> form, with the blanks to be properly filled in and the principal amount and payment <br /> schedule adjusted as of the date of issue: <br /> SJ1393339 Revised <br /> CE155 -7 1 <br />
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