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7/17/2007 8:38:58 AM
Creation date
12/2/2004 9:30:43 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9525
Resolution Title
Accepting bid on sale of $13,280,000 General Obligation Tax Increment Refunding Bonds, Series, 1998, providing for their issuance and pledging for the security thereof tax increments (2/23/98).
Resolution Date Passed
2/23/1998
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<br />The Council then proceeded to consider and discuss the <br />bids, after which member Goedeke introduced the following <br />resolution and moved its adoption: <br /> <br />RESOLUTION: 9525 <br /> <br />RESOLUTION ACCEPTING BID ON <br />SALE OF $13,280,000 GENERAL OBLIGATION <br />TAX INCREMENT REFUNDING BONDS, SERIES 1998, PROVIDING <br />FOR THEIR ISSUANCE, AND PLEDGING FOR THE <br />SECURITY THEREOF TAX INCREMENTS <br /> <br />A. WHEREAS, the City of Roseville, Minnesota (the <br />"City") r has heretofore determined and declared that it is <br />necessary and expedient to provide moneys, together with other <br />available funds, to refund in advance of maturity the currently <br />outstanding General Obligation Tax Increment Refunding Bonds, <br />Series 1992, dated February 1, 1992 (the "Prior Bonds"), which <br />mature in 1999, and thereafter in the principal amount of <br />$14,780,000 (the "Refunded Bonds"). The Prior Bonds were issued <br />for the purpose of providing moneys for a crossover refunding of <br />the City's (i) General Obligation Bonds of 1985, consisting of <br />General Obligation State Aid Highway Bonds (the "Prior State-Aid <br />Highway Bonds") and General Obligation Tax Increment Bonds, <br />Series 1 (the "Prior Series 1 Tax Increment Bonds"), dated <br />December 1, 1985; and (ii) General Obligation Tax Increment <br />Bonds, Series 2 (the "Prior Series 2 Tax Increment Bonds"), dated <br />December 1, 1985, which mature in 1995, and thereafter. The <br />Prior Series 1 Tax Increment Bonds and the Prior Series 2 Tax <br />Increment Bonds are hereinafter referred to collectively as the <br />"Prior Tax Increment Bonds". The Prior State-Aid Highway Bonds <br />were issued for the purpose of providing money to finance right- <br />of-way acquisition, bridge and street construction in connection <br />with a state-aid street project in the City (the "State-Aid <br />Highway proj ect") . The Prior Tax Increment Bonds were issued to <br />finance land acquisition and certain capital and administration <br />costs within Development District No. 1 (the "District") (the <br />"Tax Increment Project") in the City as set forth in the tax <br />increment financing plans adopted December 16, 1985 adopted for <br />Tax Increment Financing Districts No.1, 2, 3 and 4 created by <br />the City within the District. Since December 16, 1985, the City <br />has modified the Tax Increment Financing Plans for Tax Increment <br />Financing Districts No.1, 2, 3 and 4 and has established Tax <br />Increment Financing Districts No. 5 through 12 (the "Tax <br />Increment Districts"). Tax increments derived from the Tax <br />Increment Districts are referred to herein as the "Tax <br />Increments" , and the Tax Increment Financing Plans adopted and <br />modified for the Tax Increment Districts are referred to herein <br />as the "Plan". The State-Aid Highway Project and the Tax <br /> <br />906107.01 <br /> <br />2 <br />
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