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DJK DRAFT 5/22/91 RESOLUTION NO. 8683 - RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $50,000 GENERAL OBLIGATION TAX INCREMENT BONDS BE IT RESOLVED By the City Council of the City of Roseville, Ramsey County, Minnesota, as follows: 1.01. The City has duly established City Development District No. 1 (Development District) and duly created Tax Increment Financing Districts Nos. 1 through 12 (TIF Districts) within the Development District all pursuant to Minnesota Statutes, Chapter 469 (Act). 1.02. The Tax Increment Financing Plans (TIF Plans) for the TIF Districts and the Development Program (Program) for the Development District identify various public development and redevelopment costs (Costs) within the Development District including Costs for public infrastructure determined to be essential for the implementation of the Program and the TIF Plans, including the TIF Plan for Tax Increment Financing District No.1-II. 1.03. It is found and determined that it is necessary and expedient for the efficient and economical implementation of the Program and Plans that a certain street improvement proj ec t (Project) be promptly constructed in TIF District No.1-II. The Costs associated with the Project are presently estimated to be a sum not to exceed $50,000, including construction, capitalized interest, engineering, legal and administrative costs. 1.04. The City is authorized by Section 469.178, Subdivision 2 of the Act to issue and sell its general obligations (Bonds) to finance the Costs and to pledge tax increments (Increments) from the TIF Districts to payment of princi- pal of and interest on the Bonds. 1.05. It is found and determined that it is in the best financial inter- ests of the City and the Development District that the City issue and sell Bonds in the principal amount of $50,000 to finance the Costs of the Project. 1.06. It is found and determined that there exists within Debt Service Fund 505 (Fund) adequate sums to purchase the Bonds hereby authorized. The City is authorized by Minnesota Statutes, Sections 471.56 and 475.66 to sell the Bonds to the Fund and the City is authorized by those sections to purchase the Bonds as an investment of the Fund. Sec. 2. Issuance and Sale of Bonds. 2.01. The Bonds will be issued by the City and purchased by the Fund. The Bonds will be in the form of a single typewritten Bond and will mature, bear interest and be subject to redemption and prepayment as provided in the follow- ing form of Bond.