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Last modified
7/17/2007 8:34:28 AM
Creation date
12/1/2004 2:14:12 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8683
Resolution Title
Authorizing the issuance and sale of $50,000 of General Obligation Tax Increment Bonds of 1991 (Special Series)
Resolution Date Passed
5/28/1991
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<br />(Form of Bond) <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF ROSEVILLE <br /> <br />GENERAL OBLIGATION TAX INCREMENT BOND OF 1991 <br />(SPECIAL SERIES) <br /> <br />The City of Roseville, Minnesota, a duly organized and existing municipal <br />corporation in Ramsey County, Minnesota (City), acknowledges itself to be <br />indebted and for value received promises to pay to City of Roseville Debt <br />Service Fund 505, the sum of $50,000 'on June 1, 1992, with interest thereon from <br />the date hereof at the annual rate of 7.00%, payable at maturity. The interest <br />hereon and, upon presentation and surrender hereof, the principal hereof are <br />payable in lawful money of the United States of America by check or draft by the <br />City Finance Director, Roseville, Minnesota. <br /> <br />The City may elect to prepay the Bond in whole or in part on any day. <br /> <br />The Bond is issued pursuant to a resolution adopted by the City Council on <br />May 28, 1991 (the Resolution), for the purpose of providing money to defray <br />expenses incurred or to be incurred in financing public development and rede- <br />velopment costs in the City Tax Increment Financing District No. 11 (TIF <br />District) in the City and is payable primarily from tax increments resulting <br />from increases in the taxable value of property within the TIF District and <br />other tax increment financing districts within City Development District No.1. <br />This Bond is issued pursuant to and in full conformity with the Constitution and <br />the laws of the State of Minnesota including Minnesota Statutes, Chapter 469. <br />The full faith, credit and taxing powers of the City are irrevocably pledged to <br />the payment of this Bond and the City Council has obligated itself to levy ad <br />valorem taxes on all taxable property in the City in the event of any deficiency <br />in tax increments available for payment which taxes may be levied without <br />limitations as to rate or amount. <br /> <br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, <br />conditions and things required by the Cons titution and laws of the State of <br />Minnesota to be done, to exist, to happen and to be performed preliminary to and <br />in the issuance of this Bond in order to make it a valid and binding general <br />obligation of the City in accordance with its terms, have been done, do exist, <br />have happened and have been performed as so required, and that the issuance of <br />this Bond does not cause the indebtedness of the City to exceed any constitu- <br />tional or statutory limitation of indebtedness. <br />
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