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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 />IN WITNESS WHEREOF, the City of Roseville, Ramsey County, Minnesota, by its <br />City Council, has caused this Bond to be executed on its behalf by the facsimile <br />signatures of the Mayor and City Manager and has caused this Bond to be dated as <br />of the date set forth below. <br /> <br />Dated: May 28, 1991 <br /> <br />Cit~~~ <br /> <br /> <br />2.02. There is created a special fund designated as the tax increment <br />special series 1991 debt service fund (Debt Service Fund) to which are pledged <br />so much of the Increments as are necessary for the prompt and full payment of <br />the principal of and interest on the Bonds as the same become due. In the event <br />of a deficiency in the Increments for that purpose the Council covenants that it <br />will levy ad valorem taxes on all taxable property in the City to make up the <br />deficiency. <br /> <br />2.03. It is determined that the Increments available for debt service on <br />the Bonds equal at least 105% of the principal of and interest on the Bonds as <br />the same become due and that no tax levy is required at this time. <br /> <br />2.04. The proceeds of the sale of the Bonds are to be deposited in TIF <br />Construction Fund 560 and dispensed from that Fund to pay Costs of the Project. <br /> <br />Sec. 3. Miscellaneous. <br /> <br />3.01. The Bonds are to be executed on behalf of the City by the Mayor and <br />City Manager. The Finance Director is authorized and directed to maintain the <br />Bonds as an investment of the Fund and to apply the purchase price as directed <br />in Section 2.04. <br /> <br />3.02. The Finance Director is authorized and directed to file a certified <br />copy of this Resolution to the Ramsey County Auditor and to obtain the certifi- <br />cate required by Minnesota Statutes, Section 47 .6 . <br /> <br />Attest: <br /> <br /> <br />C~ <br /> <br />R1-RS200-7. <br />
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