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<br />. <br /> <br />. <br /> <br />. <br /> <br />After due consideration ofthe proposals, Member MR 1 on p <br /> <br />then introduced <br /> <br />the following resolution and moved its adoption : <br /> <br />RESOLUTION NO. 98- 23 <br /> <br />A RESOLUTION AWARDING THE SALE OF $3,100,000 <br />GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1998A; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br /> <br />BE IT RESOLVED By the City Council of the City of Arden Hills, Ramsey County, <br />Minnesota (City) as follows: <br /> <br />Section 1. <br /> <br />Sale of Bonds. <br /> <br />1.01 It is hereby determined that: <br /> <br />(a) the City has duly established the Development District No. 1 (District) <br />pursuant to Minnesota Statutes, Sections 469.124 through 469.134 (the Act); <br /> <br />(b) the City has duly established tax increment financing district no. 2 (TIF <br />District) within the District pursuant to Minnesota Statutes, Section 469.174 to 469.179 <br />(TIF Act); <br /> <br />(c) the City is authorized by Section 469.178 of the TIF Act to issue and sell <br />its general obligations to pay all or a portion of the public development costs (Costs) <br />related to the District as identified in the development program and tax increment <br />financing plan (Plan) for the TIF District; <br /> <br />(d) the following Costs to be financed by the Bonds are authorized by the Plan: <br /> <br />Sources <br />Par amount of Bonds <br />Accrued Interest <br />Total Sources <br /> <br />$3,100,000 <br />10.874 <br /> <br />$3,110,874 <br /> <br />Uses <br /> <br />Public Improvements <br />Discount Allowance <br />Capitalized Interest <br />Finance Related Expenses <br />Total Uses <br /> <br />$2,766,088 <br />38,750 <br />276,036 <br />30.000 <br /> <br />$3,110,874 <br /> <br />5JB132880 <br />AR200-1 <br />