HRA RES 1985-06 - 00013731� HRA RFSCLUTION N0. 6— I985
PROVIDING PRELIMTNARY APPROVAL OF THE ISSUANCE OF TAX
INCRII��IT REVENUE REE'UI�IDII�G B(X�S OF 1984 OF THE HOUSING
AND REDEVELOPMENT AUTHORTTY OF THE CITY OF FRIDLEY;
AU`IIiORIZING AGTIONS OF STAFF AND NEGOTIATTON OF A BOND
HJRCf1ASE AGRF.FMF.N7�
WHEkEAS, the City of E'rxdley (the "City") has crea�ed pursuat�t ta ttinnesota
Statutes Sections 462.422 through 4(2.716 and 273.71 through 273.86 certain
redevelognent pro�ects known as the Center City kedevelo�ent Pro7ect, Noore
Lake Redevelognent Project anci Nortkf Area Pro�ect (the "Pro7ects") ;�nd
WHERF�IS, within the Projects are five tax incraaent districts created purs�nt
to the foregoing statutory authority (the "Districts"); and
WIIFI�E',AS, ta finance or re�znance public redevelo�nent costs for certain of tYae
Pro�ects, the City has heretofore issue� three series of its General
Obligation Tax Incr�nent Redevelopment Boncis in the respective ac;grEgate
principal �rnounts of $2,075,OD0, $625,000 and $600,D00 (the Outstandir�g
Boncis" ) ; and
GdHEREAS, the Housing and Redevelopnent Authority of the City of Fridley (the
"Authority") and the Citp are desirous of refunding �the 6utstanding Borids ir�
� aovance of the.tr maturity to re]..teve tkie Authorit�� and the City or"
restrictions on the ap�lication of tax ir�crements arising due to the
Outstanding Bonds by issuance of the Authority's Tax Increment Revenue
Reftmoing Bonqs of 1Q84 (the "Refunding Bonds"). which boncL shall be �ayable
solely from tax incranents arising fr�n the Districts.
N(W, �IEREF'ORE, BE IT RES�,VED, by the Housing & Redevelo�rnent Authority oi
the Ca.ty of Fridley:
1. Zhat the issuance of the Refuncling Bonds are hereby preliminaril y
approved;
2. �at the City b2 and hereby is requesteQ to proviae appropriate staff fcr
the purpose of providing financ�al inforrnation, includin9 pro�ected tax
incre�nent revenues, existing funds balances �nd other financial data to
O'Conner & Hannan, as bond counsel for the P.efunding Bonds anc;P7iller s
Schrceder hiunicipals, Inc., as undezwriter for tl�e Refunding Bonels;
3. That such staff be and herel�y are authorzzec on behalf oi the Authority to
negotiate with the undexwriter tl?e texms of a Bond Purchase P.greFrnent ior the
Bonds, s�ab�ect to final zpproval bp the Authority; anc
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Page 2— Resolution No. HRA 6- 1985
4. 'Ihat such staff be and hereby are authoxizecl on beholf of the Alithoxity to
� provide such other assistance and inforniation as may be reqtaire� by such bond
counsel ana undeerwriter for �urposes of the propos�a refunding.
PASSID AND A➢OFPID BY THE HWSII3G ANTi RIDEVE�OPh�7T AULtlORITY UF THE CITY OF
FRIDLEY THIS 14gI I]AY OF MARCI3, 1985.
ATPFST:
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NASIM M. QLIRFSHI - DIRE(,TOR
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