HRA RES 1999-18 - 00000999HRA RESOLUTION NO. 18-1999
RESOLUTION AUTHORIZING PREPAYMENT OF
GENERAL OBLIGATION TAX 1NCREMENT NOTE, SERIES 1997
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of the Housing
and Redevelopment Authority in and for the City of Fridley, Minnesota (the "Authority"), as
follows:
Section 1. RP�itals
1.01. On February 1, 1997, the Authority issued and sold to the City of Fridley (the "City")
its General Obligation Tax Increment Note, Series 1997 (the "Note"), in the aggregate
principal amount of $1,500,000. Capitalized terms not defined herein have the same meaning
as in the Note.
1.02. The Note is payable in part from tax increment revenues generated from Tax
Increment Financing District Nos. 2 and 3(the "Districts").
1.03. Minnesota Laws 1999, Chapter 243, Article 10, Section 4, codified as Minnesota
Statutes, Section 469.1764 (the "Act"), sets out specific pooling provisions relating to tax
increment financing districts established after July 31, 1979 but before July 1, 1982 (the "Pre-
1982 Districts").
1.04. Under the terms of the Act, the Note is a"preexisting outside district obligation," as
defined in the Act and the Districts are Pre-1982 Districts, subject to the Act.
1.05. The Authority is desirous to prepay all or a portion of the outstanding principal balance
of the Note in an amount not to exceed the outstanding principal balance of the Note prior to
December 31, 1999, and has requested the City to waive the terms of the Note which require
prepayment to occur on a Scheduled Payment Date upon 30 days' prior written notice.
Section 2. F'n�
2.01. The Commissioners hereby find that it is in the best interests of the City and the
Authority to prepay all or a portion of the outstanding principal balance of the Note in an
amount not to exceed the outstanding principal balance of the Note plus any unpaid accrued
interest.
Section 3. Annr�val anc� Anth�ri�ati�n
3.01. This Commissioners hereby approve the prepayment of all or a portion of the
outstanding principal balance of the Note in an amount not to exceed the outstanding
principal balance of the Note plus any unpaid accrued interest, upon receipt of evidence from
the City that the City has waived the prepayment terms contained in the Note and will accept
prepayment on the Note on any date without 30 days' prior written notice.
HRA Resolution No. 18-1999
Page 2
3.02. The Executive Director of the Authority is hereby authorized to prepay all or a portion
of the principal of the Note plus any unpaid accrued interest on December 30, 1999, applying
all tax increment revenues contained in the tax increment fund for each District to such
prepayment.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY
1N AND FOR THE CITY OF FRIDLEY, MINNESOTA, THIS 9TH DAY OF DECEMBER,
1999.
LAWRENCE R. COMMERS, CHAIRPERSON
ATTEST:
WILLIAM W. BURNS, EXECUTIVE DIRECTOR