RES 1985-25 - 00005121iJ
A RESOLUTION PROVIDING PRELIMINARY APPROVAL OF THE
ISSUANCE OF TAX INCREMENT REVENUE REFUNDING BONDS OF 1984
OF THE HOUSI G AND REDEVELOPMENT AUTHORITY OF THE CITY OF
FRIDLEY; AUTBORIZIWa ACTIONS OF THE STAFF AND NEGOTIATION
OF A BOND PURCHASE AGREEMENT
WHEREAS, the City of Fridley (the "City ") has created pursuant to Minnesota
Statutes Sections 462.422 through 462.716 and 273.71 through 273.86 certain
redevelopment projects known as the Redevelopment Project No. 1, Moore Lake
Redevelopment Project and North Area Project (the "Projects "); and
WHEREAS, within the Projects are five tax increment districts created pursuant
to the foregoing statutory authority (the "Districts); and
WHEREAS, to finance or refinance public redevelopment costs for certain of the
Projects, the City has heretofore issued three series of its General
Obligation Tax Increment Redevelopment Bonds in the respective aggregate
principal amounts of $2,075,000, $625,000 and $600,000 (the "Outstanding
Bonds "); and
WHEREAS, the Housing and RedeveloFent Authority of the City of Fridley (the
"Authority ") and the City are desirous of refunding the Outstanding Bonds in
advance of their maturity to relieve the Authority and the City of
restrictions on the application of tax increments arising due to the
Outstanding Bonds by issuance of the Authority's Tax Increment Revenue
Refunding Bonds of 1984 (the "Refunding Bonds "), which bonds shall be payable
solely from tax increments arising from the Districts.
NCK, THEREFORE, BE IT RESOLVED by the City Council of the City of Fridley,
Anoka County, Minnesota as follows:
1. That the issuance of the Refunding Bonds are hereby preliminarily
approved.
2. That the appropriate staff of the City be and are hereby authorized to
provide financial information, including projected tax increment revenues;
existing fund balances and other financial data, to O'Connor and Hannan, as
bond counsel for the Refunding Bonds and Miller and Schroeder Municipals,
Inc., as underwriter for the Refunding Bonds.
3. That such staff be and are hereby authorized to act on behalf of the
Authority to negotiate with the underwriter the terms of a Bond Purchase
Agreement for the Bonds, subject to final approval by the Authority.
70
Page 2 — Resolution No. 25 — 1985 E 1
4. That such staff be and are hereby authorized on behalf of the Authority to
provide such other assistance and information as may be required by such bond
counsel and underwriter for purposes of the proposed refunding.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 187H DAY OF
I -W,CH, 1985
WILLIAM J. NE V11MR
ATTEST:
SIDNEY C. ROM — CITY CLERK