RES 1995-65 - 0000292195
RESOLUTION NO. 65 - 1995
RESOLUTION INITIATING THE PROCESS FOR THE SALE OF THE
CITY'S $4,090,000 GENERAL OBLIGATION TEMPORARY TAR
INCREMENT BONDS, SERIES 1995A
BE IT RESOLVED by the City Council of the City of Fridley, Minnesota, as
follows:
1. It is hereby determined:
a) The Council believes it to be in the City's best interest to
consider a refinancing of the City's General Obligation Temporary
Tax Increment Bonds, Series 1992C, dated December 1, 1992, issued
and still outstanding in the original principal amount of
$4,030,000 (the "Prior Bonds ").
b) The Prior Bonds mature on December 1, 1995, in the aggregate
principal amount of $4,030,000.
C) It would be advantageous for the City to issue its General
Obligation Temporary Tax Increment Bonds, Series 1995A (the
"Bonds "), pursuant to Minnesota Statutes, Section 469.178,
Subdivision 5, and Chapter 475, to provide moneys for a
refinancing of the Prior Bonds.
d) The City has retained Springsted Incorporated, in Saint Paul,
Minnesota, as its independent financial advisor for the Bonds and
is therefore authorized to sell the Bonds by a competitive
negotiated sale in accordance with Minnesota Statutes, Section
475.60, Subdivision 2 (9).
2. The terms and conditions of the Bonds and the sale thereof are fully set
forth in the "Terms of Proposal: attached hereto as Exhibit A, and the Council
shall meet at the time and place specified therein for the purposes of
considering the bids for the purchase of the Bonds and considering the award
of the sale of the Bonds.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 2ND DAY OF
OCTOBER, 1995.
ATTEST:
IWILLIAM A. CHAMPA - CITY C ERK
WILLIAM J. NEE -CRAYOR