Res 1998-55 01115
RESOLUTION 55 - 1998
RESOLUTION INITIATING THE PROCESS FOR THE SALE
OF THE CITY'S $4,185,000 TAXABLE GENERAL OBLIGATION
TAX INCREMENT BONDS, SERIES 1998B
BE IT RESOLVED by the City Council of the City of Fridley,
Minnesota, as follows:
It is hereby determined the Council believes it to be in the
City's best interest to consider a permanent refinancing of the
City' s General Obligation Temporary Tax Increment Bonds, Series
1995A, dated November 1, 1995, issued and still outstanding in
the original principal amount of $4, 090, 000 (the "Prior Bonds") .
The Prior Bonds mature on November 1, 1998, in the aggregate
principal amount of $4, 090, 000.
It would be advantageous for the City to issue its Taxable
General Obligation Tax Increment Bonds, Series 1998B (the
"Bonds") , pursuant to Minnesota Statutes, Section 469.178, and
Chapter 475, to provide moneys for a refinancing of the Prior
Bonds.
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) .
The terms and conditions of the Bonds and the sale thereof are
fully set forth in the "Terms of Proposal" attached hereto, 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 24th DAY OF AUGUST, 1998.
NAY JG ►SO1 - MAYOR
ATTEST:
i
DEB-4' A. SKI EN - C/ Y CLERK