HRA RES 1995-19 34
_. HRA RESOLUTION NO. 19 - 1995
RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF TAX
INCREMENT PLEDGE AGREEMENT RESPECTING $4,090,000 GENERAL
OBLIGATION TEMPORARY TAX INCREMENT BONDS, SERIES 1995A
WHEREAS, at the request of the Housing and Redevelopment Authority in and for
the City of Fridley, Minnesota (the "HRA") , it is anticipated that the City of
Fridley, Minnesota (the "City") , will issue the City's General Obligation
Temporary Tax Increment Bonds, Series 1995A, dated as of November 1, 1995 (the
"Bonds") , in the approximate principal amount of $4,090,000, pursuant to
Minnesota Statutes, Section 469.178, Subdivisions 2 and 5, and Chapter 475, to
refinance certain expenditures for certain public redevelopment costs (the
"Costs") undertaken and incurred by the HRA within the HRA's Redevelopment
Project No. 1.
NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of Commissioners (the
"Board") of the HRA as follows:
1. It is necessary and desirable that the City issue, and the HRA hereby
requests that the City issue, the Bonds in order to provide refinancing
to the HRA for the Costs.
2. The Tax Increment Pledge Agreement attached hereto and made a part hereof
is hereby approved, and the representations, covenants, and provisions
contained therein are hereby ratified and confirmed by the Board, and the
officers of the HRA are hereby authorized and directed to take such steps
as may be necessary to execute said Agreement, in substantially the form
as attached (with such amendments thereto as the officers executing the
same shall approve, as evidenced by their execution and delivery thereof) ,
upon approval and execution thereof by the City, and to carry out and
fulfill the provisions and requirements thereof.
3. The officers of the HRA are authorized and directed to execute, in
connection with the issuance of the Bonds, such certificates as may be
required or requested by bond counsel with respect to past and future
project activities, including without limitation the Costs, and such
certificates shall constitute representations of the HRA.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF FRIDLEY THIS 9TH DAY OF NOVEMBER, 1995.
LAWRENCE R. COMMERS - CHAIRMAN
ATTEST:
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WILLIAM W. BURNS - EXECUTIVE DIRECTOR