#112 11-17-81 Award Sale of Tax Increment Bonds184 Resolution #112
November 17, 1981
Member Stockman introduced and read the following resolution and moved its
adoption:
RESOLUTION RELATING TO $560,000 GENERAL OBLIGATION
TAX INCREMENT BONDS; AWARDING THE SALE THEREOF
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota
(the City), as follows:
1. This Council, under the authority of Minnesota Statutes, Sections
273.77(a) and 462.581 and Minnesota Statutes, Chapter 475, and pursuant to
Resolution No. 92 adopted on October 6, 1981, entitled "Resolution Relating to
$560,000 General Obligation Tax Increment Bonds; Authorizing the Issuance and
Calling for the Public Sale Thereof" (the Resolution) authorized the issuance of
and ordered that a public sale of $560,000 General Obligation Tax Increment
Bonds (the Bonds) be held on this date. Notice of the public sale of the Bonds
was duly given as required by Minnesota Statutes, Section 475.60. In accordance
with the Terms and Conditions of Sale for the Bonds, six sealed bids were
received for the Bonds by the City Finance Director -Clerk prior to 7:30 o'clock
PM on this date. Those bids have been opened and publicly read aloud and
considered by this Council, and the terms of each have now been determined.
2. The bid of the First National Bank of Minneapolis, of Minneapolis,
Minnesota, for the purchase of the Bonds on the terms set forth in the Terms and
Conditions of Sale, at a price of $551,040.00 plus accrued interest from the
date of the Bonds to the date of delivery thereof, the Bonds to bear interest at
specified rates resulting in a net interest cost (determined by the addition of
any discount to and the deduction of any premium from the total interest on all
Bonds from their date to their stated maturity) of $507,156.25, which is the
lowest net interest cost of all bids received pursuant to the Notice of Sale and
the Terms and Conditions of Sale for the Bonds and is therefore declared to be
the best bid received and is hereby accepted. The Mayor and the City Manager
are hereby authorized and directed to execute a contract for the sale of the
Bonds to the First National Bank of Minneapolis in accordance with the terms of
said bid, the Terms and Conditions of Sale and this resolution.
3. The City Finance Director -Clerk shall deposit the good faith check of
the successful bidder, pursuant to the Terms and Conditions of Sale, and shall
return the good faith checks of the unsuccessful bidders forthwith.
o emaryor en, ayor
ATTEST:
Joh M rphy, City C1 erk
Resolution #112 - Continued
The motion for the adoption of the foregoing resolution was
Johnson and upon a vote being taken thereon, the following
thereof: Anderson, Johnson, Mitchell and Stockman, and the
absent: Thorsen, and the following voted against the same:
said resolution was declared duly passed and adopted, signe
her signature attested by the City Clerk.
1
November 17, 1981 18 c
seconded by Member
voted in favor
following were
none, whereupon
d by the Mayor and