#82-073 07-06-82 Award Sale Tax Increment Bonds356 Resolution 82-73
July 6, 1982
Member Anderson introduced and read the following resolution and moved its
adoption:
RESOLUTION RELATING TO $360,000 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 a
resolution adopted on June 15, 1982, entitled "Resolution Relating to $360,000
General Obligation Tax Increment Bonds; Authorizing the Issuance and Calling for
the Public Sale Thereof" authorized the issuance of and ordered that a public
sale of $360,000 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 Statues, Section 475.60. In accordance with the Terms and Conditions
of Sale for the Bonds, 4 sealed bids were received for the Bonds by the City
Finance Director -Clerk prior to 2:00 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 Allison -Williams of Minneapolis, Minnesota (the Purchaser),
for the purchase of the Bonds on the terms set forth in the Terms and Conditions
of Sale, at a price of $353,016 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 $422,508, 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 Manger are hereby authorized and
directed to execute a contract for the sale of the Bonds to the Purchaser 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 Purchaser, pursuant to the Terms and Conditions of Sale, and shall return
the good faith checks of the unsuccessful bidders forthwith.
mar en, Mayor
Resolution 82-73 - Continued
July 6, 1982 357
The motion for the adoption of the foregoing resolution was seconded by Member
Johnson and upon a vote being taken thereon, the following voted in favor
thereof: Anderson, Johnson, Mitchell, Stockman and Thorsen, and the following
voted against the same: none, whereupon said resolution was declared duly
passed and adopted, signed by the Mayor and her signature attested by the City
Clerk.
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