91-047 - 04-16 Authorize $4,000,000 Tax Increment Bonds Series 1991BResolution 91-47
April 16, 1991
40 Councilmember Stockman introduced the following resolution and moved its adop-
tion:
RESOLUTION AUTHORIZING ISSUANCE AND SALE
OF $4,000,000 GENERAL OBLIGATION TAX INCREMENT BONDS,
SERIES 1991B
BE IT RESOLVED by the City Council of the City of Golden Valley,
Minnesota (the Issuer), as follows:
Section 1. Purpose. It is hereby determined to be in the best
interests of the Issuer to issue its General Obligation Tax Increment Bonds,
Series 1991B in the principal amount of $4,000,000 (the Bonds), pursuant to
Minnesota Statutes, Sections 469.174 - 469.179 and Chapter 475, to finance the
cost of acquisition of necessary right-of-way for the upgrading and reconstruc-
tion of Winnetka Avenue within the Valley Square Redevelopment Project Area in
the Issuer.
Section 2. Terms of Bond Sale; Notice. Springsted Incorporated, finan-
cial consultant to the Issuer, has presented to this Council a form of Official
Terms of Offering for the Bonds and a Notice of Sale for publication, which
shall be placed on file by the Clerk. Each and all of the provisions of the
Official Terms of Offering are hereby adopted as the terms and conditions of the
Bonds and of the sale thereof. The Clerk is authorized and directed to cause
the Notice of Sale to be published once in the official newspaper and once in a
is
bond trade publication at least 10 days prior to the date on which bids for the
purchase of the Bonds will be received.
L�
Section 3. Sale Meeting. This Council shall meet at the City Hall on
Tuesday, May 28, 1991, at 6:30 o'clock P.M, for the purpose of considering
sealed bids for the purchase of the Bonds, and of taking such action thereon as
may be in the best interests of the Issuer.
ATTEST:
n �
�f .
hirley J. son,'City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Thompson, and upon a vote being taken thereon, the following voted in favor
thereof: Bakken, Johnson, Russell, Stockman and Thompson, and the following
voted against the same: none; whereupon said resolution was declared duly passed
and adopted, signed by the Mayor and his signature attested by the City Clerk.
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Resolution 91-47 - Continued April 16, 1991
NOTICE OF SALE
City of Golden Valley, Minnesota
$4,000,000 General Obligation Tax
Increment Bonds, Series 1991B
These Bonds will be offered for sale on sealed bids on Tuesday, May 28, 1991.
Bids will be accepted until 11:30 o'clock A.M., Central Time, at the offices of
Springsted Incorporated, 85 East Seventh Place, Suite 100, St. Paul, Minnesota
55101-2143, at which time the bids will be opened and tabulated for presentation
to the City Council for action thereon at a meeting to be held at the City Hall
at 6:30 P.M., on the same day. No bid submitted can be withdrawn before the
Council meeting. The Bonds will be issuable as fully registered bonds in deno-
minations of $5,000 or any integral multiple thereof, will be dated, as origi-
nally issued, as of June 1, 1991,will bear interest payable semiannually on each
February 1 and August 1 to maturity, commencing February 1, 1992, and will
mature on February 1, in the following years and amounts:
Year Amount
1994
$425,000
1995
440,000
1996
460,000
1997
480,000
1998
505,000
1999
535,000
2000
565,000
2001
590,000
Bidders must specify a price of not less than $3,956,000 plus accrued interest.
A legal opinion on the Bonds will be furnished by Dorsey & Whitney, of
Minneapolis, Minnesota. Proceeds will be used to acquire right-of-way for the
upgrading of Winnetka Avenue within the Valley Square Redevelopment Project Area
in the City.
Dated April 16, 1991.
BY ORDER OF THE CITY COUNCIL
/s/ Shirley J. Nelson, City Clerk
Further information may be obtained from the Financial Advisor, SPRINGSTED
INCORPORATED, 85 East Seventh Place, Suite 100, St. Paul, Minnesota 55101-2143,
612/223-3000.