Laserfiche WebLink
Page 4 — May 22, 2007 New Brighton Council Minutes <br />4 Ayes - 0 Nays, Motion Carried <br />2. Resolution Awarding the Sale of $14,985,000 General Obligation Tax <br />Increment Bonds, Series 200713; Fixing Their Form and <br />Specifications; Directing Their Execution and Delivery; and Providing <br />for Their Payment. Report No. 07 -120. Resolution No. 07 -048. <br />The second item, (series 2007B) are issued to finance the prepayment of TIF <br />notes issued in 2006 for the acquisition of Midwest Asphalt property and <br />business. These bonds are structured to be repaid annually from <br />2013 -2023. <br />Motion by Mayor Larson seconded by Councilmember Burg to waive the reading and <br />adopt the resolution awarding the sale of $14,985,000 general obligation tax increment <br />bonds, series 2007b; fixing their form and specifications; directing their execution and <br />delivery; and providing for their payment. <br />4 Ayes - 0 Nays, Motion Carried <br />3, Resolution Declaring the Official Intent of the City of New Brighton to <br />Reimburse Certain Expenditures from Land Sale Proceeds. Report No. <br />07 -121. Resolution No. 07 -049. <br />Director of Finance, Dan Maiers explained that land purchased in the <br />Northwest Quadrant that was purchased with tax increment; is now being <br />sold to the redeveloper. In order for the money to remain tax exempt, the <br />City is required to disclose its intended use of the proceeds. <br />Motion by Councilmember Burg, seconded by Councilmember Doffing to approve the <br />resolution declaring the official intent of the City to reimburse certain expenditures <br />from land sale proceeds. <br />4 Ayes - 0 Nays, Motion Carried <br />4. Resolution Amending Resolution 06 -139 Accepting Proposal on Sale <br />of $20,450,000 General Obligation Tax Increment Bonds, Series <br />2006A and Providing for their Issuance. Report No. 07 -122, <br />Resolution No. 07 -050. <br />kirector of Finance, Dan Maiers gave a brief explanation of the item. <br />2.Resolution Awarding <br />Sale of $1.5,100,000 <br />General Obligation TELN <br />Increment Bonds, Seri, <br />20078; Fixing Their F c <br />and Specifications; <br />Directing Their Execut <br />and Delivery; and <br />Providing for Their <br />Payment. <br />Report No. 07 -120. <br />Resolution No. 07 -048. <br />3.Resolution Declaring <br />Official Intent of the Ci <br />New Brighton to <br />Reimburse Certain <br />Expenditures from Lar <br />Sale Proceeds. <br />Report No. 07 -121. <br />Resolution No. 07 -049. <br />4,Resolution Amendinf <br />Resolution 06 -139 <br />Accepting Proposal on <br />of $20,450,000 Genere. <br />Obligation Tax Increm( <br />Bonds, Series 2006A a <br />Providing for their <br />Issuance. <br />Report No. 07 -122, <br />Resolution No. 07 -050. <br />