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<br />Brighton Professional Building, <br />estimated as follows: <br /> <br />at costs <br /> <br />Soil correction; street and <br />other public improvements; and <br />legal, fiscal, administrative, <br />and related costs (including <br />capitalized interest of $8,000) ...... .$65,000 <br /> <br />(d) It is necessary and expedient in the sound <br />financial management of the City that the City <br />issue and sell, and the City shall therefore <br />issue and sell, as authorized by Minnesota <br />Statutes, Sections 472A.06 and 273.77, its <br />$65,000 General Obligation Tax Increment Bond <br />of 1983 (the "Bond") to help finance the cost <br />of the Improvements. <br /> <br />(e) The Tax Increments, as hereinafter pledged to <br />the payment of the principal of and interest <br />on the Bond, are estimated to be not less than <br />20% of the cost of the Improvements, and the <br />City is therefore authorized to issue the Bond <br />without an election on the question of such <br />issuance, pursuant to Minnesota Statutes, <br />Section 475.58, Subdivision 1(3). <br /> <br />(fl Since the principal amount of the Bond does <br />not exceed $300,000 and the City has not nego- <br />tiated any sale of its bonds wi thin the last <br />90 days, the City is authorized to negotiate <br />the sale of the Bond pursuant to Minnesota <br />Statutes, Section 475.60, Subdivision 2(2). <br /> <br />2. The bid of First S tate Bank of New Brighton, New <br />Brighton, Minnesota (the "Purchaser"), to purchase the Bond <br />is hereby found and determined to be a reasonable offer and <br />shall be and is hereby accepted, such bid being to purchase <br />the Bond at a pr ice of $ 65,000 par at date of del i very <br />thereof, for a Bond bearing interest at the rate of eight <br />percent (8.00%) per annum. The Mayor and City Manager are <br />author ized and di rected to enter into a purchase contract <br />for the Bond with the Purchaser. <br /> <br />3. The City of New Brighton shall forthwith issue and <br />sell its $ 65,000 General Obligation Tax I ncrement Bond of <br />1983, dated as of the date of delivery thereof. The Bond <br />shall be a single, fully registered bond in the denomination <br />of $65,000; shall bear interest payable semiannually on <br />February 1 and August 1, commencinq on August 1, 1983; and <br />the prIncipal installments thereof shall be payable on <br />August I in the years and the amounts as set forth below, <br />respectively: <br /> <br />- 3 - <br />