HomeMy WebLinkAboutCity Council Resolution 1998-482CITY OF PLYMOUTH, MINNESOTA
Resolution No. 98-482
RESOLUTION AUTHORIZING SOLICITATION OF BIDS
FOR SALE OF $2,900,000 GENERAL OBLIGATION
TAX INCREMENT BONDS, SERIES 1998A
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the City), as
follows:
SECTION 1. PURPOSE. It is hereby determined to be in the best interests of the City to issue
its $2,900,000 General Obligation Tax Increment Bonds, Series 1998A (the Bonds), pursuant to
Minnesota Statutes, Chapters 469 and 475, to finance site improvements and related capitalized
interest and bond issuance costs within the City's Housing Tax Increment Financing District No.
7-5A in accordance with the Tax Increment Financing Plan to be adopted for the District.
SECTION 2. TERMS OF PROPOSAL. Springsted Incorporated, financial consultant to the
City, has presented to this Council a form of Terms of Proposal for the Bonds which is attached
hereto and hereby approved and shall be placed on file by the City Clerk. Each and all of the
provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds
and of the sale thereof. Springsted Incorporated, as independent financial advisers, pursuant to
Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit
bids for the Bonds on behalf of the City on a negotiated basis.
SECTION 3. SALE MEETING. This Council shall meet at the time and place shown in the
Terms of Proposal for the purpose of considering bids for the purchase of the Bonds and of taking
such action thereon as may be in the best interests of the City.
SECTION 4. EFFECTIVE DATE. This Resolution shall be in fiill force and effect from and after
the date hereof.
Adopted this 19"' day of August, 1998.