98-63 A Exuact of Minutes of Meeting of the
City Council of the City of C'Tnanluc~
Carver and Hennepin Counties, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the Council of the City of
Chanhassen, Minnesota, was duly held in the City Hall in the City of Chanhass~ on Monday,
June 22, 1998, commencing at 7:00 o'clock P.M.
The following members were present:
Acting Mayor Mason, Counciimen Berquist, Engel, Senn
and the following were absent:
Mayor Mancino
Member Berquist
introduced the following resolution and moved its adoption:
RESOLU'IXON NO. 98-63A
RESOLUTION AUTHORIZING THE ISSUANCE
AND SALE OF GENERAL OBLIGATION TAX
INCREMENT BONDS, SERIES i998D,
1998E, 1998F AND 1998G
BE IT RESOLVED By the City Council of the City of Chanha,xsen, Carver and Hennepin
Counties, Minnesota, as follows:
1. It is found and determined that it is necessary and expedient for the sound financial
management of the City, the Homing and Redevelopment Authority and the various tax increment
financing districts CrIF Districts) in the City that the City issue and sell its general obligation tax
increment bonds (Bonds) in several series to (i) pay the costs of various projects within the TIF
Districts, and (ii) refund in advance of their maturities certain outstanding general obligation tax
increment bonds of the City.
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2. The City has consulted with Springsted Incorporated, financial adviser to the City,
and has determined that Bonds in the following sepaxate series and respective mounts should be
issued and sold:
(i) $1,225,000 General Obligation Tax Increment Bonds, Series 1998D;
(ii) $1,720,000 General Obligation Tax Increment Bonds, Series 1998E;
(iii) $3,410,000 General Obligation Tax Increment Refunding Bonds, Series
1998F; and
(iv) $2,185,000 Taxable General Obligation Tax Increment Refunding Bonds,
Series 1998G.
3. Springsted Incorporated is authorized and directed to prepare the necessary offering
materials, including the details of the Bonds, and offer the Bonds for sale by negotiation. The
form, specifications and other details of the Bonds will be fixed by Council resolution awarding
the sale of the Bonds.
4. The City Council will meet at 7:00 p.m. on Monday, July 6, 1998 to consider
proposals for the purchase of the Bonds and to take other appropriate actions related to the
Bonds.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Msson
, and upon vote being taken thereon, the followiug voted in favor thereof:
Mason, Berquist, Engel
and the following voted against:
Senn
whereupon said resolution was declared duly passed and adopted.
AT[EST'
Don Ashwo~th, City Clerk/Manager
Michael Mason, Acting Mayor
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