HomeMy WebLinkAbout1995-173 CCR1
Member Kristen Mann introduced the following resolution and
moved its adoption:
RESOLUTION NO. 95 -173
RESOLUTION DIRECTING STAFF TO INITIATE THE SALE OF STREET
IMPROVEMENT BONDS AND TAX INCREMENT BONDS AND
ACCEPTING PROPOSAL FOR PROFESSIONAL SERVICES
WHEREAS, Section 7.13 of the City Charter provides the City Council with
authority to issue debt for any municipal purpose in accordance with law and within the
limitations prescribed by law; and
WHEREAS, the City Council has approved the construction of streets and storm
sewers in the northwest area, streets in the Woodbine Avenue area; and
WHEREAS, the estimated cost of this project for which it is necessary to finance
by the issuance of bonds is $1,000,000; and
WHEREAS, the City Council has approved the concept of improvements in the
area of Brooklyn Boulevard and 69th Avenue which will require the issuance of bonds to be
repaid through tax increment financing; and
WHEREAS, the successful issuance of bonds requires the services of various
outside professionals and contractors.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. the Staff is directed to initiate proceedings for the sale street improvement
of bonds in the estimated amount of $1,000,000 and of tax increment
bonds in the amount of $6,000,000.
2. the proposal submitted by Springsted Inc. for $33,000 to serve as fiscal
advisor for this bond sale is accepted.
3. the Staff is authorized to utilize other professional services for legal
opinions, Moody's Investor's Service and bond printing in amounts up to
$26,000 to accomplish the bond sale.
July 24, 1995
Date
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Ma or
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RESOLUTION NO. 99 -173
ATTEST:
Deputy Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Kathleen Carmody and upon vote being taken thereon, the following voted in
favor thereof:
Myrna Kragness, Kristen Mann, Debra Hilstrom, and Kathleen Carmody;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.