HomeMy WebLinkAbout1991-289 CCR1
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(RESRECAL)
Member Celia Scott introduced the following resolution and
moved its adoption:
ATTEST:
RESOLUTION PROVIDING FOR THE REDEMPTION OF GENERAL
OBLIGATION TAX INCREMENT BONDS OF 1983
WHEREAS, the City sold General Obligation Tax Increment Bonds,
Series 1991A (1991 bonds) on February 11, 1991 to reimburse the cost of
construction of the Earle Brown Heritage Center; and
WHEREAS, the financial plan for the 1991 bonds called for the
General Obligation Tax Increment Bonds of 1983 (1983 bonds) to be called
for payment and the Brookwood tax increment district which supported
them to be folded into the Earle Brown tax increment district; and
WHEREAS, $100,000 of the 1983 bonds are scheduled to mature on
February 1, 1992 and another $485,000 maturing later can be called on
that date; and
WHEREAS, there are moneys on hand and available from past tax
increment collections to redeem the 1983 bonds on February 1, 1992.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota, as follows:
1. It is determined that it is necessary and desirable that
the City redeem on February 1, 1992 the outstanding principal
amount of its General Obligation Tax Increment Bonds of 1983.
2. The City Finance Director is hereby authorized and
directed to cause the registrar and paying agent to give
notice of such redemption in accordance with the terms of the
resolution providing to the issuance of the 1983 Bonds.
December 16, 1991
Date
Deputy Clerk
RESOLUTION NO. 91 -289
Todd Paulson, Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by member Philip Cohen and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Jerry Pedlar, Dave Rosene, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.