12-10676r RESOLUTION NO. 10676
RESOLUTION PROVIDING PRELIMINARY APPROVAL TO
THE DEFEASANCE, REDEMPTION, AND PREPAYMENT OF
THE CITY'S TAXABLE GENERAL OBLIGATION TAX
INCREMENT BONDS, SERIES 2003C
BE IT RESOLVED By the City Council of the City of Richfield, Minnesota (the
"City"), as follows:
1. It is hereby determined that:
(a) The City and the Housing and Redevelopment Authority in and for the
City of Richfield (the "Authority") previously established the Richfield
Redevelopment Project Area (the "Project Area") pursuant to Minnesota Statutes,
Sections 469.001 through 469.047 (the "Act"). The City has duly established
Lyndale Gateway West Tax Increment Financing District (the "TIF District") within
the Project Area pursuant to Minnesota Statutes, Sections 469.174 to 469.179 (the
"TIF Act").
(b) On December 30, 2003, the City issued its Taxable General
Obligation Tax Increment Bonds, Series 2003C (the "Bonds"), in the original
aggregate principal amount of $3,470,000, pursuant to Section 469.178 of the TIF
Act. Proceeds of the Bonds were used to (i) refund the City's Taxable General
Obligation Temporary Tax Increment Bonds, Series 2003A, issued in the original
aggregate principal amount of $4,840,000; and (ii) finance additional redevelopment
costs related to the Project Area as set forth in the tax increment financing plan for
the TIF District.
(c) The Bonds are currently outstanding in the aggregate principal
amount of$2,705,000, and Bonds maturing on or after February 1, 2015 are subject
to optional redemption on February 1, 2014, or any day thereafter, at a price of par
plus accrued interest.
2. The City Council hereby provides its intention to defease, redeem, and
prepay the outstanding Bonds and shall meet at 7:00 PM on August 13, 2012, in order to
adopt a resolution calling the Bonds for redemption and setting forth the terms of the
defeasance, redemption, and prepayment of the Bonds.
3. The officers and employees of the City are hereby authorized to cooperate
with Ehlers & Associates, Inc., the financial advisor to the City, and Kennedy & Graven,
Chartered, as bond counsel, to the City in order to carry out the defeasance, prepayment,
and redemption of the Bonds.
Adopted by the City Council of the City of Richfield, Minnesota this 24th day of July, 2012.
om Fit enry, Mayor Pro Tempore
ATTEST:
1J-eArit
Nancy Gib, City Clerk