99-8799r
56
RESOLUTION NO. 8799
RESOLUTION AUTHORIZING THE ISSUANCE OF TAXABLE VARIABLE RATE
DEMAND GENERAL OBLIGATION BONDS (RICHFIELD REDISCOVERED
PROJECT), SERIES 1999; APPROVING DOCUMENTS TO BE EXECUTED AND
DELIVERED IN CONJUNCTION WITH THE ISSUANCE OF THE BONDS;
AND AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH DOCUMENTS
WHEREAS, the City of Richfield, Minnesota, (the "City") is a duly organized and
existing municipality under the laws of Minnesota, including Minnesota Statutes,
Chapter 475; and
WHEREAS, pursuant to Minnesota Statutes, Sections 469.174-469.179, as
amended (the "Tax Increment Act"), and Minnesota Statutes, Chapter 475, as amended
(the "Public Debt Act"), the City is authorized to issue and sell general obligation bonds
secured in whole or in part with tax increment revenues derived from one or more tax
increment districts in the City; and
WHEREAS, pursuant to this resolution (the "Resolution"), the City Council has
authorized the issuance of its Taxable Variable Rate Demand General Obligation Bonds
(Richfield Rediscovered Project), Series 1999, in an aggregate principal amount not to
exceed $1,580,000 (the "Bonds") as provided herein; and
WHEREAS, the Bonds, the form of assignment, and the authentication certificate
to be endorsed thereon are to be substantially in the forms respectively set forth in
Exhibits A-1 and A-2 hereto (the text of which forms may be printed on the face, or on
the back, or partly on the face and partly on the back); and
WHEREAS, the execution and delivery of this Resolution has been duly
authorized by the City Council and all conditions, acts and things necessary and
required by the Constitution and Laws of the State of Minnesota, or otherwise, to exist,
to have happened or to have been performed precedent to and in the execution and
delivery of this Resolution, and in the issuance of the Bonds, do exist, have happened
or have been performed in regular form, time and manner, and the execution and
delivery of this Resolution has been in all respects duly authorized.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota, that the issuance of taxable variable rate demand general
obligation bonds (Richfield Rediscovered project), Series 1999 is hereby authorized;
and the documents required are approved, authorized to be executed and delivered in
conjunction with the issuance of the bonds.
Adopted by the City Council for the City of Richfield, Minnesota this,8t day of
November, 1999.. I \ I
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ATTEST:
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Thomas P. Ferber, City Clerk