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<br />Councilmember Dietz then introduced the <br />4It following Resolution and moved its adoption: <br /> <br />e <br /> <br />e <br /> <br />RESOLUTION NO. <br /> <br />94-69 <br /> <br />RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF THE CITY'S <br />$255,000 GENERAL OBLIGATION TAX INCREMENT <br />BONDS, SERIES 19940 <br /> <br />BE IT RESOLVED by the City Council (the "Council") of <br />the City of Elk River, Minnesota (the "City"), as follows: <br /> <br />1. Recitals. It is hereby determined: <br /> <br />(a) That the City has undertaken or will undertake <br />certain public improvements (the "Improvements") within the <br />City's Development District No. 1 pursuant to and in full <br />conformity with Minnesota Statutes, Sections 469.124 through <br />469.134 and 469.174 through 469.179; and said improvements <br />are described in the Council's resolution of June 20, 1994, <br />relating to the Bonds hereinafter defined. <br /> <br />(b) That it would be advantageous for the City to <br />issue its $255,000 General Obligation Tax Increment Bonds, <br />Series 19940 (the "Bonds"), pursuant to Minnesota Statutes, <br />Section 469.178, Subdivision 2, and Chapter 475, to provide <br />financing for the Improvements. <br /> <br />2. Acceptance of Offer. The offer of Edward D. Jones <br />& Co. (the "Purchaser") to purchase the City'S $255,000 <br />General Obligation Tax Increment Bonds, Series 19940 (the <br />"BondS"), at the rates of interest and upon the other terms set <br />forth in this Resolution, and to pay therefor the sum of <br />$251,175.00 plus interest accrued to settlement, is <br />hereby accepted. <br /> <br />3. Title: Oriq~nal Issue Date: Denominations: <br />Maturities. The Bonds shall be titled "General Obligation Tax <br />Increment Bonds, Series 19940," shall be dated July 1, 1994, as <br />the date of original issue and shall be issued forthwith on or <br />after such date as fully registered bonds. The Bonds shall be <br />numbered from R-l upward in the denomination of $5,000 each or in <br />any integral mUltiple thereof of a single maturity. The Bonds <br />shall mature on February 1 in the years and amounts as follows: <br /> <br />266467.1 <br /> <br />2 <br />