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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. RESOLUTION NO. 87- 69 <br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, <br />PRESCRIBING THE FORM AND DETAILS, AND PROVIDING <br />FOR THE PAYMENT OF $140,000 GENERAL OBLIGATION <br />TAX INCREMENT (TAXABLE) BONDS, SERIES 1987A <br /> <br />BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota as follows: <br /> <br />Section 1. Findings: Costs. <br /> <br />1.1) The City has duly established Development District <br />No.1 (the District), Ta* Increment Financing District No.3 <br />(the TIF District), adopted a Tax Increment Financing Plan (the <br />TIF Plan) for the TIF District, and modified the TIF Plan (the <br />MOdification), all pursuant to Minnesota Statutes, <br />Chapters 472A and 475, and Section 469.174 to 469.179 <br />(previously Sections 273.71 to 273.78) (collectively, the Act). <br /> <br />1.2) The purpose_of the TIF Plan is to provide financing <br />for the public development costs of various public improvements <br />to be constructed in the District, including the improvements <br />detailed in the Schedule of Costs and Sources attached hereto <br />as Exhibit A (the Improvements). <br /> <br />1.3) The purpose of the Modification is to amend the TIF <br />Plan so that it reflects issuance of the Bonds as additional <br />debt to be repaid from tax increments generated by the <br />District. <br /> <br />1.4) It is necessary and desirable to the sound financial <br />managment of the City and its orderly economic development that <br />the City issue and sell bonds pursuant to the Act to provide <br />financing for the Improvements. <br /> <br />Section 2. Authorization of Bonds. <br /> <br />2.1) This Council hereby determines that it is necessary <br />and in the best interests of the City for the City to issue its <br />General Obligation Tax Increment (Taxable) Bonds, Series 1987A <br />in the principal amount of One Hundred Forty Thousand Dollars <br />($140,000) (the Bonds) for the purpose of financing a portion <br />of the cost of the Improvements in the Elk River Industrial <br />Park (the Industrial Park) described in Exhibit A attached <br />hereto. <br /> <br />2.2) The sale and issuance of the Bonds is hereby <br />authorized pursuant to Minnesota Statutes, Section 475.52. The <br />Council hereby finds that the principal amount of the Bonds, <br />namely One Hundred Forty Thousand Dollars ($140,000), does not <br />exceed one percent (1%) of the assessed valuation of the City, <br />