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• CITY OF LAKEVILLE
RESOLUTION
Date April 21, .1997 Resolution No. 97-94
Motion By Mulvihill Seconded By Holberg
RESOLUTION APPROVING $530,000 OF GENERAL OBLIGATION TAX
INCREMENT FINANCING DEBT
WHEREAS, the Lakeville City Council and Lakeville Housing and
Redevelopment Authority (HRA) have approved Tax Increment Financing Plan for Tax
Increment Financing District No. 17 and;
WHEREAS, the Tax Increment Financing Plan provides for the issuance of
$530,000 of debt to finance the activities as described in the plan and;
WHEREAS, the City prefers to finance the project internally at current investment
rates and;
• WHEREAS, the Storm Sewer Trunk Fund has adequate cash reserves as per the
February 1996 Capital Improvement .Financing Plan to finance the Tax Increment
Financing District No. 17 debt.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Lakeville that the issuance and sale of $530,000 General Obligation Tax Increment
Financing Bonds to the City's Storm Sewer Trunk Fund is hereby authorized. The full
faith and credit and taxing powers of the City shall be and are hereby irrevocably pledged
for the prompt and full payment of the principal of and interest on the Bonds. The bonds
shall bear interest and mature in accordance with Schedule A attached hereto.
APPROVED AND ADOPTED by the City Council of the City of Lakeville,
Minnesota, this 21st day of April, 1997.
CITY AKEVILLE
By:
Duane Zaun, Ma
TEST:
Charlene Friedges, City lerk
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SCHEDULE A
GENERAL OBLIGATION TAX INCREMENT DEBT
Date Principal Interest Total
1-Feb-98 26,500.00 26,500.00
1-Feb-99 31, 800.00 31, 800.00
1-Feb-00 15,000.00 31,800.00 46,800.00
1-Feb-01 15,000.00 30,900.00 45,900.00
1-Feb-02 15,000.00 30,000.00 45,000.00
1-Feb-03 25,000.00 29,100.00 54,100.00
1-Feb-04 30,000.00 27,600.00 57,600.00
1-Feb-05 30,000.00 25,800.00 55,800.00
1-Feb-06 35,000.00 24,000.00 59,000.00
1-Feb-07 35,000.00 21,900.00 56,900.00
1-Feb-08 35,000.00 19,800.00 54,800.00
1-Feb-09 40,000.00 17,700.00 57,700.00
1-Feb-10 45,000.00 15,300.00 60,300.00
1-Feb-11 45,000.00 12,600.00 57,600.00
1-Feb-12 50,000.00 9,900.00 59,900.00
1-Feb-13 55,000.00 6,900.00 61,900.00
1-Feb-14 60,000.00 3,600.00 63,600.00
• 530,000.00 365,200.00 895,200.00
Interest rate 6.0%
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