HomeMy WebLinkAbout79-024CERTIFICATE OF MINUTES RELATING
IND USTRIAL DEVELOPMENT REVENUE TO
BONDS
(Prior take State - 13ank Project)
Issuer: Citj o f p
Lake' Minnesota
Governing Body: �Cit
ind, date, tim; and place of jue&tir.g: A
-held - ineeting,,.,
on
at 93c; 0"cio(;k E.M
at
Members ft6sent: ...1TWCx 5,104 w7r.
Members absenti
Documents. Attadhed:
!dinutes of said meeting' (pages) -
NO.�
MARY APPROVAL TO
RESOLUTION GIVING PRErjXmX
FXNANCXNG By TIM XSSUIM
CE OF REVENUE BONDS-,
PPRS,;JtMT TO Mi
N STATUTES# CHAPTER 474,
OF A PROJECT-FoR PRIOR LAKE STATE� BANK; RE-
QUESTING THE APPROVAL Op THE COM141SSIONER,�
OF SECURITES WITH RESPECT THERETO; AND
AUTHORIZING THE PREPARATION OF NECESSARY
DOCUMENTS
the
_gned, being the duly qualified andacting
recording officer 9f the Public corporation issuing the obligati6n*,
referred to in the title of this certificatef, certify thit the
docu-.'.
itched herdto as *described above, have been carefull com-
with the origin
' in my legal
al record's of said corporati '
on
42-astody from which they have been 7 transcribed; that said Aocuments
O:xe it correct and complete transcript of the minutes of a meeting
of th
6 SOVerhIng- body of said c0rPqXAtion,, and �oriei�-,,anct complete
Copies of
f ill docu-
all. X*Aolutions and otfier actions taken and. -
Uents a XCVO4 - b�r, the governing - body at Said meeting so far as,,.they
relate to said obligations; and that said meeting was duly held bv
the
g body at the - time and an, was i-attended througw_7
out I b d
the members, indicated - Above* pursuant to call and notice of
Such"'ileetrui given as required by
law.
WITNESS my hand officially as Such re
cording officer this'
day of /AA-A; 1979.
x
WY,
519nattfre
4�v
-(SEAL)
Name and 2itle
•
1.02,' It has been proposed that the City issue its 'revs k
nue bonds, pursuant to the 'authority of the Act, in. an amount not R
ekceedming in aggregate principal amount to finance
F part or all of the`, of thi acquisition, construction and gquig -. o
se of an office and banking ;facility `yin °the City (hereinafter
o referred' to ai 'the Pro ject) , and to make the proceeds of the' sale
of those revenue bonds available to the Prior Lake State Bank, a
Minnesota banking $saociation (the Bank), whi"chwill agree'to pay
the, +City amounts sufficient to pay promptly the and , <<
p interest on the revenue bonds.
.1.03. The City has been advised that wkth -the ��aid of
municipal finincing, and its Xesulting low borrowing costs, the
acquisition the Project is. economically more feasible.
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Member ' , • <
• yE introduced the, following
resolution .and moved its adoption:
4611
RESOLUTION NO.'- `I �I�
RESOLUTION, GIVING. PRELIMINARY A
APPROVT t TO
„.;
F NANCING „BY THE ISSUANCE OF 'REVENUE'
• P
PURSUAMT TO MINNESOTA„ STATUTES,; 'CHAPTER, 474,
o
or 4 PROJECT POR.,: PRIOR MAKE ` °STATE. BANK;
, .
.,QUESTING ���HE APPROVALS �Or THE COj1."4IS$IONER `
OF SECURITIES WITH RESPECT THERETO; AND #
AUTii6RTZING THE PREPARATION OF 'NECESSARY
D0CU;4EN7 �
r , B
BE, RESOLVED,, by the City of Prior Lake, 'Minnesota (the•
n ,
,, Cit
y) : �,
ds) ; S
Section 1. PoU f and, Pu
• Y la xpose
° 1.01. The Yegislature, of the Stat of Minnesota, "by g
g
M innesota. Statutes,. Chapter `7, 4, as amended„ (the Act) , has found,
and' declared that the welfare of, the 'State requires active promo
a tion* attraction, encouragement and development of economically"
sound° a.ndustry and commence through, ;governrc�i�tal acts to prevent,
so ,far s passible, emergence of blighted lands and areas of chronic;
uAli ployment ,,has authorized municipalities issue revenue bonds`
to f3; a ►ce;> in whole or in part,. they; cosf.. of the acquisitions con-
struCt , reconstruction, - improvement and projects,
including propez n
ties, j real or persou'l, used. or useful in con -
neotiop with revenue producing entergr3se engaged in any busii!C6S
- and h
has authorized muhlci��a4lities to ..enter ,into ° "revenue agreements,"
r b
b ' as "defined in" the Act:, with any person,' f irm !) or public or private
corporation or federai state gcwernmental- subdivision or agency "
(the "Contracting Party" providing for the payment by , the Contract -
ing Party of amounts sufficient to rovide the' ,
,, f
f:
rfJ
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1. 04. The existence ;of the Project 'will „increase the
ax b -i
tase of the City, and wM ,provide employment 'opportunities in
the City.
- 1.05. The City has been advised by a, representative of
Juran G Moody, Inc. (Juran), that revenue bonds of the City-could
be, issued and sold upon favorable,,rates,,and terms to finance the
..r
Project.
Section 2. Approvals and Authorizations of the City
2.01. On the' of , information ,given the City to date,
it appears it would be in the best interests of the City to issue
its industrial development revenue bonds under the provisions of the
Act to finance part or all of the cost of the Project, in an amount,
not exceeding $�1,000,000(the Bonds),
2.02. The Project is hereby givens "preliminary approval
by the City a,nd the issuance of Bonds for such - purpose. approved.
The. Bonds shall not be issued until the undertaking hav been ap
u
proved by the Commissioner of Securities' ^as !provided by the Act "and
F „J until the City, the Bank and Juran have agreed upon the details of
the Bonds and provisions "for their payment. The City reserves
" the right to deny the application of the Company at any stage of
the proceedings prior to the,adoption of the „,final resolution
” authorizing issuance of the -Bonds.
2.03. „If the Bonds are issued and sold, the City will
„enter into a lease, sale or loan agreement or similar agreement
satisfying the requirements of the Act (the, Rvenue Agreement) with-
the Bank. The lease rentals, installment se payments, loan pay-
, 1'
meats ov .other mmounts payable by the .Bank to the City under the"
Revenue Agreement will be sufficient to pay the principal,,, interest
and`��zedemption'premium, if any, on the Bonds, as and -when the same
sh l9� i6come due, and `'payable. r..
».� 2.04. The, Bonds shall not constitute a charge, °lien or
encumbrance, legal or' equtable, upon any property of the City, ex - -
cept the.Project Each Bond, when,,,,
as and if issued, shall recite 1
in substance that;,tti Bonds, including interest thereon, is payable
0 solely out of the revenues pledged to the payment thereof pursuant
to the terms of the.,Revenye Agreement".
2.05.' In -with Section 479.01, Subdivision 7(a)
of - the Act, the appropriate officers of the City are hereby autho
rized and directed to submit an Application for the Approval of the N `
a Project to the commissioner of securities.
` Section 3. General
'r 3.01. All commitments of the City expressed herein are
"subject to the ccsndition that within, twelve 'months from the date of
` adoption of this resolution (or such other date as shall be mutually
'
.satisfactory to the City and•the Bamk) the City and the Hank shall
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e