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HomeMy WebLinkAboutResolution 3048RESOLUTION #3048 CERTIFICATION OF MINUTES RELATING TO A PROJECT OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR • THE CITY OF ORONO, MINNESOTA Municipality: City of Orono, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held November 25, 1991, at :30 o'clock p.m. at the City Hall. Members present: Barbara Peterson, J. Diann Goetten, Edward Callahan, Gabriel Jabbour, Mary C. Butler Members absent: None RESOLUTION RELATING TO A PROJECT AND CERTAIN REVENUE BONDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ORONO; AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE -PURCHASE CONTRACT I, the undersigned, being the duly qualified and acting recording officer of the municipal corporation considering the actions referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of the corporation in my legal custody, from.which they have been transcribed; that the documents are a correct and complete transcript of the minutes of a meeting of the governing body of the corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at the meeting, insofar as they relate to the actions; that the meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law and that the above- described Resolution has not been amended or repealed as of the date hereof. WITNESS my hand officially as such recording officer this ?5th day of Nove,nber , 1991. j :2?2. i&�- - ty Clerk 0 • • RESOLUTION #3048 After some discussion, Councilmember Callahan introduced the following resolution and moved its adoption: RESOLUTION RELATING TO A PROJECT AND CERTAIN REVENUE BONDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ORONO; AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE -PURCHASE CONTRACT WHEREAS, the Housing and Redevelopment Authority in and for the City of Orono (the "Authority") proposes to undertake a project under the Housing and Redevelopment Act, Minnesota Statutes, Sections 469.001 through 469.047 (the "Act"), with respect to certain property located within the City comprising the property described on Exhibit A hereto (the "Project"), for the purpose of providing necessary public facilities, including, without limitation, a new city hall and facilities to house the police and public works departments of the City (the "Project"), and to lease and agree to sell the Project to the City pursuant to the terms and conditions of a Lease -Purchase Contract, dated as of December 1, 1991 (the "Lease"), between the Authority, as lessor, and the City, as lessee; and WHEREAS, the Authority has the power to lease and agree to sell the Project to City and enter into the Lease pursuant to Minnesota Statutes, Section 465.035 and Section 471.64, Subdivision 1 and City has the power to lease and agree to purchase the Project and enter into the Lease pursuant to Minnesota Statutes, Section 471.64, Subdivision 1 and Section 465.71; and WHEREAS, the Authority proposes to issue its Public Facilities Revenue Bonds, Series 1991, in the aggregate principal amount of $4,000,000 (the "Series 1991 Bonds"), pursuant to Minnesota Statutes, Section 469.034 and 469.035, and an Indenture of Trust, dated as of December 1, 1991 (the "Indenture"),between the Authority and American National Bank and Trust Company, in St. Paul, Minnesota; the Series 1991 Bonds are payable solely from payments to be made by the City pursuant to the Lease and from the net proceeds of any insurance claims or condemnation awards made with respect to the Project; and WHEREAS, the Authority has offered the Series 1991 Bonds for sale by means of an Official Statement, dated November 15, 1991 (the "Official Statement"); and WHEREAS, a form of the Lease and a form of the Official Statement have been presented to this Council and are hereby ordered to be placed on file in the office of the City Clerk. RESOLUTION #3048 • NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Orono, Minnesota (the "City"), as follows: 1. Approval and Execution of Lease. The Lease, substantially in the form presented to this Council, is hereby approved. The Mayor and the City Clerk (or, in the event of their absence or disability, the acting Mayor or the acting City Clerk, respectively) are hereby authorized and directed to execute and deliver the Lease in the name of and on behalf of the City. All of the provisions of the Lease, when executed and delivered as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated herein. The Lease shall be substantially in the form now on file in the office of the City Clerk, with such necessary and appropriate variations, omissions and insertions as the Mayor shall determine to be necessary or appropriate, and the execution thereof by the Mayor shall be -conclusive evidence of such determinations. 2. Approval of Official Statement. The Official Statement is approved and it is hereby determined that the information contained therein regarding the City is accurate and complete. The officers of the City are hereby authorized and directed to execute such certificates as may be appropriate concerning the accuracy, completeness and sufficiency of the Official Statement insofar as it contains information describing the City and the Lease. • 3. Execution of Other Documents. Officers of the City are hereby authorized and directed to execute such other certificates and documents as may be necessary and appropriate to effectuate the transactions contemplated by the Lease and the Official Statement. 4. Arbitrage Rebate Exemption. (a) The City hereby represents that it is eligible for the $5,000,000 exception for small governmental units to the arbitrage rebate provisions contained in Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code"). 'Specifically, the City represents that the aggregate face amount of all "tax-exempt bonds" (including warrants, contracts, leases and other indebtedness, but excluding private activity bonds) issued by or on behalf of the City and all subordinate entities thereof during 1991 is not reasonably expected to exceed $5,000,000. To date in 1991, neither the City nor its subordinate entities has issued any such tax-exempt bonds. (b) The City hereby irrevocably allocates to the Authority, with respect to the Series 1991 Bonds, a portion of the City's $5,000,000 limitation under Section 14*8 (f) (4) (D) (i) (IV) of the Code, equal to $4,000,000. It is hereby determined and declared that all of the facilities to be financed by the Series 1991 Bonds will be of direct and primary benefit to the City, and that the amount allocated to the Authority pursuant hereto bears a reasonable relationship to the benefits received by the City from • the issuance of the Series 1991 Bonds. RESOLUTION #3048 • Adopted this 25th day of November, 1991. Attest: Dorothy Hallin City Clerk Barbara Peterson Mayor The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Butler and, upon vote being taken thereon, the following Councilmembers voted in favor thereof: Peterson, Goe,tten, Callahan, Jabbour, Butler • and the following voted against the same: None whereupon the resolution declared duly passed and adopted. 0