HomeMy WebLinkAbout89-028 Member Enright offered the following resolution and moved its
adoption:
RESOLUTION N0 89-28
RESOLUTION AUTHORIZING THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REFUNDING REVENUE BDNDS UNDER SECTIONS
469.152 - 469-165, MINNESOTA STATUES
WHEREAS, Office Electronics, Inc., an Illinois corporation (the
Company) has requested the City to issue Industrial Development
Refunding Revenue Bonds under Sections 469-152 - 469.165, Minnesota
Statues (the Act), for the purpose of refunding the Industrial
Development Revenue Bonds (Office Electronis, Inc. Project), dated
September 1, '1980, in the. original principal amount of .$2.,240,000, of
which $1,4b0,000 remains outstanding, and
WHEREAS, the City has held a public hearing on the issuance of
refunding bonds as required by law,. and
WHEREAS, the purpose of refunding the prior bond issue is an
allowed purpose under the Act.
NOW, THEREFORE, BE IT RE50LVED, by the City Council of the City
of Lakeville, Minnesota, that the issuance of refunding revenue bonds of
the City in an-amount not to exceed $1,460,000, maturing not later than
September 1, 1995 and bearing interest at an average coupon rate not to
exceed 8.00% per annum, is hereby approved and authorized to refund the
prior bond issue issued on behalf of the Company.
BE IT FURTHER RESOLVED ,that the general forms of the Mortgage
Loan Agreement, Indenture of .Trust, Bond Purchase Agreement and Prelimi-
nary Official Statement heretofore submitted to the City are hereby
approved and the Mayor and the City Administrator-Clerk are authorized
to execute aid documents, together with customary closing certificates,
on beha f of the City with such changes and modifications as they deem
appropriate and are approved by to the City Attorney, such approval to
be conclusively evidenced by the execution and delivery of said docu-
menu .
•
BE IT FURTHER RESOLVED that neither this commitment nor any
actions, agreements or legal matters related thereto or executed in
pursuance hereof, shall in any manner or form create a general indebted-
ness or liability of the City.
Adopted this 2Lst day of February, 1959.
Approved: _ '
` ~ ayor
Attest: ~r
City Administrato -Clerk /
Member Sindt seconded the above resolution and upon vote being..
taken thereon the following voted in favor: Nelson, Zaun, Enright,
Sindt, Harvey and the following voted against the same: None. The
following were absent and not voting: None. Whereupon the resolution
was declared duly passed and adopted,