Loading...
HomeMy WebLinkAbout83-062 ~ CERTIFICATION OF MINUTES RELATING TO ' $ 2 , 6 0 0 , 0.0 0 COMMERCIAL DEVELOPD~IENT REVEiiUE OBLTGATI'Oi1S ' {CEDAR 70 BUSIIESS PARK PROJECT) Issuer: City of Lakeville, Minnesota ~ Governing. Body: City Council I:ind, date, tirae anti place of meeting: A council meeting held on June 20, 1983, at 7:00 o'clock P.M., at the City Hall. Members present: Nelson, Sindt, Zaun, Enright, Harvey Members absent: None Documents Attached: Minutes of said meeting (pages): ~ RESOLUTION N0. 83-62 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPI-1ENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COIv1MISSIOrIER OF ENERGY, PLANNING AND DEVELOPi~ZENT, AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND r1ATERIALS IN CONNECTION WITH SAID PP.OJECT I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been care- fully compared with the original records of said corporation in ~ my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation,. and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting,. so far as they relate to said bonds; and that said 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. tvITI1ESS my hand officially as such recording officer this 20th day o f June , 19 8 3 . Signature Patrick i~IcGarvey, City Administrator ~ Name and Title • ~ Councilperson .Enright introduced the following resolution anc~ moved its adoption: RESOLUTION N0. 83-62 RESOLU'T'ION GIVING PRELIMINARY APPROVAL TO A PROJECT UNDER THE MINIvTESOTA l1UNICIPAL INDtiSTRIAL DEVELOPTIENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE CCI~IMISSIONER OF ENERGY, PLANNIIJG AND ~ DEVELOPI.1E:yT, AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND A'IATERIALS IN' CONNECTION ti4ITH-SAID PROJECT BE IT RESOLVED by the City Council of the City of . Lakeville, Minnesota as follows: Section 1. Recitals. 1.01. The City Council has received from Cedar 70 Business Park (the "Borrower"), a proposal that the City issue ~ its revenue obligations pursuant to the Minnesota Municipal Industrial. Development Act, Minnesota Statutes, Chapter 474, to finance the cost of a Project as defined in Chapter 474 to be undertaken by the Borrower; 1.02 The Project consists generally of the acquisition ~ of land and construction of 4 office-warehouse buildings in the City; 1.03. The total capital cost of acquisition, design, construction, equipping and financing the Project is estimated to be $2,600,000; 1.04. The City has been advised by the Borrower that conventional, commercial financing to pay the capital cost of undertaking the Project is available only at such costs of bor- rowing that the economic feasibility of undertaking the Project would be reduced, but the Borrower has also advised this Council ~ that with the aid of municipal financing and its resulting low borrowing cost, the Project is economically enhanced; and 1.05. The Council held a public hearing on the proposed financing of the Project by the City on June 20, 1983, at which hearing all residents and interested persons were afforded ~ an opportunity to express their views and to be heard by the Council. Section 2. Policy and Purpose. On the basis of infor- mation provided to this Council by the Borrower it appears, and the Council hereby finds, determines and declares that the effect of the Project, if undertaken, will be to increase the general ~ level of economic activity in the City, to increase the property tax base in the City, and to increase curzent employment oppor- tunities for residents of the City, all to the benefit of the residents of the City and the State of Minnesota, Section 3. Authorization. 3.01 The Council hereby approves the proposal of the Borrower that the City undertake to issue its revenue obligations pursuant to Chapter 47~ to finance all or such portion of the cost of the Project as the City shall determine, and upon such terms and conditions as are hereafter mutually agreed upon by the City, the ~ Borrower and the purchaser of the revenue obligations, with provi- sions for revision from time to time as necessary, so as to produce income and. revenues sufficient to pay, when due, the principal of and interest on the revenue obligations. 3.02 The Project is hereby given preliminary approval ~ by the City. The City hereby undertakes preliminarily to issue its revenue obligations in one or more series, in an aggregate amount not exceeding the cost of the Project, to finance the cost of the Project. ~ 3.03. The Mayor and City Administrator are hereby authorized and directed to submit the proposal for the above- . described Project to the Commissioner of Commerce requesting his approval. ' Section 4. No Liability of City. Nothing in this reso- ~ lution or in the documents prepared pursuant hereto shall authorize the expenditure of any moneys of the City on the Project other than the revenues derived from the Project or the proceeds of the reve- nue obligations authorized by the City herein. The revenue obliga- tions shall not constitute a charge, .lien or encumbrance, legal or equitable, upon any property or moneys of the City and the revenue ~ pledged to the payment thereof, nor shall the City be subject to any liability thereon. No holder of any of the obligations shall ever have the right to compel any exercise of the taxing power of the City to pay any such: obligations or the interest thereon, nor to enforce payment thereof against any property of the City. Each revenue obligation shall recite in substance that the revenue ob- ~ ligation, including interest thereon, is payable solely from the revenue pledged to the payment thereof. Section 5. Project Exr~enditures. In anticipation of the approval by the Commissioner of Commerce and the issuance of revenue obligations to finance the cost of the Project, and in ~ order that completion of the Project will not be unduly delayed when approved, the Borrower is hereby authorized to make such expenditures and advances toward payment of costs of the Project ~ - 2 - as it considers necessary, including the use of interim, short- ~ term financing, subject to reimbursement from the proceeds of the revenue obligations when delivered, but otherwise without liability on the part of the City. Approved: ,r° Mayor Attest: City A ministrator ~ Motion for the adoption of the foregoing resolution was duly seconded by Councilperson Nelson and upon vote being taken, the following voted in favor: Sindt, Enright, Harvey, Nelson, Zaun and the following were opposed: None whereupon said resolution was declared duly passed and adopted. - 3 -