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HomeMy WebLinkAbout80-036 CERTIFICATION OF MINUTES RELATING TO $1,375,000 COMMERCIAL DEVELOPMENT REVENUE BONDS r y'. (FIRST LAKEVILLE STATE BANK PROJECT) Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time-and place of meeting: A regular meeting,. held on Monday, April: 7, 1980, at 7:30 o'cloek,P.M. at~the City Hall Members present : Spande, Zaun, ,Nelson, Sindt, Lekson Members absent : None Documents Attached: Minutes of said meeting (pages): RESOLUTION NO. 80-36 RESOLUTION AUTHORIZING THE. ACQUISITION AND CONSTRUCTION OF A PROJECT UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND THE SALE AND ISSUANCE OF COMMERCIAL DEVELOPMENT REVENUE BONDS TO FINANCE THE PROJECT, AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS i, the undersigned, being the duly qualifed 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 carefully 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 com- plete 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. WITNESS my hand officially as~such recording officer _ this 7th day of April 1980- r ignature Patrick McGarvey, City Clerk-Administrator Name and Title Councilmember :nelson introduced the following resolution and moved its adoption: RESOLUTION NO.80-36 . RESOLUTION AUTHORIZING THE ACQUISITION AND CONSTRUCTION OF A PROJECT UNDER THE MINNESOTA. MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND THE SALE AND ISSUANCE OF COMMERCIAL DEVELOPMENT REVENUE BONDS TO FINANCE THE PROJECT, AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota as follows: 1. It has been proposed that the City issue its Commercial Development Revenue Bonds (First Lakeville State Bank), Series 1980,- dated April 1, 1980 (the "Bonds"), in the principal amount of $1,375-,000, to finance the construction and equipping of a building to be used as a commercial retail bank building in the City (the "Project") on behalf of First Lakeville State Bank,"a Minnesota corporation.. The Council gave preliminary approval to the proposal by resolution duly adopted March 19, 197.9 and pursuant to that resolution, drafts of the following documents relating to the Project have been submitted to the Council and are now, or shall be placed, on file in the office of the City Clerk. (a) Lease, dated as of April 1, 1980., proposed to be made and entered into between the City and the Bank; (b) Mortgage and Indenture of Trust, dated as of April 1, 1980 (the "Indenture"), proposed to be made and entered into between the City and Marquette National Bank, in Minneapolis, Minnesota, as Trustee; 2: It is hereby found, determined and declared that: (a) the Project constitutes a "project" as defined in Section 474.02, subd. la, Minnesota Statutes; (b) the purpose of the Project, as defined in the Lease and Indenture, is, and the effect thereof will be (i) to increase generally the level of economic activity in the governmental services-and facilities; and (iii) to grovide addi- tional employment opportunities for residents of the City and surrounding area; (c) the Project has been approved by the Commissioner of Securities of the State of Minnesota as tending to further the purposes and policies of the Municipal Industrial Development Act; r (d) it is desirable that the Bank be authorized, in accordance with the provisions of Section 474.03(6), Minnesota .Statutes, and subject to the terms and conditions set forth in the Lease, which terms and conditions the City determines to be necessary, desirable and proper, to provide for the construction and equipping of the Project by such means as shall be available to the Bank and in the manner determined by the Bank, and with or without advertisement for bids; (e) it is desirable that_the Bonds in the amount of $1,375,000 be issued by the City upon the terms-set forth in the Indenture under the provisions of which the.City's interest in the Lease and the rental repayments receivable pursuant thereto will be pledged to the Trustee as security for the payment of principal. and interest, and premium, if any, on the Bonds; (f) the. rental repayments required by the Lease are fixed, and are required to be revised from time to time as necessary, so as to produce income and revenue sufficient to provide for prompt payment of principal and interest, and premium, if any, on all Bonds issued under the Indenture when due, and.-the Lease also provides that the Bank is required. to pay-all expenses of the operation and maintenance of the Project including, but without limitation, adequate insurance thereon and insurance against ail liability for injury_to persons or property arising from the operation thereof,-and all taxes and special assessments levied upon or with respect to the Project and payable during the term of the Lease; and (g) under the provisions of Minnesota Statutes, Section 474.10, and as provided in the Lease and Indenture,. the Bonds are not to be payable from nor charged upon any funds other than the revenue pledged to the payment thereof; the City is not subject to any liability thereon; no holders of-the Bonds shall ever have the right to compel any exercise of the taxing powers. of the City to pay any of the Bonds or the interest thereon, nor to enforce payment thereof against any property of the City; the-Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City; each Bond issued under the Indenture shall recite that the Bonds, including interest thereon, are payable solely from the revenue pledged to the payment thereof; and no Band shall constitute a-debt of the City within the meaning of any constitutional or statutory limitation. 3. The forms of Lease and Indenture referred to in paragraph 1 are hereby approved. The Lease and- Indenture, with such. variations, insertions. and additions as the City Attorney::may hereafter deem appropriate, are directed to be executed in the name and on behalf of the City by the Mayor and City Clerk-Administrator. Copies of all of the documents shall be delivered, filed and recorded as provided therein. ~f ~ . r ~ . ` 4. The City shall proceed forthwith to issue the Bonds in the principal amount of .$1,375,000 in the form and upon the terms set forth in the Indenture, which terms .are for this purpose incorporated in this resolution-and made a part hereof.. The Mayor and City Clerk-Administrator are authorized and directed to prepare and execute the Bonds as prescribed in the Indenture and to deliver them to the Trustee, together with a certified copy of this resolution and other documents required by the Indenture, for authentication and delivery to the purchaser of the Bonds. 5. The Mayor,-City Clerk-Administrator and other officers of the City are authorized and directed to prepare and furnish to the purchaser of the Bonds and bond counsel certified copies of all proceedings and records of the City relating to the Bonds, and such other affidavits. and.-certificates as may be required by bond counsel., approved by the City Attorney, to show the facts relating to the legality and marketability of the Bonds. Adopted this 7th day of April, 1980. May Attest: City Clerk-Administr or The foregoing resolution was duly seconded by Councilmember zaun and upon vote being taken thereon, the following voted in favor: Spande, Zaun, Nelson, Sindt, Lekson and the following voted against the same:. None where upon the resolution was declared duly passed and adopted.