HomeMy WebLinkAbout07-051
i CITV OF LAKEVILLE
RESOLUTION NO. o~-si
RESOLUTION RATIFYING THE PROPOSED ISSUANCE
AND .SALE OF DAKOTA COMMUNICATIONS CENTER
PUBLIC SAFETY REVENUE BONDS, PROVIDING FOR
ALLOCATED SHARE OF THE PAYMENT THEREOF
WHEREAS, pursuant to Minnesota Statutes, Section 471.59, the Cities of Apple Valley,
Burnsville, Eagan, Farmington, Hastings, Inver Grove Heights, Lakeville, Mendota Heights,
Rosemount, South St. Paul, and West St. Paul, and the County of Dakota, Minnesota
(collectively, the "Members"), have entered into that certain Joint Powers Agreement
Establishing the Dakota Communications Center (the "Agreement"); and
WHEREAS, the Agreement establishes the Dakota Communications Center joint powers
entity ("DCC") for the purpose of, among others, acquiring and providing the facilities,
infrastructure, hardware, software, services and other items necessary and appropriate for the
establishment, operation and maintenance of a joint law enforcement,. fire, EMS, and other
emergency communications system for the mutual benefits of the Members .and the people of
Dakota County; and
WHEREAS, the Agreement authorizes DCC to incur debt obligations for capital projects
that do not exceed 10 years as necessary to accomplish DCC purposes; and.
WHEREAS, the Agreement provides. that the costs of capital projects of DCC in the
approved capital budget will be shared by the Members pursuant to a "Cost AllocationModel"
as defined in the Agreement; and
WHEREAS, .the Board of Directors of DCC has proposed the financing of capital
equipment for authorized DCC purposes (the "Project") through the issuance afpublic safety
revenue bonds of DCC (the "Bonds"), which Bonds will be secured by the obligation of the
Members to pay their proportionate shares of capital costs pursuant to the Cost Allocation
Model, and has included debt service for the Bonds in DCC's capital budget;
NOW, THEREFORE, BE IT RESOLVED by the governing body of the City of
Lakeville, Minnesota (the City), as follows:
SECTION 1. RATIFICATION OF BOND ISSUANCE. The City hereby ratifies and
approves the issuance and sale of the Bonds in a total principal amount not to exceed $7,600,000
on the further terms and conditions as provided by DCC.
SECTION 2. AUTHORIZATION OF PAYMENT OF ALLOCATED SHARE OF
DEBT SERVICE. The City hereby authorizes payment of the City's allocated share of principal
of and interest on the Bonds, calculated pursuant to the Cost Allocation Model attached hereto as
Exhibit A .
SECTION 3. TAX LEVY.. For payment of the Bonds and the interest thereon when due,
there is hereby levied on all taxable property in the City a direct general ad valorem tax in an
amount required to pay when due the City's allocated share of principal of and interest on the
Bonds as provided in Section 2 hereof. Upon the sale of the Bonds, the City [list officiaUstaff
person] is hereby authorized and directed to calculate the such levy and file a certified copy of
this resolution along with the levy in the records of Dakota County to receive certification that
the tax required by law has been levied. The proceeds of the tax, when received, shall be
deposited with a fiscal agent or trustee, as designated by DCC. The tax levied hereunder maybe
abated with another source of revenue of the City as provided by Minnesota law.
SECTION 4. PREPAYMENT. Regardless of the redemption and prepayment terms of
the Bonds, the City reserves the right to prepay, in whole or in part on any date, its allocated
share of principal of and interest on the Bonds in an amount sufficient to defease all or a portion
of its allocated share of the Bonds.
SECTION 5. CONSENT/COOPERATION. The City hereby consents to the distribution
by DCC of an official statement describing the Bonds, the Project and the Members (including
the City), and agrees to take such further actions, and authorizes its appropriate officers to
execute such. documents, as shall be necessary to provide for the issuance of the Bonds by DCC
in accordance with the terms of this Agreement and this Resolution.
APPROVED AND ADOPTED this 2nd day of April, 2007.
,..z
CIT LAKEVILL SOTA
By:
Ho Dahl, ' a or
ATT T:
Charlene Friedges, City Cler
EXHIBIT A
Cost Allocation Model
Percentage
of
Community Allocation
Apple Valley 12.60%
Burnsville 17.09°Io
Dakota County 6.97%
Eagan 18.00%
Farmington 4.83%
Hastings 4.08%
Inver Grove Heights 6.40%
Lakeville 11.48%
Mendota Heights 1.74%
Rosemount 4.90%
South Saint Paul 5.87%
West Saint Paul 6.04°i°
Share Total (in percentage) 100%