HomeMy WebLinkAbout02-037 CITY OF LAKEVILLE
RESOLUTION
Date February 19, 2002 Resolution No. 02-37
Motion By Mulvihill Seconded By yellows
RESOLUTION RELATING TO THE ISSUANCE AND SALE OF A GENERAL
OBLIGATION CAPITAL NOTES; AUTHORIZING PARTICIPATION IN
LEAGUE OF CITIES INSURANCE TRUST CAPITAL NOTE PROGRAM
WHEREAS, Minnesota Statutes, section 168.616 sets out a state policy in favor
of replacing Bleachers having structural or design defects that create safety hazards for
their users. It is determined that some of the Bleachers located at the Lakeville Ames
Arena are affected by this policy and therefore is seeking a loan in the amount of
$220,144; and
WHEREAS, all Minnesota cities and the City of Lakeville in particular, are
authorized by Minnesota Statutes, sections 410.32 and 412.301 (collectively, Act) to issue
and sell capital notes (Capital Notes), subject to debt limits, to finance the purchase of
capital equipment having an expected useful life at least as long as the term of the Capital
Notes; and
• WHEREAS, the League of Minnesota Cities Insurance Trust (LMCIT) has
offered to purchase Capital Notes of the City of Lakeville to be issued for financing
Bleachers at a price of par for notes bearing interest at the rate of 3.00% per annum to
maturity; and
WHEREAS, it is found and determined that the offer of LMCIT to purchase the
City's Notes for Bleacher replacement purposes is a favorable offer, is in the best interests
of the health, safety and welfare of the residents of the City and should be accepted.
NOW THEREFORE BE IT RESOLVED, by the City Council of the City of
Lakeville that:
1). The offer of LMCIT to purchase Capital Notes of the City of Lakeville is
accepted, provided, however, that the City reserves the right to withdraw this
approval at any time prior to the adoption of a final resolution awarding the sale of
the Notes.
2) The Mayor and City Clerk of the City are authorized and directed to execute and
deliver a certified copy of this resolution to LMCIT.
•
3) The City Council will consider a resolution on April 15, 2002 that will set forth the
principal amount of the Notes, their form and specifications and the procedure for
their payment.
4) This resolution is a declaration of official intent by the City Council to the effect
that the City of Lakeville intends to reimburse itself for the costs of the Bleachers
.from the proceeds oftax-exempt bonds or other obligations, .that is, the Capital
Notes described in this resolution. A copy of this resolution is to be kept on file at
Lakeville City Hall and is available for public inspection.
APPROVED. AND ADOPTED by the City Council of the City of Lakeville,
Minnesota, this 19th day of February, 2002.
CITY OF MLLE
By:
Robert D. son, Mayor
EST: ~
Charlene Friedges, City erk
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