HomeMy WebLinkAboutResolution - 92-160 - Relating to Revenue Bonds of the HRA of Eden Prairie Authorizing the Execution and Delivery of a Lease Purchase Agreement - 07/07/1992 CITY OF EDEN PRAIRIE
. HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO.- 92-160
RESOLUTION RELATING TO A PROJECT AND CERTAIN
REVENUE BONDS OF THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF EDEN PRAIRIE;
AUTHORIZING THE EXECUTION AND DELIVERY OF A
LEASE-PURCHASE AGREEMENT
WHEREAS, the Housing and Redevelopment Authority in and for
the City of Eden Prairie (the "Authority") proposes to undertake a
project under the Housing and Redevelopment Act, Minnesota
Statutes, Sections 469.001 through 469.047 (the "Act") , with
respect to certain property located within the City for the
purpose of providing necessary public facilities, including,
without limitation, the addition of an ice arena to the City's
Community Center (the "Project") , and to lease and agree to sell
the Project to the City pursuant to the terms and conditions of a
Lease-Purchase Agreement, dated as of August 1, 1992 (the
"Lease") , between the Authority, as lessor, and the City, as
• lessee; and
WHEREAS, the Authority has the power to lease and agree to
sell the Project to the City and enter into the Lease pursuant to
Minnesota Statutes, Section 465 .035 and Section 471.64,
Subdivision 1 and City has the power to lease and agree to
purchase the Project and enter into the Lease pursuant to
Minnesota Statutes, Section 471 . 64, Subdivision 1 and Section
465 .71; and
WHEREAS, the Authority proposes to issue its Lease Revenue
Bonds (Community Center Project) , Series 1992A, in the aggregate
principal amount of $2, 640, 000 (the "Series 1992 Bonds") , pursuant
to Minnesota Statutes, Section 469.034 and 469.035, and a Trust
Indenture, dated as of August 1, 1992 (the "Indenture") , between
the Authority and , in ,
Minnesota; the Series 1992 Bonds are payable solely from payments
to be made by the City pursuant to the Lease and from the net
proceeds of any insurance claims or condemnation awards made with
respect to the Project; and
WHEREAS, the Authority has offered the Series 1992 Bonds for
sale by means of an Official Statement, dated June 24, 1992 (the
"Official Statement") ; and
• WHEREAS, a form of the Lease and a form of the Official
Statement have been presented to this Council and are hereby
ordered to be placed on file in the office of the City Finance
Director/Clerk.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City.of Eden Prairie, Minnesota (the "City") , as follows:
1 . approval and Execution of IiQ..c3G�, The Lease,
substantially in the form presented to this Council, is hereby
approved. The Mayor and the City Manager (or, in the event of
their absence or disability, the acting Mayor or the acting City
Manager, respectively) are hereby authorized and directed to
execute and deliver the Lease in the name of and on behalf of the
City. All of the provisions of the Lease, when executed and
delivered as authorized herein, shall be deemed to be a part of
this resolution as fully and to the same extent as if incorporated
herein. The Lease shall be substantially in the form now on file
in the office of the City Finance Director/Clerk, with such
necessary and appropriate variations, omissions and insertions as
the City Attorney shall determine to be necessary or appropriate,
and the execution thereof by the City Attorney shall be conclusive
evidence of such determinations .
2 . Approval of Official Statement . The Official Statement
is approved and it is hereby determined that the information
contained therein regarding the City is accurate and complete. The
officers of the City are hereby authorized and directed to execute
such certificates as- may be appropriate concerning the accuracy,
completeness and sufficiency of the Official Statement insofar as
it contains information describing the City and the Lease.
3 . Execution of Other QnnumentA . Officers of the City are
hereby authorized and directed to execute such other certificates
and documents as may be necessary and appropriate to effectuate
the transactions contemplated by the Lease and the Official
Statement .
4 . Arbitrage Rebate. The City acknowledges that the Bonds
are subject to the rebate requirements of Section 148 (f) of the
Code. The City covenants and agrees to retain such records, make
such determinations, file such reports and documents and pay such
amounts at such times as are required under said Section 148 (f) (C)
of the Code and no "gross proceeds" of the Bonds (other than
amounts constituting a "bona fide debt service fund") arise during
or after the expenditure of the original proceeds thereof. In
furtherance of the foregoing, the Mayor and the City Manager are
hereby authorized and directed to execute an Arbitrage and Rebate
Certificate, in the form prepared by Bond Counsel .
Adopted this 7th day July, 199 .
Mayor
Attest:
C' y ante Director/Clerk
(SEAL