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HomeMy WebLinkAboutResolution - 92-261 - Relating to Revenue Bonds of HRA; Authorizing the Execution and Delivery of Two Lease-Purchase Agreements - 12/15/1992 • After some discussion, Councilmember Jessen introduced the following resolution and moved its adoption: RESOLUTION NO. SZ�_7261, 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 TWO LEASE-PURCHASE AGREEMENTS 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 (the "Project") , including, without limitation, facilities for use as a city hall and City offices, and to lease and agree to sell the Project to the City pursuant to the terms and conditions of a Series B Lease Agreement and a Series C Lease Agreement, each dated as of December 1, 1992 (the "Leases") , 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 Leases -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 Leases pursuant to Minnesota Statutes, Section 471. 64, Subdivision 1 and Section 465 .71; and WHEREAS, the Authority proposes to issue its Lease Revenue Bonds (City Hall Project) , Series 1992B, in the aggregate principal amount of $9, 760, 000 (the "Series 1992B Bonds") and its Taxable Lease Revenue Bonds (City Hall Project) , Series 1992C, in the aggregate principal amount of $2,355, 000 (the "Series 1992C Bonds, " together with the Series 1992B Bonds, the "Series 1992 Bonds") , pursuant to Minnesota Statutes, Section 469.034 and 469 .035, and a Trust Indenture, dated as of December 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 Leases 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 1992B Bonds for sale by means of an Official Statement, dated December 7, 1992 (the "Official Statement") and the Series 1992C Bonds for sale by means of a Private Placement Memorandum, dated December 1992 • (the "Private Placement Memorandum") ; and • WHEREAS, a form of the Leases and a form of the Official Statement and the Private Placement Memorandum 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 Leases . The Leases, substantially in the form presented to this Council, are 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 Leases in the name of and on behalf of the City. All of the provisions of the Leases, 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 Leases 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 Mayor and City Manager shall be conclusive evidence of such determinations . 2 . Approval of Official Statement and the Private Placement Memorandum. The Official Statement and the Private Placement . Memorandum are 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 and the Private Placement Memorandum insofar as they contain information describing the City and the Leases. 3 . Execution of Other Documents . 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 Leases, the Official Statement and the Private Placement Memorandum. 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'T48 (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 15th day December, 19 VKI 0-'t' Acting Mayor Attest: r inance Director/Clerk (SEAL) The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Pidcock and, upon vote being taken thereon, the following Councilmembers voted in favor thereof: Anderson, Harris, Jessen, & Pidcock and the following voted against the same: None • whereupon the resolution declared duly passed and adopted.