Loading...
HomeMy WebLinkAboutResolution - 93-57 - Relating to Project and Certain Revenue Bonds for HRA and City $1,415,000 - 04/06/1993 • CERTIFICATION OF MINUTES RELATING TO A PROJECT OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EDEN PRAIRIE, MINNESOTA Issuer: City of Eden Prairie, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting, held on Tuesday, April 6, 1993, at 7:30 p.m. ,at the City Hall in Eden Prairie, Minnesota. Members present : Douglas Tenpas , H. Martin Jessen, Jean Harris , Patricia Pidcock Members absent: Richard Anderson Documents attached: Minutes of said meeting (pages) : RESOLUTION NO. 93-57 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 FIRST AMENDMENT TO SERIES B LEASE AGREEMENT I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the obligations 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 the corporation in my legal custody, from which they have been transcribed; that the documents are a correct and complete transcript of the minutes of a meeting of the governing body at the meeting, insofar as they relate to the obligations; and that the 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 6th day of April, 1993 . C' 'nance Director/Clerk P Member Jessen introduced the following resolution and moved its adoption: 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 FIRST AMENDMENT TO SERIES B LEASE AGREEMENT WHEREAS, pursuant to the authority granted by Sections 469 . 034 and 469 .035 of the Housing and Redevelopment Act, Minnesota Statutes, Section 469. 001 to 469.047, as amended (the Act) , and Minnesota Statutes, Chapter 475, as amended, the Housing and Redevelopment Authority in and for the City of Eden Prairie, Minnesota (the Authority) is authorized to issue from time to time its revenue bonds for any of its authorized corporate purposes; and WHEREAS, the Authority has heretofore determined to undertake a project (the Project) , consisting of the acquisition of certain real property in the City of Eden Prairie, Minnesota (the City) and an existing building located thereon, a portion of • which (the Governmental Space) is being rehabilitated and leased with an agreement to sell to the City pursuant to a Series B Lease Agreement, dated as of December 1, 1992, between the Authority and the City (the Series B Lease) for use as a city hall and City offices, and the remainder of which (the Subleased Space) is being leased with an agreement to sell to the City pursuant to a Series C Lease Agreement, dated as of December 1, 1992, between the Authority and the City, for sublease to certain private entities; and WHEREAS pursuant to a Trust Indenture, dated as of December 1, 1992 (the Original Indenture) , between the Authority and First Trust National Association, in St . Paul, Minnesota, as Trustee (the Trustee) , the Authority has issued its Lease Revenue Bonds (City Hall Project) , Series 1992B (the Series B Bonds) and its Taxable Lease Revenue Bonds (City Hall Project) , Series 1992C (the Series C Bonds) to finance the costs of the Project; and WHEREAS, the City has requested that the Authority issue its Lease Revenue Bonds (City Hall Project) , Series 1993A, in the principal amount of $1, 415, 000 (the "Bonds") , to finance completion of the rehabilitation of the Governmental Space; and WHEREAS, the Bonds will be issued under the Original Indenture, as amended and supplemented by a First Supplemental Trust Indenture, dated as of May 1, 1993 (the First Supplemental • Indenture) , by and between the Authority and the Trustee (the Original Indenture, as supplemented and amended by a First Supplemental Trust Indenture, is referred to herein as the Indenture) and will be secured by a pledge and assignment of the • Series B Lease, as supplemented and amended by a First Amendment to Series B Lease Agreement, dated as of May 1, 1993 (the First Amendment to Lease) , between the Authority and the City (the Series B Lease, as supplemented and amended by the First Amendment to Lease, is referred to herein as the Lease) , and of the revenues, derived by the Authority from the Project, and said bonds and the interest on said bonds shall be payable solely from the revenue pledged therefor and no such bonds shall constitute a debt of the Authority or the City within the meaning of any constitutional or statutory limitation nor shall contitute nor give rise to a pecuniary liability of the Authority or the City or a charge against their general credit or taxing powers and shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the Authority or the City other than its interest in said Project; and WHEREAS, under the Lease, the City is to pay to the Authority sufficient money each year to pay the principal of, premium, if any, and interest on the bonds issued to finance the Project, and City is to provide the cost of maintaining the Project in good repair, the cost of keeping the Project properly insured, and any payments required for taxes and any expenses incurred by the Authority in connection with the Project; and WHEREAS, the Authority has offered the Bonds for sale by • means of an Official Statement, dated March 25, 1993 (the Official Statement) ; and WHEREAS, a form of the First Amendment to 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 Finance/Director Clerk. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Eden Prairie, as follows : i • 1 . Approval and Execution of First Amendment to Lease. The First Amendment to Lease, 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 First Amendment to Lease in the name of and on behalf of the City. All of the provisions of the First Amendment to 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 First Amendment to Lease shall be substantially in the form now on file in the office of the Finance Director/Clerk ith 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 the City Manager 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 they contain information describing the City and the First Amendment to Lease . 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 First Amendment to 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. • -4- v Adopted by this 6th day of AprC, 993 . r Mayor ` Attest : Fin irector/Clerk The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Harris and, upon vote being taken thereon, the following Councilmembers voted in favor thereof: Douglas Tenpas , H. Martin Jessen , Jean Harris , Patricia Pidcock and the following voted against the same: none • •