HomeMy WebLinkAboutResolution - 79-219 - Final Approval MIDB- Menards - tpkll2779
CITY COUNCIL
OF THE
CITY OF EDEN PRAIRIE, MINNESOTA
RESOLUTION NO . 79- ,;,2-
BOND RESOLUTION AUTHORIZING
$3 , 000 ,000
CITY OF' EDEN PRAIRIE , MINNESOTA
INDUSTRIAL DEVELOPMENT REVENUE BONDS , SERIES A
(MENARD , INC . PROJECT)
WHEREAS , the City of Eden Prairie , Minnesota
(the "Municipality") , is a municipal corporation organized
and existing under and pursuant to the laws of the State
of Minnesota and is authorized by Chapter 474 of the Statutes ,
as amended (hereinafter sometimes referred to as the "Act") ,
to issue revenue bonds and loan the proceeds thereof -o
contracting parties to finance the acquisition , construction
and equipping of "projects" as defined in the Act , and to
make all contracts , execute all instruments and do all things
necessary or convenient in the exercise of such authority ;
and
WHEREAS , Menard , Inc . , a Wisconsin corporation (the
"Borrower "','; , has heretofore requested the Municipality to issue
industrial development revenue bonds to finance a project on
behalf of the Borrower as a contracting party under the Act ;
and
WHEREAS , it has heretofore been found and determined
that said project consisting of land , building and equipment
for the purpose of constructing and equipping a facility to be
used for the retail sale of lumber , home improvement products and
related products , the leasing of retail space and warehousing
(hereinafter called the "Project ") is a qualified "project "
within the meaning of the Act and that the Borrower is a "con•-
Lracting party" within the meaning of the Act ; and
WHEREAS , on January 16 , 1979 , this body adopted a
resolution pursuant to the Act (the "Resolution") wherein it
was resolved that the Municipality would issue industrial de-
velopment revenue bonds to finance the Project , subject how-
ever , to the satisfaction of certain conditions including the
approval by this body of the terms of the bonds and the revenue
agreement described in said resolution ; and
WHEREAS, the Borrower has now requested that the Munici-
pality provide for the issuance of $3 , 000 , 000 principal amount of
industrial development revenue bonds upon the terms set forth in
this Resolution (as herein described , the "Series A Bonds ") ; and
WHEREAS, in connection therewith the Borrower has
presented the Municipality with proposed documentation for the
Series A Bonds , as follows :
(a) a Bond Purchase Agreement , to be dated as
of the date of adoption of this Bond Reso-
lution (the "Bond Purchase Agreement ") , to
be entered into by and among the Munici-
pality , the Borrower and First Wisconsin
National Bank of Milwaukee (the "Bond Pur -
chaser") , setting forth the terms and condi-
tions on which the Municipality will sell
and the Bond Purchaser will purchase the
Series A Bonds ; and
(b) an Indenture of Trust , to be dated as of
November 1 , 1979 (the "Indenture") , to be
entered into between the Municipality and
the corporate trustee hereinafter desig-
nated (the "Trustee") , providing for the
creation of the Series A Bonds , the terms
thereof and the security therefor ; and
(c) a Loan Agreement , to be dated as of November
1 , 1979 (the "Loan Agreement ") , to be
entered into between the Municipality and
the Borrower providing for a loan of the
Series A Bond proceeds to the Borrower
on repayment terms scheduled to provide
the Municipality with revenues sufficient
to retire the Series A Bonds in accordance
with their terms , and
(d) a Promissory Note , to be dated November 1 ,
1979 (the "Promissory Note") , to be issued
by the Borrower payable to the order of the
Municipality in the principal. amount of
$3, 000 , 000 as evidence of the borrowing
provided for in the Loan Agreement and to
be assigned by the Municipality to the
Trustee; and
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(e) a Mortgage and Security Agreement to be
dated as of November 1 , 1979 (the "Mort -
gage") , from the Borrower to the Trustee
providing collateral security for the per-
formance of the Borrower ' s obligations under
the Loan Agreement ; and
WIiEREAS , in accordance with the Act , this Resolution
and the aforesaid instruments and documents , the Series A Bonds
and interest thereon shall never constitute a debt of the Munici-
pality within the meaning of any State constitutional or statu-
tory limitation: and shall not constitute a charge , lien , or
encumbrance , legal or equitable , upon any property of the Munic-
ipality (except any interest in the property subject to the Mort-
gage or the Indenture) ; and
WHEREAS , it is in the public interest of the Munici-
pality to encourage and promote the development of projects such
as the Project in order to realize public benefits such as , but
not limited to , the retention of existing and related industries
and the attraction of new industries which will utilize the existing
and available educational and public service facilities of the Mu-
nicipality ; the provision of opportunities to effectively use and
compensate talented, educated personnel of mature age who might
otherwise leave the Municipality ; the stimulation of the flow of
investment capital into the Municipality with resultant beneficial
effects on the economy in the Municipality ; and the maintenance or
increase in the tax base of the Municipality resulting in greater
support for education and Municipal services ; and
WHEREAS , the develo-)ment of the Project and the issuance
of Bonds to finance the Project as herein recited will, in the
judgment of this body , serve the intended accomplishments of public.
purpose and in all respects conform to the provisions acid require-
ments of the Act ;
NOW, THEREFORE , BE IT RESOLVED :
1 . Findings and Determinations . It has been found
and determined and is hereby declared that :
(a) based upon the representations made to the
Municipality by the Borrower as to the nature
of the Project and the anticipated use of the
proceeds of the Series A Bonds . the real
property , improvements and equipment des-
cribed in the Loan Agreement and the Mortgage
constitute a project authorized by the Act ;
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(b) the Borrower is a qualified contracting
party" under and for purposes of the Act ;
(c) the Loan Agreement meets the requirements of
a "revenue agreement " under and for purposes
of the Act ;
(d ) the loan payments pursuant to the Loan
Agreement are fixed and are required to be
revised from time to time as necessary , so as
to produce income and revenue sufficient to
provide for the prompt payment of principal
and interest on the Series A Bonds when due ,
and the Loan Agreement also provides that the
Borrower is required to pay all expenses of
the operation and maintenance of the Project ,
including but without limitation, adequate
insurance thereon and all taxes and special
assessments levied upon or with respect to
the land and payable during the term of the
Loan Agreement ;
(e) based upon the representat ions of the Bor -
rower , the est imated aggregate cost of pro-
viding the Project and paying the costs
incident to the financing is not less than
$3, 000 , 000 ;
(f ) the Municipality is a city , duly created
and validly existing pursuant to the Consti-
tution and laws of the State of Minnesota ;
(g) the Resolution was duly and validly adopted
by this body at a meeting duly called and
held in open session pursuant to the laws of
the State of Minnesota , the other ordinances
of the Municipality and the standing resolu-
tions and rules of procedure of this body and
neither the Resolution nor any portion of it
has been repealed , rescinded or revoked ;
(h ) this Bond Resolution is being considered by
this body at a meeting duly called and held
in open session pursuant to the laws of the
State of Minnesota , the other ordinances of
the Municipality and the standing resolutions j
and rules of procedure of this body ;
( i ) the Municipality has full right , power and
authority to enter into , execute and deliver_
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the Bond Purchase Agreement , the Series A
Bonds , the Loan Agreement and the Indenture
and to perform its obligations thereunder ;
(j ) the execution , delivery and performance of
the Bond Purchase Agreement , the Indenture
and the Loan Agreement and the execution of
the form of ass ignuient of the Promissory
Note will not conflict with or constitute on
the part of the Municipality a breach of or
default under the Municipality ' s statutory '
enabling act , its ordinances or any commit-
ment , agreement or instrument to which the
Municipality is a party , or by which it is
bound , provided that this finding is made
solely for the purpose of estopping the
Municipality from denying the validity of the
Loan Agreement , the Bond Purchase Agreement ,
the assignment of the promissory note,
the Indenture or the Series A Bonds by reason
of the existence of any facts contrary to
this finding ;
(k) there is no litigation , administrative
proceeding or investigation pending against
the Municipality (nor , to the knowledge of
the Municipality , is any such action threat-
ened ) which in any way affects , contests ,
Questions or seeks to restrain or enjoin any
of the following : ( i ) the validity of the
Act , the Resolution or this Bond Resolution ;
(i i) any of the proceedings had or actions
taken leading up to the issuance of the
Series A Bonds or the execution , delivery
or performance of the Bond Purchase Agree -
ment ; (iii) the delivery , validity or en-
forceability of the Series A Bonds or any of
the docuLnents referred to in subparagraph ( i)
of this paragraph I . ; (iv) the corporate
existence of the Municipality ; (v) any
corporate boundary or geographic jurisdiction
of the Municipality which may affect the
Project ; or (vi ) the right of the Mayor , the
City Manager , the Clerk or any member of
th is body to hold his or her of f ice ;
(1) the Municipality has not been notified (nor ,
to the knowledge of the Municipality, is any
such notification contemplated or threatened)
by the Internal Revenue Service of any listing
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of the Municipality as an issuer that may
not certify its bonds ;
(m) the Municipality has not initiated any
proceedings to change the Municipality ' s
current form of government ; and
(n) all acts and things required under the
Constitution and Laws of the State of
Minnesota to snake the Series A Bonds , the
Loan Agreement , the Bond Purchase Agreement ,
and the Indenture valid and binding obliga-
tions of the Municipality in accordance with
their terms will have been done upon adoption
of this Bond Resolution and the execution of
the Series A Bonds and said documents ;
provided that this finding is made solely
for the purpose of estopping the Municipality
from denying the validity of the Loan Agre�-
ment , the Bond Purchase Agreement , the
Indenture , or the Series A Bonds by reason of
the existence of any facts contrary to this
finding .
2 . Authorization to Borrow and to Lend . The Munici-
pality shall barrow , but only in the manner herein recited , the
sum of $3 , 000 , 000 for the purpose of ( i) financing the costs
of providing the Project , ( ii ) paying the costs of issuing
and selling the Series A Bonds , and ( iii ) paying such other
costs related thereto as are permitted to be paid with bond
proceeds under the Act. Said borrowing shall be accomplished
through the sale of the Series A Bonds issued pursuant to the
Act . The Municipality shall lend the SLIM of $3 , 000 , 000 to the
Borrower pursuant to the terms of the Loan Agreement , which
borrowing shall be evidenced by the Promissory Note and shall
be secured by the Mortgage which will constitute a real estate
mortgage on and a security interest in the Project .
3 . Designation , Denomination , Tenor and Maturity of
Series A Bonds Created for Issuance . The Series A Bonds shall
be issued in the principal amount of. $3 , 000 , 000 and shall. be
designated :
CITY OF EDEN PRAIRIE, MINNESOTA
INDUSTRIAL DEVELOPMENT REVENUE BONDS , SERIES A
(ME.NTARD , INC . PROJECT)
The Series A Bonds shall mature in accordance with the
schedule provided in the table below :
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k Pr inc ipal Interest
Princi_al Maturity Date Amount Rate_
May 1 , 1.983 $125 , 000 6 .55%
November 1., 1.983 125 , 000 6 .55
May 1 , 1984 125 , 000 6 .65
November 1, 1984 125 , 000 6 . 70
May 1 , 1985 125 , 000 6 . 75
November 1, 1985 125 , 000 6 . 80
May 1 , 1986 125 , 000 6 . 85
November 1, 1986 125 , 000 6 . 90
May 1 , 1987 125 , 000 6 . 95
November 1, 1987 125 , 000 7 . 00
May 1 , 1988 125 , 000 7 . 05
November 1, 1988 125 , 000 7 . 10
May 1 , 1989 1.25 , 000 7 . 15
November 1, 1989 125 , 000 7 . 20
May 1 , 1990 125 , 000 7 . 25
November 1, 1990 125 , 000 7 . 30
May 1 , 1991 125 , 000 7 . 35
November 1, 1991 125 , 000 7 . 40
May 1 , 1992 125 , 000 7 .45
November 1 , 1992 125 , 000 7 . 50
May 1 , 1993 125 , 000 7 . 55
November 1 , 1993 125 , 000 7 . 60
May 1 , 1994 125 , 000 7 . 65
November_ 1 , 1994 125 , 000 7 . 65 -
The Series A Bonds shall bear interest from their date at the
respective rates per annum set forth in the schedule in the table
above . Interest shall be payable on May 1 , 1980 , and semiannually
thereafter on the first day of May and November in each calendar
year until paid .
The Series A Bonds shall be issuable only in the form
of typewritten or engraved fully registered bonds , in denomina-
tions of $25, 000 or any integral multiple thereof not exceeding
the principal amount of the single maturity covered thereby . The
Series A Bonds shall not be issuable as or exchangeable into cou-
pon Bonds . Series A Bonds and the interest thereon shall be trans -
ferable by and shall be payable to the registered owners thereof
in the manner and with the effect provided in the Indenture . The
principal of, premium, if any , and interest on the Series A Bonds
shall be payable in lawful money of the United States of America
at the principal corporate trust office of. the Trustee, as paying
agent , or the office of any successor or additional paying agent
designated by the Municipality and approved by the Borrower , or
as otherwise provided in the Indenture .
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The Series A Bonds sh .sl l be dated November, 1 , 1979 , ex-
cept in thel ca;= e of Ser les A Bonds is:: u0d and authenticated after
i the first interest date wjr ich shill be dated in accord -
ance with the provi s ions therefor prov ided in the Inclentur-- e
Series A Bonds steal I be letreue�d with the prefix "AR" and con-
secut ively from 1 upw,lyds iri the order of their issuance .
The Se ; i e :; A Bon,i�, sh- ill be issued in the respective
forms th,- refor 5; s - L Eor. Lir in the Indenture , with such insec -
ti-ons therein as shill be nec-e_s s .ary to cocrply with the terms of
this Resolution and with such cor r- ect ions therein, if any , as
the apProv i nc; bond at- L.o[ nt;✓ rl;.ay require for con forrn iry with the
ter. ai_-; of tln is RE SOILIL ion , the Indetit. ure acid the Act .
4 . ExE.'(' ut i0f) acid AunccriL icat ion of Ser [es A Bonds _
fine Ser i. es A Bonds sh i 11_ be exr cutf�d on behaI f of the Mun is i-
pality with the rnrrnual or facs imile signarure of its Mayor ,
courlLE- rsi-ned with the al<inual or Facsimile si-nature of its City
tfanrJ`;f c a11(1 its Cl cork and shril l have impressed , irnpri Fit:ed or
olh(-- rwise reproduced th(: reon the oEf is ial se ,-il of the Mu1-iici -
pa lir_- y or- a Ears irn i 1_e thereoE . No Ser ies A Bond sha_.11- be issued
unle,� Eirst authentic;_ited by the TrusLe::- , to be evidenced by
the ; nu-11 S, ig n <.i ; -Irr of an Juthor i-- red off ic- [- of the Trustee on
e i S ic,_; A F',t_;n,l .
5 . Desi gnat ion of Trustee . The " un is ipaIity hereby
desi�rlatt„s and appo ints r iust Wiscon;--. in Trust Company , Milwaukee ,
Wiscuras in , to perf-ocm the furlct_- ions of the Trustee , bond registrar
a rid p:-ry in agent udder the Ind(--11ture .
b . A d d i t i.onaI ;ponds . Bonds in add i t ion to the Series
A Bonds fn,!y be issued f=rOrn t iule to time under the Indenture Sub-
ject to the terms and cond it ions therein provided and subject
to the apl.;roval of this body . If so issued , such additional
Bonds sha I l r:_rnk equally and on a parity with the Series A Bonds .
1'he Series A Bond,; and any such additional Bonds are hereinafter
collectively referred to as the "Bonds " .
7 . Secles A Bonds as Limited Ob1-igat ions . The Series
A Bonds and interest thereon shall never be or be considered a
general obl- igat: ion of the Municipality or a debt of the Muni c i -
pality with in the uit-aning, of any State coast itut ional. or, statutory
l iotitar ion and shall_ not constitute a charge , lien or encumbrance ,
legal or equitable , upon any property of the Municipality created by virtue
of this financing puns-u nt to the Act (except any interest of the Municipality
in the property subject to the Mortgage or the Indenture) .
8 . No [Zi -ht to Tax ink, Po.✓er . No holder of any Ser ies
A Bond shsl 1 even have the r ight to coc�ipel arty exercise of the
e
taxing power of the Municipality to pay the Series A Bonds cc
the premium, if any , and the interest thereon except to the extent
the Municipality chooses to further secure the Series A Bonds pur-
suant to subdivisions 2 and 3 of Section 474 . 10 of the Minnesota
Statutes .
9 . Source of Payrnent ; Pledge of Revenues . The
Series A Bonds shall be limited obligations of the Municipality
payable by it solely from revenues and income derived by or for
the account of the Municipality from or for the account of the
Borrower pursuant to the terms of the Loan Agreement , the Prom-
issory Note , the Mortgage and the Indenture including , without
limitation (i ) all payments by the Borrower on the Promissory
Note or pursuant to the Loan Agreement , (ii) all monies derived
by recourse to the Mortgage and (iii) all cash and securities
held from time to time in the trust funds created under the In-
denture, and the investment earnings thereon ; but excluding any
amount- s derived by the Municipality for its own account pursuant
to Sections 7 . 3 and 7 . 4 of the Loan Agreement (relating to taxes ,
governnien` al charges and indemnity payrnenrs) .
As security for the payment of the principal of , pre-
mium, if any , grid interest on the Bonds , the Municipality shall
pledge and assign to the Trustee all of its right , title and
interest in and to the Promissory Note , the Loan Agreement (ex-
cept for its rights to receive and enforce payment of certain
taxes , expenses and indemnity payments from the Borrower as set -
forth in the Indenture and the Loan Agreement ) and the trust
funds held by the Trustee under the Indenture .
10 . Redemption of Series A Bonds Prior to Maturity .
The Series A Bonds shall be subject to redemption prior to
maturity as provided in the Indenture and summarized below :
(a) Extraordinary Event Redemption . Upon or
within one year following the occurrence of
any of the extraordinary events specified in
the Indenture , the Borrower shall have the
option of having the Series A Bonds redeemed
in whole (but not in part ) at 100% of the
principal amount thereof , plus accrued
interest to the redemption date , and without
premium.
(b) Mandatory _Bede tt ion in Event of Tax Violation .
The Series A Bonds shall be subject to mandatory
redemption in whole upon the occurrence of a
"Tax Violation" as defined in the Indenture (re-
lating to taxability of interest on Bonds) as
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defined in the Indenture at 100% of principal
amount , plus accrued interest to the redemption
date, plus a premium equal to 6 .25% of the prin-
cipal amount of the Series A Bonds so redeemed .
Upon certain conditions in the event of a Tax
Violation , the holders of the Series A Bonds
shall be entitled to certain additional payments
determined in accordance with the provisions of
the Indenture .
(c) Optional Redemption . The Series A Bonds shall
Se subject to redemption prior to maturity by
the Municipality (at the Borrower ' s direction)
in whole on any date , or in part on any interest
payment date , and if in part , in inverse order
of maturity and within a maturity by lot , at
100% of principal amount , plus accrued interest
to the redemption date and without added premium.
Notice of any redemption of Series A Bonds prior to stated
maturity shall be given in the manner provided in the Inden-
ture . The principal of , premium , if any , and interest on
Series A Bonds called for redemption as aforesaid shall be
payable solely from moneys held by the Trustee under the
Indenture and available therefor , including moneys derived
from the Borrower for such purpose pursuant to the Loan
Agreement or the Mortgage .
11 . Trust Funds . The trust funds described in
the Indenture shall be created under the Indenture to be held
in the custody of the Trustee and applied for the uses and
purposes provided in the Indenture .
12 . Investment of Trust Funds . Any moneys held
as a part of the Trust Funs held by the Trustee under the
Indenture hereof may be invested and reinvested by the Trustee
upon request by the Borrower_ in M securities which are di-
rect , full faith and credit obligations of the United States of
America , ( i i ) securities which are unconditionally guaranteed
as to both principal and interest by the United States of
America , ( i ii) bank repurchase agreements with any national or
state bank in the United States which is a member of the Federal
Reserve System and whose combined capital and surplus equals or
exceeds $10 , 000 , 000 , which agreements are fully secured by
direct , full faith and credit obligations of the United States of
America , and (v) interest-bearing accounts , time deposits and
certificates of deposit issued by any bank , trust company or
national banking association ( including the Trustee and any
affiliate of the Trustee) authorized under the laws of the United
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States or any state to exercise corporate trust powersswhich has
aggregate capital , surplus and undivided profits in excess of
$10, 000 , 000 , but in no event shall the amount invested at any one
time in interest-bearing accounts , time deposits or certificates
of deposit of any particular bank , trust company or national
banking association equal or exceed 20% of the capital , surplus
and undivided profits of such bank , trust company or national
banking association .
13 . Determination of. Revenue Payment . The amount
necessary in each year to pay the principal of , premium, if any ,
and interest on the Series A Bonds is the sum of (i) the amount
of principal becoming due in such year in accordance with the
table in paragraph 3 of this Bond Resolution (as reduced from
time to time by reason of prior redemptions and open market
purchases of Series A Bonds in accordance with the Indenture) ;
plus (ii) the principal amount or Series A Bonds to be redeemed
in such year in accordance with a call for .redemption made in
accordance with paragraph 9 of this Bond Resolution and. the
Indenture , plies the premium, if any , payable with respect there-
to ; plus (i. ii ) the amount of interest becoming due in such year
on the Series A Bonds in accordance with the interest rates
specified in the table in paragraph 3 of t-his Bond Resolution .
In expressing the Borrower ' s obligation to make the
necessary revenue payments , it shall suffice herein and in the
Loan Agreement to state that the Borrower shall be obligated
to pay the Municipality (or the Trustee for the account of the
Municipality) amounts sufficient to pay when due the principal
of , premium, if any , and interest on the Bonds ,
The Loan Agreement contains provisions , adequate in
the judgment of this body , requiring the Borrower to provide
for the maintenance of the Project and the carrying of all
proper insurance with respect thereto . Consequently , the
Borrower need not be required to pay amounts into any reserve
funds for the retirement of the Series A Bonds or for the
maint enance of the Project .
14 . Award of Series A Bonds ; Execution and Delivery
of the Bond Purchase Aar. eement . The Borrower has negotiated for
the sa1E! of the Series A Bonds to the Bond Purchaser at a price
of 100% of the principal amount of the Series A Bonds , plus
accrued interest to the date of delivery . Given the purposes
of the financing and the involvement of the Municipality there-
with , it is the determination of this body that the Series A
Bonds shall be hereby awarded to the Bond Purchaser at the price
aforesaid with delivery to follow in the manner , at the time and
subject to the conditions set forth in the Bond Purchase Agree-
ment . As evidence thereof , the Mayor , City Manager and Clerk
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are hereby authorized and directed for and in the name of. the
Municipality to execute , affix with the official sea]. of the
Municipality and deliver the Bond Purchase Agreement in the form
presented herewith , or with such insertions therein or correc-
tions thereto as shall be approved by the Mayor , City Manager_ and
Clerk consistent with this Bond Resolution and the terms of the
Act , their execution thereof to constitute conclusive evidence
of their approval of any such insertions and corrections .
15 . Execution and Deliver of the Loan A rg eement
and the Indenture ; Assignment of:the Promissory Note. The terms
and provisions of the Promissory Note , the Loan Agreement , the
Mortgage and the Indenture are hereby approved . The Mayor , City
Manager and Clerk are hereby authorized for and in the name of
the Municipality to execute , affix with the official seal of
the Municipality and deliver the Loan Agreement , the Indenture
and the assignment of the Promissory Note in the respective forms
thereof presented herewith , or with such insertions therein or
corrections thereto as shall be approved by the Mayor , City
Manager and Clerk consistent with this Bond Resolution and the
terms of the Act , their execution thereof to constitute con-
clusive evidence of their approval. of any such insertions and
cor rec t ions .
15 . Execution and Delivery of the Series A Bonds . The
Mayor , City Manager and Clerk are hereby authorized for and in
the name of the Municipality to execute the Series A Bonds in
the manner authorized by paragraph 4 of this Bond Resolution .
Subject to the terms and conditions of the Bond Purchase Agree-
ment, the Municipality shall deliver the Series A Bonds to the
Bond Purchaser .
17 . General Authorizations . The Mayor , City Manager
and Clerk and the appropriate deputies and officials of the
Municipality in accordance with their assigned responsibilities
are hereby each authorized to execute , publish , file and record
such other documents , instruments , notices and records and to
take such other actions as shall_ be necessary or desirable to
accomplish the purposes of this Bond Resolution and to comply
with and perform the obligations of the Municipality under the
Series A Bonds , the Bond Purchase Agreement , the Loan Agreement
and the Indenture .
In the event that the Mayor , City Manager or Clerk
shall be unable by reason of death , disability , absence or va-
cancy of off ice to perform in timely fashion any of the duties
specified herein (such as the execut ion of Series A Bonds , the
Bond Purchase Agreement , the Loan Agreement , the Indenture or
the assignment of the Promissory Note) , such duties shall be
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performed by the officer or, official succeeding to such duties
' in accordance with law and the ordinances of the Municipality .
18 . Election Under the Internal Revenue Code . The
Municipality hereby elects to have the provisions of Section
103 (b) (6) (D) of the Internal Revenue Code of 1954 , as amended ,
applied to the issuance of the Series A Bonds . The Mayor , City
Manager , Clerk or any of them are authorized to execute and
file , for and in the name of the Municipality , such documents
as may he necessary or appropriate to effectuate said election .
19 . Effective Date ; This Resolution
shall be effective immediately upon its passage and approval.
The foregoing resolution of the amity Council of
the City of Eden Prairie , Minnesota , was adopted , approved and
recorded on 1979 .
/�MaVor
City Manager
4.�- ,
rk
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