HomeMy WebLinkAboutResolution - 2007-52 - Community Center Project Obligations - 04/17/2007 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2007-52
RESOLUTION AUTHORIZING REISSUANCE AND
ISSUANCE OF OBLIGATIONS FOR COMMUNITY CENTER PROJECT
BE IT RESOLVED, by the City Council (the "Council") of the City of Eden Prairie,
Minnesota(the "City"), as follows:
SECTION 1. Recitals.
I.I. The Council has received a proposal that the City reissue as qualified 501(c)(3)
bonds its General Obligation Bonds, Series 2005C, issued and outstanding in the principal
amount of$4,920,000 and dated, as originally issued, as of December 1, 2005 and its General
Obligation Bonds, Series 2006A, issued in the original principal amount of$8,425,000 and
outstanding in the principal amount of$7,975,000 and dated, as originally issued, as of January
1, 2006 (together, the "City Obligations"). The Housing and Redevelopment Authority in and
for the City of Eden Prairie (the"HRA") also proposes to reissue the Lease Revenue Refunding
Bonds (City Hall and Community Center Projects), Series 2002A (the "HRA Obligations";
together with the City Obligations, the "Prior Obligations"). The HRA further proposes to issue
its Public Facility Lease Revenue Bonds, Series 2007A, in a principal amount not to exceed
$1,800,000 (the "2007A Bonds"). The Obligations are proposed to be reissued, and the 2007A
Bonds are proposed to be issued, pursuant to the requirements of the Internal Revenue Code of
1986, as amended, and the regulations promulgated thereunder(the "Code"), for the purpose of
financing or refinancing a portion of the cost of various community-wide improvements
including improvements to the City's community center, park land acquisition and trails (the
"Project"). The portion of the Project constituting the community center(the "Community
Center Project") is located at 16700 Valley View Road, Eden Prairie, Minnesota 55346. The
Community Center is expected to be used by the general public, the City and qualified 501(c)(3)
organizations including but not limited to the Eden Prairie Hockey Association.
1.2. At a public hearing, duly noticed and held on the date hereof, in accordance with
Section 147(f) of the Code on the proposal to reissue the Obligations and issue the 2007A Bonds
as qualified 501(c)(3)bonds, all parties who appeared at the hearing were given an opportunity
to express their views with respect to the proposal, and interested persons were given the
opportunity to submit written comments to the City Clerk before the time of the hearing.
SECTION 2. FINDINGS AND APPROVAL. The City hereby finds and resolves that:
based on the public hearing, such written comments (if any) and such other facts and
circumstances as the City Council deems relevant, the City Council finds that it would be
desirable and in the best interest of the City to reissue the City Obligations as qualified 501(c)(3)
bonds pursuant to the provisions of the Code. In addition, for purposes of Section 147(f) of the
Code, the City approves the reissuance of the HRA Obligations and the issuance of the 2007A
Bonds.
SECTION 3. Information Required. The City Clerk and other officers of the City are
authorized and directed to prepare and furnish to bond counsel to the City certified copies of all
proceedings and records of the City relating to the refinancing and financing of the Project and
the reissuance of the Obligations and issuance of the 2007A Bonds as qualified 501(c)(3)bonds,
and such other affidavits and certificates as may be required to show the facts appearing from the
books and records in the officers' custody and control or as otherwise known to them; and all
such certified copies, certificates and affidavits, including any heretofore furnished, shall
constitute representations of the City as to the truth of all statements contained therein.
ADOPTED by the City Council of the City of Eden Prairie this 171h day of April, 2007.
I& kl-�—
Phil Young, May
ATTEST:
V- 14�1
Katkfeen Porta, City Clerk