HomeMy WebLinkAboutResolution - HRA 92-02 - Lease Revenue Bonds Community Center Project, Series 1992 - 06/16/1992 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY
HRA RESOLUTION NO. 92-02
RESOLUTION RELATING TO LEASE REVENUE BONDS
(COMMUNITY CENTER PROJECT) , SERIES 1992;
AUTHORIZING THE ISSUANCE AND CALLING FOR THE
SALE THEREOF
BE IT RESOLVED by the Board of Commissioners of. the
Housing and Redevelopment Authority in and for the City of Eden
Prairie, Minnesota (the "Authority") , as follows :
Section 1 . Findings . 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
Authority is authorized to issue from time to time its revenue
bonds for any of its authorized corporate purposes . The Authority
hereby determines that it would be in the best interests of the
Authority and in furtherance of the purposes and policies of the
Act for the Authority to issue its Lease Revenue Bonds (Community
Center Project) , Series 1992, in the principal amount of $2 ,640 ,000
(the "Bonds") , to finance the cost of a project, consisting of the
construction of an addition and other improvements to a community
center facility (the "Project") located in the City of Eden'
Prairie, Minnesota (the "City") , and to lease and agree to sell
the Project to the City pursuant to and in accordance with a lease-
purchase contract . The Authority is authorized to undertake the
Project under Minnesota Statutes, Section 469.012, Subdivision
1 (7) . The Bonds would be special, limited obligations of the
Authority payable solely from the amounts received from the City
pursuant to the lease-purchase contract, except to the extent paid
from proceeds of the Bonds, investment income and the proceeds of
any insurance claim or condemnation award with respect to the
Project.
Section 2 . Terms of Proposal. Springsted Incorporated,
financial consultant to the Authority, is hereby directed to
prepare and present to this Board a form of Terms of Proposal for
the Bonds which, when approved by this Board, shall be placed on
file in the office of the Secretary *of the Authority. Springsted
Incorporated, as an independent financial adviser, pursuant to
Minnesota Statutes, Section 475. 60, Subdivision 2, paragraph (9)
is hereby authorized to solicit bids for the Bonds on behalf of
the Authority on a negotiated or competitive basis.
Section 3. Sale Meeting. This Board shall meet at the
City Hall on Tuesday, June 16, 1992, at o'clock p.m. , for
the purpose of considering sealed s for he purchas of the
Bonds, and of taking such action he eon a may be i the best
interests of the Authority. I j1 %
hairperson
Attest: � �"
Executi e Directo
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