HomeMy WebLinkAboutResolution - HRA 92-06 - Lease Revenue Bonds Series 1992 B & C, Municipal Administration Building Project - 12/15/1992 HRA RESOLUTION NO. 92-05
RESOLUTION RELATING TO LEASE REVENUE BONDS
(MUNICIPAL ADMINISTRATION BUILDING PROJECT) ,
SERIES 1992B AND 1992Cf 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 (Municipal
Administration Building Project) , Series 1992E and 1992C, in the
aggregate principal amount of $ 12 ,115 ,000. 0Q- (the "Bonds") ,
to finance the cost of a project, consisting of the acquisition
and remodeling of an existing building to be used as a. municipal
administration building (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 . TgrMs of Proposal, Springsted Incorporated,
financial consultant to the Authority, is hereby directed to
prepare a form of Terms of Proposal for the Bonds which -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, December 1.5, 1992, at 7 : 30 o'clock p.m. ,
for the purpose of considering se ed bids for the purchase of the
Bonds, and of taking such action h reon a"maybethe best
interests of the Authority.
Ali & I
AA JKl
airperson
Attest. .a
Secretary
f