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<br />d <br />J <br /> <br />.( <br /> <br />. <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF ARDEN HILLS <br /> <br />RESOLUTION NO. 96 - 47 <br /> <br />A RESOLUTION APPROVING P ARTICIP A TION IN <br />FINANCING, CONSTRUCTION AND OPERATION OF <br />A FOUR-SHEET ICE FACILITY <br /> <br />WHEREAS, the City of Arden Hills ("City") has determined a need to provide its residents with <br />access to an indoor ice arena intended to be used predominantly for youth athletic activities; and <br /> <br />WHEREAS, the Minnesota Amateur Sports Commission ("MASC") proposes to construct and <br />operate a facility consisting of four Olympic-size ice sheets and related facilities (the "Facility") <br />on the property ofthe National Sports Center located in Blaine, Minnesota; and <br /> <br />WHEREAS, the Cities of Arden Hills, Mounds View, New Brighton and Shoreview have been <br />offered the opportunity to participate in the construction and operation of the Facility, thereby <br />obtaining a priority right to schedule ice time with respect to the ice surfaces at the Facility; and <br /> <br />. WHEREAS, the financing of the Facility will be undertaken by the issuance ofrevenue bonds of <br />the Anoka County Housing and Redevelopment Authority (the "HRA"), the proceeds of which <br />will be used to acquire a general obligation bond of Anoka County, Minnesota (the "County"); <br />and <br /> <br />WHEREAS, the County is required, as a condition to issuance of its general obligation bonds, to <br />receive an analysis provided by a professional experienced in finance, supporting a finding that <br />the Facility's revenues and other available money will be sufficient to pay debt service with <br />respect to the bonds; and <br /> <br />WHEREAS, the County, the HRA, and MASC will enter into an agreement pursuant to which <br />the Facility will be financed and constructed, and MASC will pledge revenues of the Facility to <br />the repayment of the bonds; and <br /> <br />WHEREAS, MASC has proposed that there will be an agreement to be entered into among <br />MASC, the City and other participating cities setting forth the respective rights and obligations <br />of the parties with respect to the Facility; and <br /> <br />WHEREAS, Ramsey County has included $500,000 in their 1997 tax levy to participate in the <br />project by funding the initial capital contribution requirement; and <br /> <br />. <br />
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