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. f' . . . Resolution No. 96 - 47 September 30, 1996 Page Two WHEREAS, the City is authorized by Minnesota Statutes 475 to enter into an agreement with respect to financing the Facility; and is further authorized by Minnesota Statutes, Section 471.191, to secure its obligations pursuant to the agreement by a first charge on the gross revenues of the Facility and to provide for a levy of taxes for the payment of operating costs of the Facility to the extent that revenues are insufficient therefore, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MINNESOTA: 1, The City hereby determines and agrees to participate in the financing, construction, operation and use of the Facility, provided that the City's participation shall be in an amount established within a supplemental agreement between the Cities of Arden Hills, Shoreview, Mounds View, and New Brighton. 2. The City agrees to secure rental income for the Facility in an amount at least equal to the agreed-upon hourly rental rates times its Percentage Share of agreed-upon prime time hours (not less than 2,080), which rental income shall be passed through for the purpose of paying debt service with respect to the bonds and paying operating costs of the Facility. 3, The agreement to participate in this project is subject to the following conditions: A. Approval of the Master Agreement between the MASC and all of the participating communities; B. Approval of a Supplemental Agreement, including a $500,000 escrow, between the Cities of Arden Hills, Mounds View, New Brighton, and Shoreview and the Mounds View and lrondale Youth Hockey Associations; C. Approval of a Supplemental Agreement between the Cities of Arden Hills, Mounds View, New Brighton, Shoreview and Ramsey County which includes the County's $500,000 capital contribution toward the project; D, Review of the final agreements by the City's Accountant and Financial Advisor to determine future impact on the City's Bond rating; E. Participation in the project by the Cities of Mounds View, New Brighton and Shoreview; and F, Financial commitment from communities for all four sheets of ice at the National Sports Center.