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1997 Resolutions
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1997 Resolutions
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<br />1. The City hereby finds, determines and declares that the construction and operation <br />by the Issuer of the Project in the City are in the best interest of the City and its residents. <br /> <br />2. That the City hereby specifically pledges to the Issuer the sum of approximately <br />$100,000. being the present value of the cumulative amount by which Project Revenues and <br />Issuer Pledge less Operating Cost in each year are less than 1 10% of debt service on the Bonds <br />determined by Ehlers and Associates, Inc. Based upon final terms of the Bonds, in a separate <br />account on the books and records of the City until December 3 I, 2010, to be transferred to the <br />Issuer as necessary to pay debt service on the bonds. "Project Revenues" means all revenues and <br />receipts derived by the Issuer from the operation of the Project, including tenant rentals and all <br />other monies as may be paid to or on behalf of the Issuer or to which the Issuer may be entitled <br />with respect to the Project (excluding security deposits) and all proceeds from use and occupancy <br />insurance and rental loss insurance, including investment earnings on the foregoing; "Issuer <br />Pledge" means, in any year, the lesser of (i) the actual proceeds of the Issuer levy within the City <br />for such year, net of the Issuer's general operation expenses allocated to the City for the year, or <br />(ii) the amount by with Project Revenues for such period including: (i) current maintenance and <br />repairs necessary to maintain the Project in adequate operating condition; (ii) labor and costs of <br />materials, service, and supplies used for such current operation, maintenance and repairs; (iii)costs <br />of insurance of the Project incurred in the period, whether or not actually paid in such period; (iv) <br />management fees and financing fees payable by the Issuer with respect to the Project; (v) special <br />assessment, taxes and payments in lieu of taxes incurred in the period, whether or not actually <br />paid in such period; (vi) current utility charges; and (vii) the Issue's annual management fee in an <br />amount not to exceed $4,000 per year, as adjusted annually in accordance with the Consumer <br />Price Index. Amounts pledged and segregated hereunder may be sooner released from the pledge <br />created by this resolution at any time that the sum of Project Revenues and Issuer Pledge less <br />Operating Costs for the immediately preceding year was not less than 110% of scheduled debt <br />service on the Bonds in such year, and a cash flow projection, and the then-current Operating <br />Costs, Project Revenues and Issuer Pledge (with reasonably projected adjustments for future <br />years) shows that Project Revenues and Issuer Pledge less Operation Cost in each remaining year <br />that the Bonds will be outstanding is at least equal to 110% of scheduled debt service in such <br />year. <br /> <br />3. That the City hereby approves the issuance by the Issuer of $1,290,000 aggregate <br />principal amount of Housing Development Gross Revenue Bonds (City ofCenterville Unlimited <br />Tax General Obligation), Series 1997B (the "Bond"), to which Bonds, and the payment of <br />principal of the interest thereon, the Issuer will pledge the City's general obligation, being its full <br />faith and credit and taxing power, as authorized by Minnesota Statutes, Section 469.034, subd. 2. <br /> <br />4. That such approval is subject to final determination by the Issuer to be made in the <br />Issuer's Resolution approving the sale of the Bonds that the projected revenues pledged to the <br />payment of the Bonds will equal or exceed 110% of the principal and interest due on the Bonds <br />for each year of their term, and subject further to the condition that the net interest cost of the <br />Bonds shall not be greater than 6.0%. <br /> <br />5. That the City hereby approves the use of the proceeds of the Bonds to acquire and <br />
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