2004-03-24 City WS & Council Meeting

Home Browse Search

meaning of any constitutional or statutory limitation nor give rise to a pecuniary liability of the Issuer or the City or a charge against their general credit or assets and shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the Issuer or the City other than the Issuer's interest in said Project, provided that the full faith and credit of the County of Anoka (the "County") shall be pledged to the payment of principal of and interest on the Bonds; and WHEREAS, the City is authorized by the laws of the State of Minnesota, particularly Minnesota Statutes, Section 469.041 and Section 471.191, subdivision 2 to provide in its budget each year for any anticipated deficiency in revenues of the Project available for operation and maintenance of the Project, and to levy a tax for such purpose; and WHEREAS, the Issuer and the County have requested, as a condition to the issuance of the Bonds, that the City provide its support to the Project and the Bonds by pledging funds to pay operating and maintenance costs of the Project, to the extent Project revenues are insufficient for such purpose, for a five year period; NOW, TIffiREFORE, BE IT RESOLVED BY TIffi CITY COUNCIL OF TIffi CITY OF CENTERVILLE; 1. It is hereby found, determined and declared that the preservation of the quality of life in the City is dependent upon the construction, maintenance, provision, and preservation of an adequate housing stock which is affordable to elderly persons and families of low or moderate income and that accomplishing this is a public purpose. 2. The Operating Deficit Agreement (the "Operating Deficit Agreement") in substantially the .form submitted to the City at this meeting is hereby approved. The Operating Deficit Agreement is hereby authorized and directed to be executed and delivered in the name and on behalf of the Issuer by its Mayor and City Administrator, provided that the form and terms of the Operating Deficit Agreement may be varied prior to execution and delivery by the parties thereto, provided that any such variance shall not be, in the opinion of the Mayor, materially adverse to the interests of the City. The execution and delivery of the Operating Deficit Agreement as provided above shall be conclusive evidence of the determination that any such variance was not materially adverse to the interests of the City. 3. The Mayor and City Administrator are hereby authorized to execute such additional documents and certificates as are deemed by bond counsel to be necessary or advisable in connection with the issuance of the Bonds by the Issuer. ADOPTED BY THE CITY COUNCIL OF CENlERVILLE ON " ,2004. Terry Sweeney, Mayor 2