2018 05-15 CC PACKET - Laserfiche WebLink

Home

Resolution No. 241849 Council Member introduced. the following resolution and moved its adoption.: Resolution Authorizing the City to Enter into a Credit Enhancement Program Agreement with the Minnesota Public Facilities Authority A. WHEREAS,.the City Council of the City of Gem Lake, Minnesota (the "City") proposes to issue. its General Obligation. Improvement Bonds (the ".Bonds"), the. proceeds of Which will be used to finance the costs :of construction, improvement or rehabilitation of water, sanitary sewer, and storm sewer facilities; and B. WHEREAS, the City Council hereby determines it. is in the best interests of the City to apply to the Minnesota Public Facilities Authority (the. "Authority") for credit. enhancement of the Bonds; .NOW, THEREFORE, BE IT .RESOLVED by the. City .Council of the City of Gem Lake, Minnesota,. as follows: 1.. Approval of the Authorilys Credit Enhancement Program Agreement. The. Authority's Credit Enhancement Program Agreement (the "Agreement") is hereby approved, the :same being before the City.Councii and made a part of this: resolution by reference. 2. Authorization to Sign_ Agreement and Related Forms. The Mayor and the City Clerk are authorized to. sign the Agreement. on the City's behalf and to execute. any other related forms. prescribed by the Authority with respect to the Agreement. 3. Agreement to Comply with Minnesota Statutes, Section 446A.4$6. The City is entering into the Agreement with the Authority pursuant to Minnesota Statutes, Section 446A.086 (the "Act") and the City hereby agrees to comply with and be.bound by the provisions of the Act. 4. Submission ofthe Ayreeinent. The Mayor and City Clerk are hereby authorized to. submit; on the: City's behalf, the Agreement .to the Authority, together with the nonrefundable application fee in the amount of $540. The motion for the adoption of the foregoing resolution was duly seconded by Council Member and, after full discussion thereof and upon a vote being taken thereon, the following Council Members. voted in favor thereof: and the following voted against the same: Whereupon said resolution was declared duly passed and -adopted.. bated -this 15" day of May, 2D 18, City Clerk.