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7/17/2007 9:20:28 AM
Creation date
4/25/2005 12:24:18 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7847
Resolution Title
Authorizing a Project Under the Minnesota Municipal Industrial Development Act and the Issuance of Variable Rate Demand Commercial Development Revenue Bonds to Finance the Project
Resolution Date Passed
12/16/1985
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<br />(i) comparable private financing for the Project was <br />not found by the Company to be reasonably available, and <br />the Project would not be undertaken by the Company but for <br />the availability of the financing herein authorized; <br /> <br />(j) the aggregate amount of the Bonds, when added to <br />the aggregate amount of "private activity bonds", if any, <br />previously issued by the City during calendar year 1985, <br />does not exceed the City's private activity bond limit for <br />calendar year 1985, within the meaning of Section 103(n) <br />of the Code and the applicable federal income tax <br />regulations and $4,700,000 of the allocation to the City <br />of authority to issue private activity bonds, as such term <br />is defined in Section 103(n) of the Code, is hereby <br />allocated to, and utilized by, the issuance of the Bonds; <br />and no public official of the City received, in <br />consideration for allocating such bond limit to the Bonds, <br />any bribe, gift, gratuity, or direct or indirect <br />contribution to any political campaign. <br /> <br />7. Approval of Forms; Execution. Subject to the <br />approval of the City Attorney, the forms of the Loan Agreement <br />and Indenture and exhibits thereto and all other documents <br />described in paragraph 5 hereof are approved in substantially <br />the forms submitted. The Loan Agreement and Indenture, in <br />substantially the forms submitted, are directed to be executed <br />in the name and on behalf of the City by the Mayor and the City <br />Manager. Any other documents and certificates necessary to the <br />transaction described above shall be executed by the <br />appropriate City officers. Copies of all of the documents <br />necessary to the transaction herein described shall be <br />delivered, filed and recorded as provided herein and in the <br />Loan Agreement and the Indenture. <br /> <br />8. Issuance of Bonds. The City shall proceed <br />forthwith to issue its Bonds, in the form and upon the terms <br />set forth in the Indenture. The Mayor and the City Manager are <br />authorized and directed to prepare and execute the Bonds as <br />prescribed in the Indenture and deliver them to the Trustee for <br />authentication and delivery to a purchaser(s) to be identified <br />by the First National Bank of Minneapolis (acting as placement <br />agent) at a purchase price of $4,700,000. <br /> <br />9. Certifications. The Mayor and the City Manager <br />and other officers of the City are authorized and directed to <br />prepare and furnish to the purchaser(s) certified copies of all <br />proceedings and records of the City relating to the Bonds, and <br />such other affidavits and certificates as may be required to <br />show the facts relating to the legality of the Bonds as such <br />facts appear from the books and records in the officers' <br />custody or control or as otherwise known to them; and all such <br />certified copies, certificates and affidavits, including and <br /> <br />-4- <br />
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