lg_Ord_1419_111101_General Issue of Obligation Bonds City's Port Authority

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CITY OF ROSEVILLE ORDINANCE NO. 1419 AN ORDINANCE AUTHORIZING THE CITY OF ROSEVILLE TO ISSUE GENERAL OBLIGATION BONDS IN THE EXERCISE OF THE CITY'S PORT AUTHORITY POWERS THE CITY OF ROSEVILLE ORDAINS: Section 1.Recitals. (a)Pursuant to Minnesota Statutes, Section 469.082, the City of Roseville, Minnesota (the "City") may exercise all of the powers of a port authority provided by Minnesota Statutes, Sections 469.048 tr 469.068;and (b)the City proposes to undertake a redevelopment project consisting of redeveloping various components o• its park system and constructing new fire station because )_ vate infiltration, mold problems. am general deterioration at an existing fire station located at Woodhili ano Lexington Avenues(the"Project")in the exercise of its legal powers and in furtherance of its goals am purposes,and requires financing to, the Project;and (c) the City believes that it is desirable and necessary it issue general obligation bonds to provide funds to finance the Project. Section 2. Bonding Authorization. Pursuant to and in accordance with the provisions of this Ordinance and the provisions of Minnesota Statutes, Sections 469.060 and 469.082 and Chapter 475,the issuance of general obligation bonds by the City, in one or more series, in fully registered form,and in the aggregate principal amount not to exceed $27,000,000 (the "Bonds"), for the purpose of providing funds to assist in financing the Project,together with such costs of issuance and related costs as may be incidental to the issuance of the Bonds is hereby authorized and found to be proper. The Bonds shall be issued and sold by the City in the exercise of its port authority powers for the purpose of financing the Project. The City Council hereby gives specific consent to the pledge of the City's full faith, credit, and resources to the payment and security of the Bonds and authorizes the levy of taxes for the payment of the Bonds. The issuance of the Bonds shall be further subject to the consent and approval of the City Council by resolution as to the form, content, and specific details of the Bonds and their rate or rates of interest. Section 3. Effective Date. The effective date of this Ordinance shall take effect and be in force following its publication in the official newspaper of the City. Passed October24,2011. By:Mayor Daniel J.Roe (Roseville Review:Nov.1,2011)