2011_1024_packet - Laserfiche WebLink

Home

W CITY OF ROSEVILLE Attachment A 31 AN ORDINANCE AUTHORIZING THE CITY OF ROSEVILLE TO ISSUE GENERAL 32 OBLIGATION BONDS IN THE EXERCISE OF THE 33 CITY'S PORT AUTHORITY POWERS 34 THE CITY OF ROSEVILLE ORDAINS.- 35 Section 1. Recitals. 36 (a) Pursuant to Minnesota Statutes, Section 469.082, the City of Roseville, 37 Minnesota the "City") may exercise all of the powers of a port authority provided by Minnesota 38 Statutes Sections 4�69.048 to 4�69.068; and �p I 39 (b) the City proposes to undertake a redevelopment project consisting of 40 redeveloping various components of its park system and constructing a new fire station because 4 1 of water infiltration,, mold problems, and general deterioration at an existing fire station located 42 at Woodhill and Lexington Avenues the "Project") in the exercise of its legal powers and in 43 furtherance of its goals and purposes, and requires financing for the Project; and 44 (c) the City believes that it is desirable and necessary it issue general obligation 45 bonds to provide funds to finance the Project. 46 Section 2. Bonding Authorization. Pursuant to and in accordance with the provisions of 47 this Ordinance and the provisions of Minnesota Statutes,, Sections 4 .060 and 469.082 and Chapter 4,,, F 475,, the issuance of general obligation bonds by the City, in one or more series, in fully registered 49 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 'i costs as may be incidental to the issuance of the Bonds is hereby authorized and found to be proper. 52 The Bonds shall be issued and sold by the City in the exercise of its port authority powers for the 53 purpose of financing the Project. The City Council hereby gives specifi c consent to the pledge of the �` 4 City's full faith,, credit, and resources to the payment and security of the Bonds and authorizes the levy 55 of taxes for the payment of the Bonds. The issuance of the Bonds shall be further subject to the consent 56 and approval of the City Council by resolution as to the form, content, and specific details of the Bonds ��7 and their rate or rates of interest. Section 3. Effective Date. The effective date of this Ordinance shall take effect and be in 9 force following its publication in the official newspaper of the City. Page 3 of 4