res_11153 - Laserfiche WebLink

Home

WHEREAS,pursuant to Section 66.0304(11)(a)of the Wisconsin Statutes,prior to their issuance, bonds issued by the Authority must be approved by the governing body or highest ranking executive or administrator of the political jurisdiction within whose boundaries the project is to be located; and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), prior to their issuance, the Bonds are required to be approved by the "applicable elected representative" of the governmental unit having jurisdiction over the area in which any facilities financed or refinanced by the Bonds is to be located after a public hearing held following reasonable public notice; and WHEREAS,the Borrower has requested that the City Council of the City of Roseville,Minnesota (the "City Council")approve the financing and refinancing of the Project and the issuance of the Bonds in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Amended and Restated Joint Exercise of Powers Agreement Relating to the Public Finance Authority, dated as of September 28, 2010 (the "Joint Exercise Agreement") and Section 66.0304(11)(a)of the Wisconsin Statutes; and WHEREAS, the Borrower has represented to the City of Roseville, Minnesota (the "City") that the facilities constituting the Project and to be financed or refinanced are located within the territorial limits of the City; and WHEREAS, the members of the City Council are the applicable elected representatives of the City; and WHEREAS, bond counsel has advised that there has been published at least 14 days prior to the date hereof, in a newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds would be held on the date hereof; and WHEREAS, such public hearing was conducted on this date by the City Council, at which time an opportunity was provided to interest parties to present arguments both for and against the issuance of the Bonds; and WHEREAS, the City has been informed that the Bonds will not constitute a debt or liability of the City and the City shall have no payment obligations with respect to the Bonds; and WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of the Bonds and the facilities required by Section 147(f) of the Code; NOW THEREFORE, BE IT RESOLVED AND ORDERED by the City Council of the City as follows: 1. The City Council hereby approves the issuance of the Bonds by the Authority for financing and refinancing the Project. It is the purpose and intent of the City Council that this Resolution constitute approval of the issuance of the Bonds by the applicable elected representative of the Project Jurisdiction, which is the governmental unit having jurisdiction over the area in which the Project is located, in accordance with Section 147(f) of the Code and Section 66.0304(11)(a) of the Wisconsin Statutes and Section 4 of the Joint Exercise Agreement. The City does not bear any responsibility for the tax-exempt status of the Bonds,the debt service on the Bonds or any other matters related to the Bonds. 2. The Mayor and the staff of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem 1/3583941.4