Res. #12-011 - Concurring in the Proposed Issuance of G.O. Refunding Bonds, Series 2012A by the City of Circle Pines (Police Building)

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF CENTERVILLE, MINNESOTA HELD: April 25, 2012 Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Centerville, Minnesota, was duly called and held at the City Hall on April 25, 2012, at 6:30 o'clock P.M. The following members were present: Mayor Wilharber, Council Members Fehrenbacher, King, Love and Paar and the following were absent: None Member Love introduced the following resolution and moved its adoption: RESOLUTION CONCURRING IN THE PROPOSED ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012A BY THE CITY OF CIRCLE PINES, MINNESOTA RES. #12 -011 A. WHEREAS, the City of Centerville, Minnesota (the "City ") is a member of the Centennial Lakes Police Department, an organization formed with the City of Circle Pines, the City and the City of Lexington, Minnesota by the execution of a Joint Powers Agreement; and B. WHEREAS, on January 26, 2005, the City held a public hearing and adopted a Capital Improvement Plan for the City (the "Plan") and on the proposed issuance of general obligation capital improvement plan bonds in accordance with the provisions of Minnesota Statutes, Section 475.521; the Plan provided, in part, for financing to construct a joint police station for the Centennial Lakes Police Department (the "Project "); and; C. WHEREAS, the City of Circle Pines, Minnesota (the "Issuer ") has heretofore issued $2,365,000 General Obligation Capital Improvement Plan Bonds, Series 2005A, dated April 27, 2005 (the "Outstanding Bonds ") to finance both the Issuer's and the City of Centerville's and Lexington's share of the cost of the Project; and D. WHEREAS, in connection with the issuance of the Outstanding Bonds the City adopted a resolution concurring in the issuance of the Outstanding Bonds by the City of Circle Pines, Minnesota and authorizing execution of a $709,500 General Obligation Capital Improvement Plan Bond, Series 2005A and levying a tax for the payment thereof; and E. WHEREAS, it is proposed that the Issuer will issue General Obligation Refunding Bonds, Series 2012A (the "Issuer Bonds "), a portion of which will be used to advance refund, in accordance with the provisions of Minnesota Statutes, Section 475.67, the Outstanding Bonds for the purpose of reducing debt service costs to the Issuer, the City of Lexington and the City; and 4577809v1