HomeMy WebLinkAbout86-119 - ADMIN Resolution - City Council - 1986/07/21F
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RESOLUTION NO. 86-119
Resolution Approving and Authorizing Minnesota
Cities Infrastructure Financing Program Joint
Powers Agreement And Execution of Participation
Agreement With Respect Thereto.
Louis Park Be It Resolved By The City Council of the City of St.
Minnesota, as follows:
1. The League of Minnesota Cities (the League) has
proposed that the City approve and execute a participation agree-
ment (the Participation Agreement) and thereby become a party
to a joint powers agreement (the Agreement), with other Minnesota
cities and instrumentalities thereof (the Participants), providing
for the creation of the Minnesota Cities Infrastructure Financing
Program (the Program) and the Minnesota Cities Infrastructure
Financing Board (the Board) and the issuance of bonds (the Bonds)
of the Board on behalf of each of the Participants to finance
and refinance capital projects (the Projects) of the Participants.
Forms of the Participation Agreement and Agreement have been
presented to this Council and are on file in the office of the
Clerk.
2. The forms of the Participation Agreement and Agree-
ment are hereby authorized and approved, subject to such minor
modifications thereof as the Mayor and the (Clerk) (Manager)
shall approve as evidence by execution thereof. The Mayor and -
(Clerk) (Manager) are authorized to execute the Participation
Agreement on behalf of the City. The Board is authorized to
issue its Bonds pursuant to the Agreement on behalf of the City
in one or more series in the aggregate principal amount of $ 8.6 million
for the purpose of providing funds for the Projects described
in Exhibit B to the Participation Agreement. As provided in
the Agreement and Participation Agreement:
The principal of, interest on and premium, if any,
with respect to the Bonds shall be payable solely from
the revenues of the Board derived from the Program.
The Bonds shall not constitute a general obligation
of or pledge the full faith and credit or taxing powers
of the Participants or of any one or any combination
of them, the State of Minnesota or any political sub-
division thereof, or a lien upon any property owned
by or situated within the territorial limits of the
Participants, the State of Minnesota or any political
subdivision thereof. The holders of the Bonds shall
not have the right to require or compel any exercise
of the taxing powers of any of the Participants, the
State of Minnesota or any political subdivision thereof
to pay the principal of, premium, if any, and interest
on the Bonds or to make any other payments provided
for under the Program Documents, except as expressly
provided in each Particpant Bonds and Participant Bond
Resolution as approved by the governing body of each
such Participant.
3, City Manager or designee is hereby designated Representative
of the City in accordance with Section 2.03 of the Agreement.
Adopted by the City Council July 21, 1986.
Attzt :
, i 41
Cit Cler
Reviewed for administration:
9.,,,,►�.�- it
ty Manager City Attorney
Approved as to form and legalit :