HomeMy WebLinkAbout90-96 - ADMIN Resolution - City Council - 1990/07/16RESOLUTION NO. cin -QA
RESOLUTION APPOINTING THE LAW FIRM
OF POPHAM, HAIR, SCW OBRICH & KAUFMAN,
LTD. AS BOND COUNSEL FOR FINANCINGS
UNDERTAKEN BY AND THROUGH THE CITY OF
QST. LOUIS PARK, MINNESOTA
BE IT RESOLVED by the City Council (the "Council") of the City
of St. Louis Park, Minnesota (the "City"):
SECTION 1
Recitals
1.01 From time to time, the City may undertake
financings, refinancings or refundings on its own behalf through the
issuance of bonds or other evidences of indebtedness of the City,
whether payable from the full faith and credit of the City or from
specified limited sources.
1.02 From time to time, the City may be requested to
•undertake financings, refinancings or refundings by parties other
than the City as then may be permitted by the laws of the State of
Minnesota for the benefit of such other parties through the issuance
by the City of bonds or other evidences of indebtedness payable
solely from specified revenues and not from the full faith and
credit of the City.
1.03 The issuance and marketing of such bonds and
evidences of indebtedness, whether or not the interest thereon is
excludable from gross income of the recipient thereof for federal
income tax purposes, requires the opinion of counsel as to validity
and, if applicable, tax -exemption ("bond counsel").
1.04 The firm of Popham, Haik, Schnobrich & Kaufman, Ltd.
currently serves as counsel to the City and is listed in The Bond
Buyer's Mun_ici nal Marketplace as a firm of municipal bond attorneys.
SECTION 2
Auoointment
2.01 The'firm of Popham, Haik, Schnobrich & Kaufman, Ltd.
is hereby appointed sole bond counsel in connection with the
issuance of bonds and other evidences of indebtedness by the City,
whether on its own behalf or for the benefit of other parties as
permitted by law.
2.02 This appointment shall not constitute an approval to
proceed with any financing or the issuance of any bonds or other
evidences of indebtedness by the City without the express subsequent
approval of the Council.
2.03 The term of this appointment shall be until revoked
by future action of the Council.
17-13:n1 O _. II int-
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2.04 If and when the City determines to proceed with the
issuance of any evidences of indebtedness on its own behalf for its
own benefit, the City Manager is authorized to negotiate bond
counsel compensation.
2.05, 'If and when the City is requested to issue evidences
of indebtedness for the benefit of a party other than the City, such
party shall be informed of this appointment and that the fees and
expenses of bond counsel shall be the responsibility of such party.
As a part of the application process for the issuance of such bonds
or other evidences of indebtedness, such party shall enter into a
fee agreement with Popham, Haik, Schnobrich & Kaufman, Ltd. agreeing
to pay the fees and expenses of such firm as bond counsel and
agreeing to hold the City harmless for all such fees and expenses.
2.06. This appointment as bond counsel shall be separate
and distinct from, and in addition to, Popham, Haik, Schnobrich &
Kaufman, Ltd. serving as counsel to the City in connection with such
financings.
2.07 This resolution shall take effect on its passage for
the issuance of bonds or other evidences of indebtedness on or after
that date.
Adopted by the City Council
July 16, 1990
lo 44,111, 4111
Mayor
Reviewed for administration: Approved as to form and
execution:
fir4 r, ,a)(norikk
City Manager
:1a4aat. Pave -Sha.
City Attorney
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