HomeMy WebLinkAbout09-11 - ADMIN Resolution - Economic Development Authority - 2009/07/27ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 09-11
RESOLUTION AUTHORIZING DEFEASANCE OF
$6,135,000 GENERALOBLIGATION
TAX INCREMENT REFUNDING BONDS, SERIES 2002
WHEREAS, the City of St. Louis Park ("City") previously issued its $6,135,000 General
Obligation Tax Increment Refunding Bonds, Series 2002 (the "Series 2002 Bonds"); and
WHEREAS, the St. Louis Park Economic Development Authority ("EDA") pledged certain
tax increment revenues to the City for the principal and interest on the Bonds under that certain Tax
Increment Pledge Agreement dated July 16, 2002 (the "Pledge Agreement"); and
WHEREAS, tax increments pledged to the Bonds under the Pledge Agreement consist of
revenues derived from the following tax increment financing districts: (i) Excelsior Boulevard
Redevelopment Project; (ii) Oak Park Village Redevelopment Project; and (iii) the Highway 7
Development District (collectively referred to herein as the "Districts") pursuant to Minnesota Statutes,
Sections 469.001 through 469.047, 472A, and Sections 469.174 to 469.179 and predecessor statutes
(Act);
WHEREAS, the City and EDA have determined to defease the Series 2002 Bonds, the
outstanding principal amount of which matures on September 1, 2009, and in connection therewith
the City and U.S. Bank National Association (the "Escrow Agent") will enter into an escrow
agreement (the "Escrow Agreement") providing for such defeasance.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners (the "Board")
of the EDA, as follows:
1. The EDA authorizes and directs the City to deposit EDA funds with the Escrow
Agent on or before July 31, 2009 in the amount sufficient, together with interest
earned thereon, to pay all the principal and interest on the Series 2002 Bonds
maturing on September 1, 2009 (the "Maturity Date").
2. The Finance Director is authorized to select one or more of the Districts as the
source of funds for the deposit hereunder. Amounts in the Escrow Account are
irrevocably pledged to pay principal of and interest on the Series 2002 Bonds on the
Maturity Date.
3. This resolution shall be effective as of the date hereof.
for Administration:
Director
Attest
I�N
Adopted by the Economic Development Authority
July 27, 2009
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