HomeMy WebLinkAbout90-07 - ADMIN Resolution - Economic Development Authority - 1990/07/16RESOLUTION
NO. EDA-qn-07 MICROFILMED
RESOLUTION APPOINTING THE LAW FIRM
OF POPHAH, HAIK. SCHNOBRICH & KAUFMAN,
LTD. AS BOND COUNSEL FOR FINANCINGS
.UNDERTAKEN BY AND THROUGH THE ST. LOUIS.
' PARK ECONOMIC DEVELOPMENT AU111ORITY
BE IT RESOLVED by the Commissioners (the "Commissioners") of
The St. Louis Park Economic Development Authority (the "EDA"):
SECTION 1
Recitals
1.01 From time to time, the EDA may undertake financings,
refinancings or refundings on its own behalf through the issuance of
bonds or other evidences of indebtedness of the EDA, whether. payable
from the full faith and credit of the EDA or from specified limited
sources.
1.02 From time to time, the EDA may be requested to
undertake financings, refinancings or refundings by parties other
than the EDA 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 EDA of bonds or other evidences of indebtedness payable from
specified revenues.
1.03 .R•' 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 EDA and is listed in The Bond
BUver's Municipal Marketplace as a firm of municipal bond attorneys.
SECTION 2
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 EDA,
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 EDA without the express subsequent
approval of the EDA.
2.03 The term of this appointment shall be until revoked
by future action of the EDA.
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2,04 If and when the EDA determines to proceed with the
issuance of any evidences of indebtedness on its own behalf for its
own benefit, the Executive Director is authorized to negotiate bond
counsel compensation. 6
2.05 If and when the EDA is requested to issue evidences
of indebtedness'for the benefit of a party other than the EDA, 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 EDA 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 EDA 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.
ATTEST:
. r, t0/XOk
Executive Director
Adopted by the Commissioners
July 16 1990
P esident
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