Loading...
HomeMy WebLinkAbout1991-043 CCRMember Celia Scott introduced the following resolution and moved its adoption: RESOLUTION NO. 91 -43 BEING A RESOLUTION AUTHORIZING AND AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR $6,050,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1991A, PLEDGING FOR THE SECURITY THEREOF CERTAIN TAX INCREMENT AND AUTHORIZING EXECUTION OF TAX INCREMENT PLEDGE AGREEMENTS BE IT RESOLVED BY THE CITY COUNCIL (THE "COUNCIL OF THE CITY OF BROOKLYN CENTER, MINNESOTA (THE "ISSUER AS FOLLOWS: Section 1. Recitals. 1.01. The Housing and Redevelopment Authority in and for the City of Brooklyn Center, Minnesota (the "HRA has heretofore adopted and this Council has duly approved on April 11, 1983, a Tax Increment Financing District (the "Housing District and Tax Increment Financing Plan "Housing Plan pursuant to Minnesota Statutes, Sections 469.174 to 469.179 (the "TIF Act within the Housing Development Project Brutger (the "Housing Project created pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the "Redevelopment Act for the purpose of financing or otherwise paying public redevelopment costs. 1.02. The HRA has heretofore adopted and this Council has duly approved on July 22, 1985, a Tax Increment Financing District (the "Redevelopment District and Tax Increment Financing Plan (the "Redevelopment Plan pursuant to the TIF Act within the Earle Brown Farm Redevelopment Project (the "Redevelopment Project created pursuant to the Redevelopment Act for the purpose of financing or otherwise paying public redevelopment costs. 1.03. The Economic Development Authority of Brooklyn Center, Minnesota (the "EDA was organized and authorized to exercise its powers pursuant to Minnesota Statutes, Sections 469.090 to 469.108, on November 9, 1987. The responsibility for the administration of the Housing Project and Redevelopment Project was transferred from the HRA to the EDA. The EDA has adopted and this Council has duly approved on the date hereof modifications to: (a) the Redevelopment District and Redevelopment Plan within the Redevelopment Project. The EDA and the Council propose to further modify the Housing Plan prior to the closing of the sale of the Bonds. 1.04. The Director of Property Taxation of Hennepin County has certified the Adjusted Original Tax Capacity Value of all taxable property in the Housing District and Redevelopment District (together herein the "Districts 1.05. Based upon present and anticipated tax capacity rates for ad valorem taxes to be levied on taxable property in the Districts, the Council hereby determines that the annual tax increment expected to be derived from the Districts are expected to average approximately $1,444,000. RESOLUTION NO. 91 -43 Section 2. Award of Sale; Terms of Bonds. 2.01. Affidavits showing publication of notice of call for bids for the sale of the Issuer's $6,050,000 General Obligation Tax Increment Bonds, Series 1991A (the "Bonds in the official newspaper of the Issuer and in Northwestern Financial Review have been examined and have been approved and ordered placed on file. The following bids for the sale of the Bonds were received: [Attached] 2.02. After considering the bids received, the Issuer hereby awards the sale of the Bonds to (the "Purchaser as the bidder offering the lowest net interest cost by its bid to purchase the Bonds at a price of plus accrued interest to the date of delivery, the Bonds to bear interest at the rates per annum set forth below. The City Manager of the Issuer is directed to retain the good faith check of the Purchaser pending delivery of and payment for the Bonds, and to return the checks of the unsuccessful bidders. 2.03. The Issuer shall issue the Bonds in the aggregate principal amount of $6,050,000 dated March 1, 1991, as fully registered bonds without coupons. The Bonds shall be in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount of a single maturity, shall be numbered from R -1 upwards in order of issuance, and shall bear interest at the rates set forth below, payable semiannually on each February 1 and August 1, commencing August 1, 1991, and shall mature on February 1 in the years and amounts as follows: Year Amount Interest Year Amount Interest 1992 250,000 1999 400,000 1993 350,000 2000 400,000 1994 350,000 2001 425,000 1995 350,000 2002 425,000 1996 375,000 2003 550,000 1997 375,000 2004 1,425,000 1998 375,000 2.04. All Bonds maturing on or after February 1, 2001, shall be subject to redemption and prior payment in whole or in part in such order of maturity and by lot within maturity at the option of the City on February 1, 2000, and any date thereafter at a price of par and accrued interest. Thirty days' prior notice of redemption shall be given by first -class mail to the Registrar and to the registered owners of the Bonds, and notice of redemption will be published in the manner provided by Chapter 475, Minnesota Statutes. Upon notice having been so given, the Bonds or portions of Bonds therein specified shall be due and payable at the stated redemption date and price, and upon funds for such payment being held by or on behalf of the Registrar for such payment on the specified redemption date, interest thereon shall cease to accrue after such redemption date. No defect in the mailed notice of redemption shall affect the validity of the call for redemption of any Bond. RESOLUTION NO. 91 -43 2.05. The Bonds shall be payable as to principal upon presentation at the main office of (the "Registrar or at the office of such other successor registrar as the Issuer may hereafter designate upon 60 days mailed notice to the registered owners. Interest on each Bond shall be payable by check or draft of the Registrar mailed the last business day prior to the interest payment date to the registered holder thereof at his or her address as it appears on the bond register at the close of business on the 15th day (whether or not a business day) of the calendar month next preceding the interest payment date. Section 3. Form and Execution of the Bonds. 3.01. The Bonds shall be in substantially the following form, with the necessary variations as to number, CUSIP Number, rate of interest and date of maturity, the blanks to be properly filled in: RESOLUTION NO. 91 -43 No. R- GENERAL OBLIGATION TAX INCREMENT BOND, SERIES 1991A Rate Maturity Nominal Date of Oricinal Issue CUSIP March 1, 1991 Registered Owner: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF BROOKLYN CENTER Principal Amount: Dollars The City of Brooklyn Center, Minnesota (the "City for value received, hereby certifies that it is indebted and hereby promises to pay to the registered owner specified above, or registered assigns, the principal amount specified above on the maturity date specified above, upon the presentation and surrender hereof, and to pay to the registered owner hereof interest on such principal sum at the interest rate specified above from March 1, 1991, or the most recent interest payment date to which interest has been paid or duly provided for as specified below, on February 1 and August 1 of each year, commencing August 1, 1991, until said principal sum is paid. Principal and the redemption price are payable in lawful money of the United States of America at as Registrar, Transfer Agent and Paying Agent, in Minnesota, or at the offices of such successor agent as the City may designate upon 60 days notice to the registered owners at their registered addresses (the "Registrar Interest shall be paid on each February 1 and August 1 by check or draft of the Registrar mailed the last business day prior to the interest payment date to the person in whose name this Bond is registered at the close of business on the preceding January 15 and July 15 (whether or not a business day) at his or her address set forth on the bond register maintained by the Registrar. Any such interest not punctually paid or provided for will be paid to the person in whose name this Bond is registered at the close of business on a special record date established by the Registrar for the payment of such defaulted interest. The Bonds of this series maturing on or after February 1, 2001, are subject to redemption at the option of the City, in whole or in part in such order of maturity and by lot within a maturity, on February 1, 2000, and any date thereafter at a price equal to par and accrued interest. Thirty days' prior notice of redemption will be given by first -class mail to the Registrar and to the registered owners, and notice of redemption will be published in the manner provided by Minnesota Statutes, Chapter 475. No defect in mailed notice will affect the validity of the call for redemption of any Bond. This Bond is one of a series of the City's General Obligation Tax Increment Bonds, Series 1991A issued in the aggregate principal amount of Six Million Fifty Thousand Dollars ($6,050,000) of like date and tenor except for number, interest rate, denomination, date of maturity and redemption privilege, and is issued for the purpose of providing funds to finance or otherwise pay pursuant to Minnesota r RESOLUTION NO. 91 -43 Statutes, Chapter 469, certain costs of the Earle Brown Farm Redevelopment Project and the Brookwood Housing Development Project, each established pursuant to Minnesota Statutes, Sections 469.001 to 469.047, by the Housing and Redevelopment Authority in and for the City of Brooklyn Center, Minnesota and transferred to the Economic Development Authority of Brooklyn Center, Minnesota, and pursuant to an authorizing resolution (the "Resolution adopted by the City Council of the City on February 11, 1991, and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 475 and Sections 469.174 to 469.179. The Bonds of this series are payable from the General Obligation Tax Increment Bonds, Series 1991A Fund of the City (the "Bond Fund to which has been pledged certain tax increment generated from certain tax increment financing districts in the City. All taxable property within the City is also subject to the levy of direct general ad valorem taxes required by law to be levied and extended if needed for this purpose, without limitation as to rate or amount. The issuance of this bond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation thereon. As provided in the Resolution, and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City kept for that purpose at the principal office of the Registrar, by the registered owner hereof in person or by such owner's attorney duly authorized in writing, upon surrender of this Bond together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or such owner's duly authorized attorney. Upon such transfer and the payment of any tax, fee or governmental charge required to be paid by the City or the Registrar with respect to such transfer, there will be issued in the name of the transferee a new Bond or Bonds of the same aggregate principal amount as the surrendered Bond. The City has designated the Bonds as "Qualified Tax Exempt Obligations" within the meaning of Section 265 of the Internal Revenue Code of 1986, as amended. The Bonds of this series are issuable only as fully registered bonds without coupons in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount maturing in any one year. As provided in the Resolution and subject to certain limitations therein set forth, the Bonds of this series are exchangeable for a like aggregate principal amount of Bonds of this series of the same maturity but of a different authorized denomination, as requested by the registered owner or his duly authorized attorney, upon surrender thereof to the Registrar. It is hereby Certified and Recited that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed in order to make this Bond a valid and binding general obligation of the City according to its terms, have been done, do exist, have happened and have been performed in due form, time and manner as so required. This Bond shall not be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been manually signed by a person authorized to sign on behalf of the Registrar. RESOLUTION NO. 91 -43 IN WITNESS WHEREOF, The City of Brooklyn Center, Minnesota has caused this Bond to be executed with the facsimile signatures of its Mayor and its City Manager, both as of the Nominal Date of Original Issue specified above. Dated: unto Dated: ASSIGNMENT THE CITY OF BROOKLYN CENTER, MINNESOTA By By (Facsimile) Mayor (Facsimile) City Manager CERTIFICATE OF AUTHENTICATION This is one of the Bonds described in the within mentioned Resolution. Bond Registrar Authorized Signature FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers (Please Print or Typewrite Name and Address of Transferee. Include information for all joint owners if the Bonds are held by joint account.) the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. RESOLUTION NO. 91 -43 Signature Guaranteed by: Signature(s) must be guaranteed by a commercial bank or trust company or by a brokerage firm having membership in one of the major stock exchanges. Please Insert Social Security Number or Other Identifying Number of Assignee (Form of Certificate) CERTIFICATE AS TO LEGAL OPINION Notice: The signature(s) on this assignment must correspond with the name(s) appearing on the face of this Bond in every particular, without alteration or any change whatever. I, Gerald G. Splinter, City Manager of Brooklyn Center, Minnesota, hereby certify that except for the date line, the above is a full, true and compared copy of the legal opinion of Holmes Graven, Chartered, of Minneapolis, Minnesota, which was delivered to me upon delivery of the bonds and is now on file in my office. (Facsimile) City Manager The City of Brooklyn Center 3.02. As long as any of the Bonds issued hereunder shall remain outstanding, the Issuer shall cause to be kept at the principal office of the Registrar the Register in which, subject to such reasonable regulations as the Registrar may prescribe, the Registrar shall provide for the registration of Bonds and the registration of transfers of Bonds. is hereby appointed Registrar, Transfer Agent and Paying Agent with respect to the Bonds. Upon surrender for transfer of any Bond with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or his duly authorized attorney, and upon payment of any tax, fee or other governmental charge required to be paid with respect to such transfer, the Issuer shall execute and the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more fully registered Bonds of any authorized denominations and of a like aggregate principal amount, interest rate and maturity. Any Bonds, upon surrender thereof at the office of the Registrar may, at the option of the registered owner thereof, be exchanged for an equal aggregate principal amount of Bonds of the same maturity and interest rate of any authorized denominations. In all cases in which the privilege of exchanging or transferring fully registered Bonds is exercised, the Issuer shall execute and the Registrar shall authenticate and deliver Bonds in accordance with the provisions of this Resolution. For every such exchange or transfer of Bonds, whether temporary or definitive, the Issuer or the bond Registrar may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of RESOLUTION NO. 91 -43 the privilege of making such exchange or transfer. Notwithstanding any other provision of this Resolution, the cost of preparing each new Bond upon each exchange or transfer, and any other expenses of the Issuer or the Bond Registrar incurred in connection therewith (except any applicable tax, fee or other governmental charge) shall be paid by the Issuer. The Issuer shall not be obligated to make any such exchange or transfer of Bonds during the fifteen (15) days next preceding the date of publication of notice of redemption in the case of a proposed redemption of Bonds. The Issuer and the Registrar shall not be required to make any transfer or exchange of any Bonds called for redemption. 3.03. Interest on any Bond which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the person in whose name that Bond (or one or more Bonds for which such bond was exchanged) is registered at the close of business on the preceding January 15 and July 15, as the case may be. Any interest on any Bond which is payable, but is not punctually paid or duly provided for, on any interest payment date shall forthwith cease to be payable to the registered holder on the relevant regular record date solely by virtue of such holder having been such holder; and such defaulted interest may be paid by the Issuer to the person in whose name such Bond is registered at the close of business on a special record date established by the Registrar for the payment of such defaulted interest. Subject to the foregoing provisions of this paragraph, each Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 3.04. As to any Bond, the Issuer and the Registrar and their respective successors, each in its discretion, may deem and treat the person in whose name the same for the time being shall be registered as the absolute owner thereof for all purposes and neither the Issuer nor the Registrar nor their respective successors shall be affected by any notice to the contrary. Payment of or on account of the principal of any such Bond shall be made only to or upon the order of the registered owner thereof, but such registration may be changed as above provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. 3.05. If (i) any mutilated Bond is surrendered to the Registrar, and the Issuer and the Registrar receive evidence to their satisfaction of the destruction, loss, or theft of any Bond, and (ii) there is delivered to the Issuer and the Registrar such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer or the Registrar that such Bond has been acquired by a bona fide purchaser, the Issuer shall execute, and upon its request the Registrar shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost, or stolen Bond, a new Bond of like tenor and principal amount, bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost, or stolen Bond has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Bond, pay such Bond. Upon the issuance of any new Bond under this subsection, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. Every new Bond issued pursuant to 8 RESOLUTION NO. 91 -43 this subsection in lieu of any destroyed, lost, or stolen Bond shall constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost, or stolen Bond shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Resolution equally and proportionately with any and all other Bonds duly issued hereunder. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Bonds. Section 4. Execution and Delivery 4.01. The Bonds shall be executed by the respective facsimile signatures of Mayor and the City Manager as set forth in the form of Bond. The seal of the Issuer may be omitted from the Bonds as permitted by law. The text of the approving legal opinion of Holmes Graven, Chartered, of Minneapolis, Minnesota, as bond counsel, shall be printed on the reverse side of each Bond and shall be certified by the facsimile signature of the City Manager. When said Bonds shall have been duly executed and authenticated by the Registrar in accordance with this resolution, the same shall be delivered to the Purchaser upon payment of the purchase price, and the receipt of the City Manager delivered to the Purchaser thereof shall be a full acquittance; and the Purchaser shall not be bound to see to the application of the purchase money. The Bonds shall not be valid for any purpose until authenticated by the Registrar. 4.02. The Official Statement relating to the Bonds, on file with the City Manager presented to this meeting, is hereby approved, and the furnishing thereof to prospective bidders for the Bonds is hereby ratified and confirmed, insofar as the same relates to the Bonds and the sale thereof. 4.03. If such officers find the same to be accurate, the Mayor and the City Manager are authorized and directed to furnish to the Purchaser at the closing a certificate that, to the best of the knowledge of such officers, the Official Statement does not, at the date of closing, and did not, at the time of sale of the Bonds, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. Unless litigation shall have been commenced and be pending questioning the Bonds, revenues pledged for payments of the bonds, or the organization of the Issuer or incumbency of its officers, at the closing, the Mayor and the City Manager shall execute and deliver to the successful bidder a suitable certificate as to absence of material litigation, and a certificate as to payment for and delivery of the Bonds, together with the arbitrage certificate referred to below and the signed approving legal opinion of Holmes Graven, Chartered, as to the validity and enforceability of the Bonds and the exemption of interest thereon from federal and Minnesota income taxation (other than Minnesota corporate and financial institution franchise taxes measured by net income) under present laws and rulings. Section 5. Bond Fund and Accounts. Appropriations, Pledze. 5.01. There is hereby created a special fund of the Issuer designated "General Obligation Tax Increment Bonds, Series 1991A Fund" (the "Bond Fund held and administered by the City Finance Director separate and apart from all RESOLUTION NO. 91 -43 other Funds of the Issuer. The Bond Fund shall be maintained in the manner specified until all of the Bonds herein authorized, any refunding bonds issued to refund the Bonds, and any other general obligation tax increment bonds hereafter issued and made payable from the Bond Fund, and the interest thereon, have been fully paid and the Issuer has been fully reimbursed from the pledge of tax increment for any of the principal and interest of the Bonds paid by the Issuer from general ad valorem taxes levied on property in the Issuer. In the Fund there shall be maintained two separate accounts, to be designated as the "Capital Account" and the "Debt Service Account," respectively. Capital Account. The proceeds from the sale of the Bonds, less accrued interest and less the amount of the proceeds of the Bonds otherwise directed to be deposited in the Debt Service Account, shall be credited to the Capital Account, from which there shall be paid certain costs and expenses incurred by the EDA pursuant to the Redevelopment Plan in connection with certain public improvements, including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred, of the kind authorized in Minnesota Statutes, Sections 475.65, 469.176, subdivision 4, and Minnesota Statutes, Sections 469.001 to 469.047. Debt Service Account. There is hereby pledged and there shall be credited to the Debt Service Account (a) all unused discount and accrued interest received upon delivery of and payment for the Bonds, (b) tax increment derived from the Districts in amounts sufficient from time to time to pay principal of and interest on the Bonds then due (or previously due and paid from a source other than tax increment) pursuant to the Pledge Agreements described in Section 7, (c) any taxes from time to time levied for the payment of the Bonds, and revenues derived from any other sources available and pledged to pay principal, premium, if any, and interest on the Bonds, and (d) all funds remaining in the Capital Account after payment of all costs payable therefrom. The Debt Service Account herein created shall be used solely to pay principal of, premium, if any, and interest on the Bonds and any other general obligation tax increment bonds hereafter issued and made payable from said Debt Service Account, except that upon discharge of the Bonds and such already outstanding or additional Bonds, the Issuer may use any remaining funds in the Debt Service Account to reimburse the Issuer as provided above. 5.02. The Issuer hereby finds and determines that estimated collections of tax increment from the Districts and the other amounts herein pledged to the payment of the Bonds, will produce at least five percent (5 in excess of the amount needed to meet when due the principal and interest payments on the Bonds. Accordingly no taxes are herein levied with respect to the Bonds. The full faith and credit and taxing powers of the Issuer are hereby irrevocably pledged for the prompt and full payment of the principal of and interest on the Bonds and such other general obligation indebtedness as may be made payable from the Bond Fund, as such principal and interest respectively become due. 5.03. Interest earnings from the investment of money in the Capital Account and the Debt Service Account shall be retained in the respective accounts. r t RESOLUTION NO. 91 -43 Section 6. Non Arbitrage Covenants; Designation as Qualified Tax Exempt Bonds. 6.01. The Issuer covenants and agrees with the Purchaser and holders of the Bonds that the investments of proceeds of the Bonds, including the investment of any amounts pledged to the Bonds which are considered proceeds under the applicable regulations, and accumulated sinking funds, if any, shall be limited as to amount and yield in such manner that the Bonds shall not be arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code and any regulations thereunder. On the basis of the existing facts, estimates and circumstances, including the foregoing findings and covenants, the Issuer hereby certifies that it is not expected that the proceeds of the Bonds will be used in such manner as to cause the Bonds to be arbitrage bonds under Section 148 of the Code and any regulations thereunder. The Mayor and City Manager shall furnish an arbitrage certificate to the Purchaser embracing or based on the foregoing certification at the time of delivery of the Bonds to the Purchaser. The proceeds of the Bonds will likewise be used in such manner that the Bonds are not private activity bonds under Section 141 of the Code. 6.02. The Issuer hereby designates the Bonds as "Qualified Tax Exempt Obligations" within the meaning of Section 265 of the Code. With respect to such designation, the Issuer covenants that it does not reasonably anticipate issuing qualified tax exempt obligations in an aggregate amount greater than $10,000,000 in calendar year 1991. Section 7. Tax Increment Pledge Agreements. 7.01. The EDA has agreed to segregate certain of the tax increment derived from the Districts on its official books and records and to remit to the Debt Service Account of the Bond Fund the amount of tax increment required to be remitted to the Issuer pursuant to Tax Pledge Agreements relating to the Districts dated as of November 1, 1985 and November 21, 1983. Such Tax Increment Pledge Agreements are in full force and effect. Section 8. Miscellaneous. 8.01. The City Manager is hereby authorized and directed to certify a copy of this Resolution and to cause the same to be filed in the office of the Director of Taxation of Hennepin County, together with such other information as such director may require, and to obtain from the director a certificate that the Bonds have been entered upon his bond register, and the levy contained in this resolution has been made. 8.02. The officers of the Issuer are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of all proceedings and records of the Issuer relating to the power and authority of the Issuer to issue the Bonds within their knowledge or as shown by the books and records in their custody and control, and such certified copies and certificates shall be deemed representations of the Issuer as to the facts stated therein. 8.03. The Issuer covenants that it will file with the Internal Revenue Service the information required under Section 149(e) of the Code. Adopted this 11th day of February, 1991. 1 Resolution No. 91 -43 February 11, 1991 ATTEST: Date Todd Paulson, Mayor Deputy Clerk C U The motion for the adoption of the foregoing resolution was duly seconded by Member Philip Cohen and upon vote being taken thereon, the following voted in favor thereof: Todd Paulson, Celia Scott, Jerry Pedlar, Dave Rosene, and Philip Cohen; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.