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HomeMy WebLinkAbout1984-103 CCRMember Bill Hawes introduced the following resolution and moved its adoption: RESOLUTION NO. 84 -103 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED ISSUANCE OF REFUNDING BONDS UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING THE PREPARATION OF DOCUMENTS IN CONNECTION WITH THE ISSUANCE OF THE BONDS BE IT RESOLVED by the City Council (this Council) of the City of Brooklyn Center, Minnesota (the City), as follows: Section 1. Findings It is hereby found, determined and declared as follows: (01) The City is authorized by the Municipal Industrial Develop- ment Act, Minnesota Statutes, Chapter 474, as amended (the Act) to issue and sell revenue bonds for the purpose of refunding bonds pre- viously issued under the Act. (02) Pursuant to previous authorization by this Council, follow- ing proper notice and public hearing, the City issued its $8,200,000 Commercial Development Revenue Bonds (Brookdale Office Park Partner- ship Project), Series 1982 (the Original Bonds) in order to finance a portion of the cost of a project on behalf of Brookdale Office Park Partnership, a Minnesota general partnerhip (the Company). At the time of the issuance of the Original Bonds the proposed project consisted of the acquisition, construction, improvement and equipping of three commercial office buildings, located in the area northwest of the Brookdale Shopping Center in the City (the Project). Only one office building, approximately 55,000 square feet in size, was actually constructed. As a result, a portion of the Original Bonds was redeemed prior to maturity. The current outstanding principal amount of the Original Bonds is $3,450,000. The Company now proposes that the City issue revenue bonds in the approximate aggregate principal amount of $3,450,000 in order to redeem and refund the Original Bonds (the Refunding Bonds). (03) Pursuant to and in compliance with the requirements of Section 103(k) of the Internal Revenue Code (the Code), and the regulations adopted thereunder (the Regulations), a public hearing relating to the proposed issuance of the Refunding Bonds was held this date prior to the adoption of this resolution (the Public Hearing) after notice of the Public Hearing had been duly published in accord with the requirements of the Code and Regulations. At the Public Hearing all parties who appeared were given an opportunity to express their views with respect to the proposed issuance of the Refunding Bonds. RESOLUTION NO. 84 -103 Section 2. Preliminary Approval (01) The issuance of the Refunding Bonds in the approximate aggregate principal amount of $3,450,000 is hereby approved, subject to the Company, the purchaser or purchasers of the Refunding Bonds, the City, and any other interested parties reaching agreement regarding the definitive terms and conditions of the Refunding Bonds and the other agreements and instruments to be executed and delivered in connection with the issuance of the Refunding Bonds. (02) In all events, it is understood, that the Refunding Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, except the Project, and the Refunding Bonds, when, as, and if issued, shall recite in substance that the bonds, including interest thereon, are payable only from the revenues received from the Project and property pledged to the payment thereof, and shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. (03) The Mayor, the City Clerk, the City Manager, and other officers, employees and agents of the City, and bond counsel, are hereby authorized to initiate and assist in the preparation of such documents as may be appropriate to the issuance of the Refunding Bonds. Adopted by the City Council of the City of Brooklyn Center, Minnesota, this 25th day of June 1984. June 25, 1984 C Date Mayor ATTEST: AA !j l Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Celia Scott and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Celia Scott, and Bill Hawes; and the following voted against the same: Gene.Lhotka, whereupon said resolution was declared duly passed and adopted.