Loading...
HomeMy WebLinkAbout2001-167 CCRMember Kay Lasman introduced the following resolution and moved its adoption: RESOLUTION NO. 2001-167 RESOLUTION APPROVING AND AUTHORIZING THE ISSUANCE OF REVENUE NOTES BY THE CITY OF BRAINERD, MINNESOTA, UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.165, AS AMENDED, TO FINANCE PROPERTY FOR THE BENEFIT OF LUTHERAN SOCIAL SERVICE OF MINNESOTA WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.165, as amended (the "Act"), each municipality and redevelopment agency of the State of Minnesota (as defined in the Act), including the City of Brainerd, Minnesota (the "City of Brainerd"), is authorized to issue revenue obligations to finance capital equipment and improvements to land and buildings for the benefit of a revenue producing enterprise to be owned by a contracting party (as defined in the Act); and WHEREAS, under Section 469.155, subdivision 9, of the Act, the City of Brainerd is authorized to enter into, and perform contracts and agreements with other municipalities as the governing bodies of the city and as the other municipalities may deem proper and feasible for or concerning the financing of a project under the Act, including an agreement whereby one municipality issues its revenue obligations in behalf of one or more other municipalities; and WHEREAS, the City of Brainerd, has proposed to issue one or more revenue notes (the "Notes") and loan the proceeds derived from the sale of the Notes to Lutheran Social Service of Minnesota, a nonprofit organization (the "Borrower"), to finance the acquisition of motor vehicles, and the acquisition and construction of improvements to existing buildings (the "Project"), to be located at the existing facilities of the Borrower in numerous municipalities in the State of Minnesota; and WHEREAS, a port ion of the Project will be located in the City of Brooklyn Center (the "City") and at the existing facilities of the Borrower throughout the State of Minnesota; NOW, THEREFORE, BE IT RESOLVED THAT: 1. The portion of the Project to be located in the City (as described in the Notice of Public Hearing published prior to the date of consideration of this resolution) is hereby approved by the City and the issuance of the Notes by the City of Brainerd for such purpose (in the amount described in the Notice of Public Hearing) and in an aggregate principal not to exceed $3,700,000 is hereby approved. 2. Obligations will be issued by the City of Brainerd to finance the Project and the Notes to be issued by the City of Brainerd to finance the Project shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of any other city; and the Notes, when, as, and if issued, shall recite in substance that the Notes, including the interest thereon, are RESOLUTION NO. 2001-167 payable solely from the revenues received from the Project and the property pledged to the payment thereof; and the Notes shall not constitute an obligation of any other city and shall not be secured by any taxing power of any other city. 3. The Borrower shall pay any and all costs incurred by the cities where the Borrower facilities are located in connection with the portion of the Project located in those cities, whether or not the Project is approved, the Notes are issued, or the Project is carried to completion. November 26. 2001 Date d Mayor I ATTEST: City Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Ed Nelson and upon vote being taken thereon, the following voted in favor thereof: Myrna Kragness, Kay Lasman, Ed Nelson, and Tim Ricker; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted.