HomeMy WebLinkAbout2000-049 CCRMember Robert Peppe introduced the following resolution and moved
its adoption:
RESOLUTION NO. 00-49
RESOLUTION APPROVING AND AUTHORIZING THE ISSUANCE OF
REVENUE NOTES BY THE CITY OF BRAINERD 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 on behalf of one or more other municipalities; and
WHEREAS, the City of Brainerd, has issued one or more revenue notes (the
"Notes") and loaned 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 computer
equipment and motor vehicles, and the acquisition and construction of improvements to existing
buildings (the "Project"), located at the existing facilities of the Borrower in numerous
municipalities in the State of Minnesota; and
WHEREAS, a portion of the Project that is located in the City of Brooklyn Center
(the "City");
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that:
1. Obligations issued by the City of Brainerd to finance the Project and the Notes 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 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.
1
RESOLUTION NO. 00-49
2. The portion of the Project to be relocated 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.
3. The Borrower shall pay any and all costs incurred by the cities where the LSS facilities
are located in connection with the portion of the Project located in those cities, whether or not the
Project is approved, or the Project is carried to completion.
March 13, 2000
Date
ATTEST:
City Clerk
M6~~Mayor
A
The motion for the adoption of the foregoing resolution was duly seconded by member
Debra Hilstrom
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Debra Hilstrom, Kay Lasman, and Robert Peppe;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.