Laserfiche WebLink
<br />WHEREAS, the City is authorized by the laws of the State of Minnesota, particularly <br />Minnesota Statutes, Section 469.041 and Section 471.191, subdivisiori 2 toprovide in its <br />budget each year for any anticipated deficiency in revenues of the Project available for <br />operation and maintenance of the Project, and to levy a tax for such purpose; and <br /> <br />WHEREAS, the Issuer and the County have requested, as a condition to the issuance <br />ofthe Bonds, that the City provide its support to the Project and the Bonds by pledging funds <br />to pay operating and maintenance costs of the Project, to the extent Project revenues are <br />insufficient for such purpose, for a five year period; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF RAMSEY; . <br /> <br />1. It is hereby found, determined and declared that the preservation of the quality <br />of life in the City is dependent upon the construction, maintenance, provision, and <br />preservation of an adequate housing stock which is affordable to elderly persons and families <br />of low or moderate income and that accomplishing this is a public purpose. <br /> <br />2. The Operating Deficit Agreement (the "Operating Deficit Agreement") and <br />Amendment No.1 to Joint Powers Agreement (the "JPA Amendment") in substantially the <br />forms submitted to the City at this meeting are hereby approved. The Operating Deficit <br />Agreement and the JP A Amendment are hereby authorized and directed to be executed and <br />delivered in the name and on behalf of the Issuer by its Mayor and City Administrator, <br />provided that the form and terms of the Operating Deficit Agreement and the JP A <br />Amendment may be varied prior to execution and delivery by the parties thereto, provided <br />that any such variance shall not be, in the opinion of the Mayor, materially adverse to the <br />interests of the City. The execution and delivery of the Operating Deficit Agreement and the <br />JP A Amendment as provided above shall be conclusive evidence of the determination that <br />any such variance was not materially adverse to the interests of the City. <br /> <br />3. The Mayor and City Administrator are hereby authorized to execute such <br />additional documents and certificates as are deemed by bond counsel to be necessary or <br />advisable in connection with the issuance ofthe Bonds by the.Issuer. <br /> <br />Adopted this <br /> <br />day of <br /> <br />, 2009.. <br /> <br />Mayor <br /> <br />ATTEST: <br /> <br />City Clerk <br /> <br />fb.us.3617546.01 <br /> <br />2 <br /> <br />-197- <br />