Laserfiche WebLink
WHEREAS, ordinarily bonds are subject to rebate if issued by a governmental <br />unit that lacks general taxing powers, such as the Authority; <br /> <br />WHEREAS, if the Authority issues bonds on behalf of a governmental unit with <br />general taxing powers, such as the City it will be treated as having general taxing <br />powers if the bonds do not exceed the lesser of $5,000,000 or such amount of the <br />$5,000,000 small issuer limitation as a governmental unit with general taxing <br />powers may allocate to the Authority; and <br /> <br />WHEREAS, the City is a governmental unit with general taxing powers. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, <br />as follows: <br /> <br />1. Authorization of Bonds; Documents Presented. The Authority proposes to <br />issue its Public Facility Lease Revenue Bonds, Series 1999A (City of Ramsey, <br />Minnesota Lease Obligation) (the "Bonds") payable from rental payments to be <br />made by the City under the Lease as hereinafter described. The Bonds shall be in <br />an aggregate principal amount of $1,665,000 (plus any amount representing <br />original issue discount) and shall bear interest at the rates as are prescribed by the <br />Indenture. Forms of the following documents (collectively, the "Bond <br />Documents") relating to the Bonds and the Project have been submitted to the <br />City Council and are now on file in the office of the Administrator: <br /> <br />(a) the Ground Lease; <br /> <br />(b) the Lease; and <br /> <br />(c) the Continuing Disclosure Agreement. <br /> <br />2. Approval and Execution of Bond Documents. The Mayor and the <br />Administrator are hereby authorized and directed to execute, and deliver, on <br />behalf of the City the Bond Documents in substantially the forms on file with the <br />Administrator. All of the provisions of the Bond Documents when executed and <br />delivered as authorized herein shall be deemed to be a part of this resolution as <br />fully and to the same extent as if incorporated herein and shall be in full force and <br />effect from the date of execution and delivery thereof. <br /> <br />3. Approval of Indenture. The City hereby approves the Indenture and the <br />Bonds described therein (collectively the "Related Documents") in substantially <br />the forms submitted to the City. <br /> <br />RESOLUTION #99-11-211 <br /> Page 2 of 5 <br /> <br /> <br />