06-22-1999 Council Agenda - Laserfiche WebLink

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WHEREAS, the Bonds are payable solely from revenues of the Company, will not be a general or moral obligation of the City, Cities of Arden Hills, Spring Park, or Bloomington, Minnesota or Ankeny, Iowa, or any other political subdivision of the State of Minnesota or the State of Iowa, but will be payable solely from revenues of the Company, to the extent and in the manner provided in the documents executed in connection with the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: 1. The City hereby gives the host approval required under the Internal Revenue Code to the issuance of the Bonds. 2. In no event shall the Bonds ever be payable from or charged upon any funds of the City; the City is not subject to any liability thereon; no owners of the Bonds shall ever have the right to compel the exercise of the taxing power of the City to pay any of the Bonds or the interest thereon, nor to enforce payment thereof against any property of the City; the Bonds shall not constitute a uhuxge, lieu at encumbrance, legal or equitable, upon any property of the City; and the Bonds do not constitute an indebtedness of the City within the meaning of any constitutional, statutory, or charter limitation. 3. The Joint Powers Agreement is hereby approved in substantially the form now on file in the office of the City; and the Mayor and Administrator of the City are authorized to execute the same in the name of and on behalf of the City. In the event of the disability or the resignation or other absence of the Mayor or Administrator of the City, such other officers of the City who may act in their behalf shall without further act or authorization of the City do all things and execute all instruments and documents required to be done or to be executed by such absent or disabled officials. The approval hereby given to the Joint Powers Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City Attorney and by the City officials authorized herein to execute the Joint Powers Agreement prior to their execution; and said City officials are hereby authorized to approve said changes on behalf of the City. 4. All prior actions taken by the Administrator with respect to directing Briggs & Morgan, P.A. to prepare the Notice of Public Hearing causing notice of the hearing to be given one publication in the official newspaper of the City and also in a newspaper of general circulation available in the City, not less than 15 days nor more than 30 days prior to the date fixed for the hearing is hereby ratified, affirmed and approved. 1050637.1 PAGE 185 L0'd £tV:2T 66. T U1C OS79- 2a- LT9:xed NUB2ON 2 SOH&