07-08-2015 Council Packet - Laserfiche WebLink

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WHEREAS, the amended Series 2011A Note (the "Amended Series 2011A Note") will continue to constitute a revenue obligation of Arden Hills secured by: (i) the revenues derived from the Series 2011A Loan Agreement; and (ii) certain security including a mortgage lien on the Phase I Project, and additional security and collateral required by the Lender; and WHEREAS, the amended Series 2011B Note (the "Amended Series 2011B Note") will continue to constitute a revenue obligation of the City secured by: (i) the revenues derived from the Series 2011B Loan Agreement; and (ii) certain security including a mortgage lien on the Phase I Project, and additional security and collateral required by the Lender; and WHEREAS, the amended Series 2012A Note (the "Amended Series 2012A Note") will continue to constitute a revenue obligation of Arden Hills secured by: (i) the revenues derived from the Series 2012A Loan Agreement; and (ii) certain security including a mortgage lien on the Phase I Project, and additional security and collateral required by the Lender; and WHEREAS, the amended Series 2012B Note (the "Amended Series 2012B Note") will continue to constitute a revenue obligation of the City secured by: (i) the revenues derived from the Series 2012B Loan Agreement; and (ii) certain security including a mortgage lien on the Phase I Project, and additional security and collateral required by the Lender; and WHEREAS, the Amended Series 2011B Note, and the interest on the Amended Series 2011B Note, the Amended Series 2012B Note, and the interest on the Amended Series 2012B Note: (i) shall not constitute general or moral obligations of the City and shall be payable solely from the revenues pledged therefor; (ii) shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation; (iii) shall not constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers; and (iv) shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City other than the City's interest in the Loan Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LITTLE CANADA, MINNESOTA, AS FOLLOWS: 1. The Amended Series 2011B Note and Amended Series 2012B Note, in the forms now on file with the City, are hereby approved. The Mayor and the City Administrator are hereby authorized and directed to execute the Amended Series 2011B Note, and to deliver the Amended Series 2011B Note to the Lender in exchange for the original Series 2011B Note on such date as will ensure that, under applicable federal income tax law and regulations, the Amended Series 2011B Note will not be deemed to be part of a single issue of tax-exempt obligations that includes the Amended Series 2011B Note and the Series 2015 Note, the Amended Series 2011A Note, the Amended Series 2012A Note, or the Amended Series 2012B Note. The Amended Series 2011B Note shall include such necessary and appropriate variations, omissions, and insertions as do not materially change the substance thereof, or as the Mayor and City Administrator, in their discretion, shall determine, and the execution and delivery thereof by the Mayor and City Administrator shall be conclusive evidence of such determination. The Mayor and the City Administrator are hereby authorized and directed to execute the Amended Series 2012B Note, and to deliver the Amended Series 2012B Note to the Lender in exchange for the original Series 2012B Note on such date as 463257v2 SEL AR200.16 3