07-26-2021 Council Packet - Laserfiche WebLink

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Error! Unknown document property name. 2 Press, the official newspaper of and a newspaper of general circulation in the City, with respect to the required public hearing under Section 147(f) of the Code. 1.06. On the date hereof, the City Council conducted a public hearing at which a reasonable opportunity was provided for interested individuals to express their views, both orally and in writing, on providing consent to the issuance of the Notes by the Issuer pursuant to the requirements of Section 147(f) of the Code and the regulations promulgated thereunder. 1.07. The City and the Issuer are proposing to enter into a Cooperative Agreement (the “Cooperative Agreement) pursuant to which the City will consent to the issuance of the Notes by the Issuer to finance the Project, and the Issuer will agree to issue the Notes for such purpose, in accordance with the provisions of the Joint Powers Act. Section 2. Approvals. 2.01. The City Council finds that it is in the best interest of the City to approve the issuance of the Notes by the Issuer to finance the Project and hereby consents to the issuance of the Notes by the Issuer in an approximate principal amount not to exceed $45,000,000. 2.02. The Mayor and the City Administrator are hereby authorized and directed to execute and deliver the Cooperative Agreement and any other documents deemed necessary to fulfill the intentions of this resolution. All of the provisions of the Cooperative Agreement, when executed and delivered as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Cooperative Agreement shall be substantially in the form on file with the City which is hereby approved, with such omissions and insertions as do not materially change the substance thereof, or as the Mayor and the City Administrator, in their discretion, shall determine, and the execution thereof by the Mayor and the City Administrator shall be conclusive evidence of such determination. 2.03. The Mayor and City Administrator and other officers, employees, and agents of the City are hereby authorized and directed to prepare and furnish to bond counsel and the original purchaser of the Notes certified copies of all proceedings and records of the City relating to the approval of the issuance of the Notes, including a certification of this resolution. 2.04. The Borrower shall pay to the City any and all costs paid or incurred by the City in connection with the Notes or the financing contemplated herein, whether or not the financing is carried to completion, and whether or not the Notes or operative instruments are executed and delivered. 2.05. This resolution shall be in full force and effect from and after its passage. Adopted by the City Council of the City of Lino Lakes, Minnesota this 26th day of July, 2021.