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Resolution 24-125
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Resolution 24-125
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Last modified
10/16/2024 3:39:07 PM
Creation date
10/16/2024 3:37:01 PM
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City Council
Council Document Type
Resolutions
Meeting Date
09/23/2024
Resolution #
24-125
Resolution Title
Resolutino Accepting the Offer of the Minnesota Public Facilities Authority to Purchase a General Obligation Water Revenue Note, Series 2024, in teh Original Aggregate Principal Amount of $15,966,190; Providing for its issuance; and Authroizgin the E
Resolution Summary
MN Public Facilites Authority - GO Water Revenue Note, Series 2024
Resolution Date Passed
09/23/2024
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Section 2.2 Construction Compliance. (a) State prevailing wages: The Recipient must comply with the <br />provisions ofprevailing wage requirements set forth |nMinnesota Statutes, Sections 177.41tu177.44 <br />oothen |neffect. <br />(b) Federal prevailing wages: In addition to the prevailing wage requirernents under Subsection (a), the <br />Recipient must comply with, and require that all laborers and mechanics employed by contractors and <br />subcontractors on the Project be paid wages etrates not less than those prevailing oil projects ufo <br />similar character |n dle locality as determined bythe Secretary ufLabor (n jaccorclance with, the Davis - <br />Bacon Act (40 U.S.C., sec. 276a through 276a-5), as amended. <br />(c) Federal American Iron and Steel: The Recipient will ( <br />requirements ufthe Safe Drinking Water Act, aaamended by <br />unless the Project |ogranted awaiver from tile EPA, <br />(6) Federal Build Amedca,Buy America (BA8A). The <br />requirements under the Build America, Buy America, <br />Jobs Act (|UA)(P.L.117'58§§7O911'7Dy17) <br />(e) Project Sign: The Recipient will post a physical sign, basbd <br />Authority, at the Project site during cot gfi`u66 t . form th <br />0 In <br />available by the State of Minnesota and , hii,,F d6ipI4�ifrastruc <br />notified by the Authority that a sign is notr <br />3_TAX COM <br />American |onn and Steel <br />pfrastructure Act of 2018, <br />subject to the BU�Ain&ican sourcing <br />s of the Infrastructure'JnV&stment and <br />ampbteprovided bythe <br />that Project funding was made <br />,Atment and Jobs Act, unless <br />The Recipient acknoWlOdge's that,the Note is itit6nded to bear interest that is excluded from gross <br />income of tile own Ah�reof for fed,6kal and Stai�','_' f,Minnesota income tax purposes (a "Tax-exempt <br />Note") and may be fu' d4d,by the Adtfibrit <br />,,y from tile proceeds of tile Authority's Bonds that are intended <br />to bear interest that is e"iclUded IT"bibit"A"'to's"s. lncorn�,`, f the owner thereof for federal and State of <br />Minnesota-Ancorne tax ax-ekeffipt-, Bonds"). The Recipient also acknowledges that, <br />re ga rd I 6ss,bf _fh& e Authority may pledge the Loan and the related Note as security <br />-exempt Bonds. In <br />for/i as a source�,bk A of debt service on any or all of its Tax <br />consideration of these fa'-'- ci' lefit covenants and agrees with the Authority, whether or not strict <br />corhp%1lihce with those nts is required to maintain the Note as a Tax-exempt Note or tile <br />Authorit'v/s,113prids as Tax- Bonds, as follows: <br />(a) The Red 1pie�f'will not ta'W`,']�or to the extent under its control, permit to be taken, any action that <br />WOUld cause tlW� a Tax-exempt Note or any Authority Bonds not to be Tax-exempt Bonds <br />21, <br />and will not o it r cause to be taken, any action required to maintain the Note as a Tax- <br />exemptNote rt Bonds as Tax-exempt Bonds. <br />(b) The Recipient will take all actions with respect to the Note necessary to comply with all instructions <br />and requests of the Authority relating to maintaining the Authority's Bonds as Tax-exempt Bonds and <br />the Note as aTax-exernpt Note or compliance with the agreements set forth in this Section or in anyTax <br />Compliance Certificate (hereinafter duhoad). <br />Lino Lakes—DWRR01 <br />Page 5of12 <br />
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