2009-097 Council Resolution - Laserfiche WebLink

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• • Section 1. Background: Findings. • 1.01. It is hereby determined that: (a) the City and Anoka County (the "County ") have entered into that certain Joint Powers Agreement for the Reconstruction of County State Aid Highway 14 (Main Street) and I- 35E Interchange, County Project No. S.P. 02- 614 -28 (the "Joint Powers Agreement "), regarding reconstruction of the interchange between County State Aid Highway 14 and Interstate 35 -E (the "Project "); (b) under the Joint Powers Agreement, the County will construct and pay for a portion of the cost of the Project, and the City will pay a portion of the cost of the Project; (c) the City has determined to finance a portion of its share of the Project cost through special assessments levied against property in the City benefiting from the Project, and to that end has duly ordered the Project in accordance with all procedures under Minnesota Statutes, Chapter 429 (the "Improvement Act') and the City Charter; (d) under the Joint Powers Agreement, the City has agreed to finance the remaining balance of the City's share of the Project ($4,221,000), together with interest and service charges accrued by the County to carry the City's debt, through issuance by the City, and purchase by the County, of the City's $4,260,000 General Obligation Improvement Note (the "Note "); (e) the County will finance a portion of the County's cost of the Project through issuance of the County's $6,850,000 General Obligation Bonds, Series 2009F, of which bonds $4,260,000 in principal amount represents the City's share of the cost of the Project (such City portion hereafter referred to as the "County Bonds "); (e) the City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to negotiate the sale of the Note, it being determined that the City has retained an independent financial advisor in connection with issuance of the Note and has determined that the Note shall be issued to the County by private negotiation in accordance with the Joint Powers Agreement. The actions of the City staff and in negotiating the sale of the Note is ratified and confirmed in all aspects. Section 2. Sale of Note. 2.01. Issuance. The City will forthwith issue the Note pursuant to the Improvement Act and the City Charter to the County in the total principal amount of $4,260,000. The Note is issued to the County in consideration of the County's obligation under the Joint Powers Agreement to construct the Project; the Note evidences the City's obligation to pay to the County the City's share of the cost of the Project in accordance with the Joint Powers Agreement. 2.02. Terms. The Note shall be in fully registered form without interest coupons, in the denomination of the par amount, dated as of the date of issue of the County Bonds, bear interest 359834v3 SJB LN140 -103 2