2011-092 Council Resolution - Laserfiche WebLink

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(a) the City and Anoka County (the "County ") have entered into ]t yni Powers Agreement for the Reconstruction of County State Aid Highway 14 ( am Stree an 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 previously 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 agreed to finance the remaining balance of the City' s share of the Project, together with interest and service charges accrued by the County to carry the City's debt, and to that end the City issued to the County the City's $4,260,000 General Obligation Improvement Note dated as of December 9, 2009 (the "Note "), pursuant to City Resolution No. 09 -097 (the "Original Resolution "). (e) the County financed a portion of the County's cost of the Project through issuance of the County's $6,680,000 General Obligation Bonds, Series 2009F (the "Series 2009F Bonds "); and at the time of issuance of the Note, the City and County estimated that $4,260,000 in principal amount of the Series 2009F Bonds represented the City's share of the cost of the Project (such City portion of the Series 2009F Bonds hereafter referred to as the "County Bonds "); (f) due to cost savings, the City and County have now determined that the City's share of the Project costs (including interest and service charges) is reduced to $3,695,000, which amount is the revised original principal amount of the County Bonds; (g) in order to memorialize this change in the City's share of Project cost, the City and County have agreed to enter into a First Amendment to Joint Powers Agreement between the City and County (the "First Amendment "); (h) pursuant to the First Amendment, the City has agreed to issue, and the County has agreed to accept, an amended Note in the original principal amount of $3,695,000, with an amended payment schedule (the "Amended Note "), which Amended Note is intended to replace and supersede the original Note in all respects. (i) respects. this resolution is intended to supersede and replace the Original Resolution in all Section 2. Issuance of Amended Note. 383077v3 SJB LN140 -103 2 •