2012-075 Council Resolution - Laserfiche WebLink

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• • CITY OF LINO LAKES RESOLUTION NO. 12-75 APPROVING FIRST AMENDMENT TO AMENDED AND RESTATED JOINT AND COOPERATIVE AGREEMENT AND APPROVING ISSUANCE BY THE NORTH METRO TELECOMMUNICATIONS SYSTEM OF CERTAIN REFUNDING BONDS AND RELATED MATTERS BE IT RESOLVED by the City Council (the "Council ") of the City of Lino Lakes (the "City ") as follows: Section 1. Recitals. 1.01. The City is a member of the North Metro Telecommunications Commission ( "NMTC "), which is a joint powers entity organized pursuant to Minnesota Statutes, section 471.59. 1.02. The member cities of NMTC entered into an Amended and Restated Joint and Cooperative Agreement for the Administration of a Cable Communications System dated as of June, 2003 (the "Joint Agreement "). 1.03. NMTC issued its $2.000,000 North Metro Telecommunications Commission Cable Franchise Revenue Bonds, Series 2003 (the "Series 2003 Bonds ") to finance a facility for NMTC operations. 1.04. NMTC has determined that it is reasonable and necessary to refund the Series 2003 Bonds in order to achieve debt service savings by issuing its Cable Franchise Revenue Refunding Bonds, Series 2012 (the "Refunding Bonds "). 1.05. The City Council has also reviewed a First Amendment to the Joint Agreement, (the "First Amendment ") providing for certain changes in appointment by member cities of alternate directors who serve on the board of NMTC. Section 2. Approvals. 2.01. The City Council approves the First Amendment in substantially the form presented to the Council. 2.02. The Mayor and City Clerk are authorized and directed to execute the Amendment, and deliver the same to NMTC. 2.03. The City Council expressly authorizes NMTC to issue the Refunding Bonds in the amount deemed necessary by NMCT to effect a current refunding of the Series 2003 Bonds and achieve debt service savings. 407976v1 SJB NR375 -1