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2003-052 Council Resolution
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2003-052 Council Resolution
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Last modified
12/5/2014 1:47:46 PM
Creation date
12/5/2014 10:13:12 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
04/14/2003
Council Meeting Type
Regular
Resolution #
03-052
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Members becomes less than five, and the Commission may also be terminated by <br />mutual agreement of all of the Members at any time; provided that the <br />Commission shall continue to exist as long as any Bonds described in Article <br />VIII, Section 13 of this agreement remain outstanding. • <br />9. The City understands and agrees that, pursuant to the foregoing amendments of the <br />Agreement, (a) the Commission would be authorized to acquire the land and issue the <br />Bonds for the Project and to proceed with its completion and (b) the City would be <br />obligated to pay its share of the debt service on the Bonds from franchise fees and to <br />continue to do so even if the City might elect to withdraw from the Commission. <br />10. This paragraph is solely to allow the Bonds initially issued pursuant to Article VIII, <br />Section 13 of the Agreement to be designated as "qualified tax - exempt obligations" <br />within the meaning of Section 265(b)(3) of the Internal Revenue Code (the "Code ") in <br />the hope and expectation of achieving thereby certain lower interest rates on the Bonds. <br />For this purpose, it is assumed that the full $2,500,000 of Bonds would be issued in 2003, <br />although the actual amount of Bonds issued may be less, and that each Member City of <br />the Commission would have an allocation of that total bond issue, based on the <br />percentage shares of the members for 2002, as follows: <br />Percentage Allocated <br />Member Share Bond Amount <br />Blaine 52.347% $1,308,675 <br />Centerville 3.567 89,175 <br />Circle Pines 5.001 125,025 <br />Ham Lake 11.696 292,400 <br />Lexington 2.551 63,775 <br />Lino Lakes 16.391 409,775 <br />Spring Lake Park 8.447 211,175 <br />100.00% $2,500,000 <br />This City's allocated bond amount (as provided above) is hereinafter referred to as the <br />City's Bonds, and the City hereby makes the following factual statements and <br />representations: <br />(a) the City hereby designates the City's Bonds as "qualified tax- exempt <br />obligations" for purposes of Section 265(b)(3) of the Code; <br />(b) the sum of the City's Bonds plus the reasonably anticipated amount of all <br />other tax - exempt obligations (other than private activity bonds, treating qualified <br />501(c)(3) bonds as not being private activity bonds) which will be issued by the <br />City (and all entities subordinate to, or treated as one issuer with, the City) during <br />calendar year 2003 is not expected to exceed $10,000,000; and <br />
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