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CITY OF LINO LAKES, NIINNESOTA
RESOLUTION NO. 18-167
RESOLUTION CONSENTING TO AND APPROVING THE ISSUANCE BY THE
CITY OF WHITE BEAR LAKE OF REVENUE OBLIGATIONS TO
REFINANCE A PROJECT ORIGINALLY FINANCED WITH THE PROCEEDS
OF REVENUE OBLIGATIONS ISSUED BY THE CITY OF LINO LAKES AND
TAKING OTHER ACTIONS WITH RESPECT THERETO
BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota (the "City"), as
Section 1. Background.
1.01. The City is authorized by the provisions of Minnesota Statutes, Sections 469.152 through
469.1655, as amended (the "Act"), to issue revenue bonds to finance or refinance, in whole or in part, the
costs of the acquisition, construction, reconstruction, improvement, betterment, or extension of projects,
including any properties, real or personal, used or useful in connection with a revenue producing
enterprise, whether or not operated for profit.
1.02. Pursuant to Minnesota Statutes, Section 471.656, as amended, a municipality is
authorized to issue obligations to finance the acquisition or improvement of property located outside of
the corporate boundaries of such municipality if the governing body of the city in which the property is
located consents by resolution to the issuance of such obligations.
1.03. On June 28, 2006, the City issued its Revenue Note (YMCA Project), Series 2006A (the
"Series 2006A Note"), in the original aggregate principal amount of $3,500,000 and loaned the proceeds
thereof, along with the proceeds of the Revenue Note (YMCA Project), Series 2006B, issued by the City
in the original aggregate principal amount of $50.0,000 and no longer outstanding, to the Young Men's
Christian Association of the Greater Twin Cities, a Minnesota nonprofit corporation doing business as the
YMCA of the Greater Twin Cities (the `Borrower"), as successor to the YMCA of Greater Saint Paul, to
finance a portion of the costs of the acquisition, construction, and equipping of an approximately 45,000
square foot recreational facility located at 7690 Village Drive in the City (the "Lino Lakes Project").
1.04. The Borrower has proposed that the City of White Bear Lake, Minnesota (the "Issuer")
issue its revenue obligations (the `Bonds"), in one or more series, as taxable or tax-exempt obligations, in
an aggregate principal amount not to exceed $22,000,000, under the provisions of the Act and Minnesota
Statutes, Section 471.656, as amended, and loan the proceeds thereof to the Borrower to, among other
things, refinance the Lino Lakes Project through the refinancing of the Series 2006A Note.
1.05. The Borrower also intends to use a portion of the proceeds of the Bonds to refinance
other facilities owned by the Borrower and located throughout the Minneapolis/Saint Paul metropolitan
area.
Section 2. Findings; Authorizations and Approvals.
2.01. In accordance with Section 469.155, subdivision 12 of the Act and Minnesota Statutes,
Section 471.656, as amended, the City consents to the issuance of the Bonds by the Issuer to, among other
things, refinance the outstanding Series 2006A Note, thereby refinancing the Lino Lakes Project, subject
to final approval by the governing body of the Issuer, following the preparation of bond documents and a
determination by the Issuer to issue the Bonds.
2.03. The Borrower has agreed and it is hereby determined that any and all costs incurred by
the City in connection with the refinancing of the Series 2006A Note and the Lino Lakes Project will be
paid by the Borrower.
2.03. City staff are authorized and directed to take all other actions necessary to carry out the
intent of this resolution.
Adopted by the City Council of the City of Lino Lakes, Minnesota this 26 h day ofNovember,
2018.
Mayor
ATTEST:
City Ckerk J
544491vi JAE MN450-6 2
CITY COUNCIL
AGENDA ITEM 1D
STAFF ORIGINATOR: Sarah Cotton, Finance Director
MEETING DATE: November 26, 2018
TOPIC: Consider Resolution No. 18-167, Consenting to the Redemption
of a Revenue Note (YMCA Project), Series 2006A
VOTE REQUIRED: 3/5
BACKGROUND
On June 28, 2006, the City of Lino Lakes issued Revenue Note (YMCA Project), Series 2006A
and loaned the proceeds to the Young Men's Christian Association of the Greater Twin Cities
to finance a portion of the costs associated with the Lino Lakes YMCA Project.
The YMCA would like to refinance the Project, along with other recreational facilities owned,
and has requested that the City of White Bear Lake issue its revenue obligations, a portion of
which will be utilized to refinance the City's outstanding Series 2006A Note.
Per Minnesota State Statutes, a municipality is authorized to issue bonds to finance or refinance
a project located in another municipality if the governing body of the municipality in which the
project is located consents by resolution to the issuance of the bonds. In order for the City of
White Bear Lakes to issue the Revenue Obligations, the City of Lino Lakes must "consent to"
and approve the issuance of the bonds.
RECOMMENDATION
Staff recommends approval of Resolution No. 18-167.
ATTACHMENTS
Resolution No. 18-167