HomeMy WebLinkAbout2012-075 Council Resolution•
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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.
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2.04. In order to qualify the Refunding Bonds as "qualified tax- exempt obligations" within
the meaning of Section 265(b)(3) of the Code, the City makes the following factual statements and
representations:
(a) The reasonably anticipated amount of tax- exempt obligations (other than
private activity bonds that are not qualified 501(c)(3) bonds) which will be issued by the
City (and all subordinate entities of the City) during calendar year 2012 will not exceed
$10,000,000;
(b) Not more than $10,000,000 of obligations issued by the City during calendar
year 2012 has been designated for purposes of Section 265(b)(3) of the Code.
(c) The City agrees, with all members of NMTC, to allocate the benefits
attributable to the Refunding Bonds (and the project financed by the original Series 2003
Bonds) in accordance with members' most recent Debt Service Share under Article XL,
Section 3 of the Joint Agreement, which share is 17.15 percent; and accordingly the City
allocates 17.15 percent of the principal amount of the Refunding Bonds to the City for the
purposes of Section 265(b)(3) of the Code.
2.05. City staff and consultants are authorized and directed to take all other actions
required to carry out the intent of this Resolution.
• Approved by the City Council of the City of Lino Lakes this 23rd day of July 2012.
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The motion for the adoption of the foregoing resolution was introduced by Council Member
Rafferty and was duly seconded by Council Member Stoesz and upon vote being taken thereon,
the following voted in favor thereof:
Rafferty, Stoesz, Roeser, O'Donnell, Reinert
The following voted against same: None
Attest:
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FIRST AMENDMENT TO
JOINT AND COOPERATIVE AGREEMENT FOR THE ADMINISTRATION
OF A CABLE COMMUNICATIONS SYSTEM
This First Amendment to Amended and Restated Joint and Cooperative Agreement for
the Administration of a Cable Communication System is entered to as of July 23, 2012, by and
among the cities of Blaine, Centerville, Circle Pines, Ham. Lake, Lexington, Lino Lakes, and
Spring Lake Park (the "Members ").
RECITALS
WHEREAS, the Member entered into that certain Amended and Restated Joint and
Cooperative Agreement for the Administration of a Cable Communication System dated as of
June 23, 2003 (the "Joint Agreement "); and.
WHEREAS, the Members have determined to amend the Joint Agreement in certain
respects as described herein.
NOW, THEREFORE, the Members agree as follows:
1. Part VI, Section 3 of the Joint Agreement is modified to read as follows:
Section 3. Each Member shall appoint at least one alternate director who shall be a
council member from the Member City. A Member may appoint any number of additional
alternate directors, each of whom must also be a council member from that Member City. The
Commission, in its By -Laws, may prescribe the extent of an alternate director's powers and
duties.
2. The Joint Agreement remains in full force and effect and is not modified except as
expressly provided in this First Amendment.
IN WITNESS WHEREOF, the undersigned municipality has caused this agreement to be signed
on its behalf this 23rd day of July, 2012.
ATTEST:
CITY OF LINO LAKES, MINNESOTA
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