Resolution 09-EDA-255 - Laserfiche WebLink

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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF NIINNESOTA RESOLUTION 09-EDA-255 AUTHORIZING THE REDEMPTION AND PREPAYMENT OF THE AUTHORITY'S TAXABLE TAX INCREMENT REVENUE BONDS, SERIES 2001 BE IT RESOLVED by the Board of Commissioners of the Mounds View Economic Development Authority (the "Authority") that: Section 1. Authorization and Recitals. 1.01. Pursuant to Minnesota Statutes, Sections 469.090 through 469.108, the Authority previously issued and sold its Taxable Tax Increment Revenue Bonds, Series 2001 (the "Bond"), dated October 1, 2001, in the original aggregate principal amount of $815,000, of which $394,000 in principal amount is currently outstanding. The Bond maturing on February 1, 2013, is subject to call for prior redemption on February 1, 2010, or on any February 1 or August 1 (each an "Interest Payment Date") thereafter at a price of par, plus accrued interest to the date of redemption. The Bond was issued under an Indenture of Trust, dated October 1, 2001 (the "Indenture"), between the Authority and U.S. Bank National Association (formerly known as U.S. Bank Trust National Association), Saint Paul, Minnesota, as trustee (the "Trustee"). 1.02. The Bond matures on February 1, 2013, with principal and interest due in semiannual installments on February 1 and August 1. 1.03. On February 1, 2010 (the "Redemption Date"), the Authority proposes to redeem and prepay the outstanding principal amount of the Bond in the amount of $345,000, plus accrued interest to the Redemption Date. Section 2. Findings. It is in the best interests of the Authority that the Authority redeem and prepay the outstanding Bond, in whole, upon the terms set forth in the Indenture. Section 3. Approval of Redemption. 3.01. The Authority hereby authorizes the redemption and prepayment of the Bond, in whole, upon the terms set forth in the Indenture and this Resolution, and under such terms, conditions, and requirements approved by the Executive Director of the Authority. 3.02. The Trustee is authorized and directed to send a copy of the Notice of Redemption to each registered owner of the Bond. 3.03. The President and the Executive Director of the Authority or their designees are hereby authorized and directed to execute all notices and other documents required as a condition to the redemption and prepayment of the Bond, as prescribed herein and in the Indenture, and to deliver them to the Trustee, together with a certified copy of this Resolution, any other documents required in the Indenture, and such other certificates, documents, and instruments as may be appropriate to effect the transactions herein contemplated. 3.04. The approval hereby given includes an approval of modifications thereto, deletions therefrom, and additions thereto as may be necessary and appropriate and approved by Kennedy & Graven, Chartered, as Bond Counsel, and the Executive Director prior to the execution of the documents. The execution of an instrument by the appropriate officer or officers of the Authority herein authorized shall be conclusive evidence