Resolution 8718 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO.8718 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA A RESOLUTION CERTIFYING THE CITY OF MOUNDS VIEW'S SHARE OF INDEBTEDNESS RELATED TO THE CITY OF SPRING LAKE PARK'S$1,090,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS,SERIES 2017A,THE PROCEEDS OF WHICH ARE TO BE USED BY THE SPRING LAKE PARK FIRE DEPARTMENT,INC. BE IT RESOLVED By the City Council (the "Council") of the City of Mounds View, Minnesota (the"City")as follows: Section 1. Sale of Certificates. 1.01. Background. (a) The City and the cities of Spring Lake Park and Blaine, Minnesota (collectively, the "Cities")jointly contract for fire protection and other public safety services pursuant to a Joint Powers Agreement For the Provision of Fire Protection Services, dated December 11, 1990 (the "Joint Powers Agreement"). The Joint Powers Agreement has been used in the past to fmance the acquisition of various items of equipment for use by the Fire Company, and has been supplemented for a third time (the "Third Supplement")to authorize the City of Spring Lake Park to issue general obligation equipment certificates of indebtedness to finance the following equipment (the "Equipment"), for use by the Spring Lake Park Fire Department, Inc., which is a Minnesota nonprofit corporation providing fire protection and other public safety services to the Cities: a 75-foot ladder truck equipped with an aerial ladder, fire pump, booster tank,hoses, ground ladders, a"Chiefs"passenger vehicle,and a truck for grass fires. (b) Pursuant to Resolution No. 8714, adopted by this Council on February 13, 2017,the City approved the Third Supplement. The City has been informed by the City of Spring Lake Park that on February 21, 2017 the City of Spring Lake Park sold its General Obligation Equipment Certificates of Indebtedness, Series 2017A, in the original aggregate principal amount of$1,090,000 (the"Certificates"), pursuant to Minnesota Statutes, Section 412.301 and Chapter 475, as amended (collectively, the "Act"). The purpose of this Resolution is to memorialize the sale of the Certificates and certify the City's obligation to pay a portion of the debt service on the Certificates, pursuant to the payment formula found on Exhibit A to the Joint Powers Agreement (the "Formula"), as such Formula may change from time to time up to the fmal maturity date of the Certificates on February 1,2023. 1.02. Interest Rates on the Certificates. The Certificates were sold at a price of$1,144,323.15(par amount of $1,090,000.00, plus original issue premium of $58,955.65, less underwriter's discount of $4,632.50),for Certificates bearing interest as follows: 1