03-25-2013 EXECUTIVE SESSION - Laserfiche WebLink

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RESOLUTION NO. 8077 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA APPROVING GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN REFUNDING BONDS TO BE ISSUED BY THE CITY OF BLAINE, MINNESOTA A. WHEREAS, the City of Blaine ("Blaine") has heretofore issued its General Obligation Capital Improvement Plan Bonds, Series 2005A (the "Series 2005A Bonds") to finance the acquisition, construction and furnishing of buildings and equipment for municipal fire protection; B. WHEREAS, the Cities of Mounds View, Spring Lake Park and Blaine (collectively, the "Cities") heretofore entered into that certain Joint Powers Agreement for the Provision of Fire Protection Services dated December 11, 1990, (as amended and supplemented from time to time, the "Joint Powers Agreement') to finance various equipment for municipal fire protection and firefighting purposes; C. WHEREAS, the Joint Powers Agreement has been supplemented from time to time including by a Supplement to Joint Powers Agreement, approved by Mounds View October 24, 2005, entered into by all the Cities in connection with the issuance by Blaine of its General Obligation Capital Improvement Plan Bonds, Series 2005A (the "Series 2005A Bonds") to finance a new fire station and equipment; D. WHEREAS, Blaine is authorized by the provisions of Minnesota Statutes, Chapter 475 (the "Act') and Section 475.67, Subdivision 13 of the Act to issue and sell its general obligation bonds to refund outstanding bonds to achieve debt service savings; E. WHEREAS, Blaine proposes to issue its General Obligation Capital Improvement Plan Refunding Bonds (together with bonds issued in the future to refund such bonds, the `Bonds") to refund in advance of maturity and at their redemption date the 2017 to 2026 maturities of the Series 2005A Bonds which are callable on February 1, 2016; F. WHEREAS, Blaine has determined it can achieve greater debt service savings than required by Minnesota statutes and is requesting that Mounds View consent to the refunding and confirm its obligation to pay its share of the debt service cost in accordance with the Joint Powers Agreement;