Agenda Packets - 2013/09/23 - Laserfiche WebLink

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1.05. Host Approval. Prior to the issuance of the Subordinate Note, the City Council of the City of Fridley must hold a duly noticed public hearing and provide host approval to the issuance of the Subordinate Note by the City pursuant to the requirements of Section 147(f) of the Code. Section 2. City Council Approvals. 2.01. Preliminary Approval. The Project is hereby given preliminary approval by the City. The issuance of the Subordinate Note in one or more series in the aggregate principal amount not to exceed $3,000,000 to finance the Project is hereby approved subject to the City Council holding a public hearing on the Project and the issuance of the Subordinate Note, the approval of the Project by the Minnesota Department of Employment and Economic Development ("DEED") as required by the Act, and the host approval of the City Council of the City of Fridley following a duly noticed public hearing. The issuance of the Subordinate Note is also subject to the mutual agreement of the City, the Borrower, and the initial purchaser of the Subordinate Note as to the details of the Subordinate Note and provisions for its payment 2.02. Subordinate Note Not Obligation of City. The Subordinate Note shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City except the City's interest in the loan or revenue agreement with respect to the Subordinate Note and the Project, and the Subordinate Note, when, as, and if issued, shall recite in substance that the Subordinate Note, including interest thereon, is payable solely from the revenues received from the Project and property pledged to the payment thereof, and shall not constitute a general or moral obligation of the City. 2.03. Approval of the Project. It is hereby found and determined that the Project furthers the purposes set forth in the Act, and the Project constitutes a "project" within the meaning of Section 469.153, subdivision 2(d) of the Act. 2.04. Submission of Project Application to DEED. In accordance with Section 469.154 of the Act, the City Administrator of the City is hereby authorized and directed to submit the proposal for the Project to DEED. The City Administrator and other officers, employees and agents of the City are hereby authorized to provide DEED with any preliminary information needed for this purpose, and the City Administrator is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project, if it is approved. 2.05. Approval of Bond Counsel. The law firm of Kennedy & Graven, Chartered, is authorized to act as Bond Counsel and to assist in the preparation and review of necessary documents relating to the Project and the Subordinate Note issued in connection therewith. The Mayor, City Administrator, and other officers, employees, and agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents. Section 3. Public Hearing. 3.01. Establishment of Public Hearing. The City Council shall meet at or after 7:00 p.m. on Monday, October 28, 2013, to conduct a public hearing on the Project and the issuance of the Subordinate Note by the City as requested by the Borrower. 3.02. Notice of Public Hearing. The City Administrator is authorized and directed to publish notice of the hearing in substantially the form attached hereto as EXHIBIT A in the Sun -Focus, the official newspaper and a newspaper of general circulation in the City, once, at least fourteen (14) days prior to the date of the public hearing. 431774v2 JAE NR380-1