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SEP-17-1996 15:11 CITY OF SHOREVIEW P.03'04 <br /> finance, supporting a finding that the Facility's revenues and other available money will <br /> be sufficient to pay debt service with respect to the bonds; and <br /> WHEREAS, the County,the HRA, and MASC will enter into an agreement <br /> pursuant to which the Facility will be financed and constructed, and MASC will pledge <br /> revenues of the Facility to the repayment of the bonds; and <br /> WHEREAS, MASC has proposed that there will be an agreement to be entered <br /> into among MASC,the City, and other participating cities setting forth the respective <br /> rights and obligations of the parties with respect to the Facility; and <br /> WHEREAS, Ramsey County has included S500,000 in their 1997 tax levy to <br /> participate in the project by funding the initial capital contribution requirement; and <br /> WHEREAS, the City is authorized by Minnesota Statutes, Chapter 475 to enter <br /> into an agreement with respect to financing the Facility; and is further authorized by <br /> Minnesota Statutes, Section 471.191, to secure its obligations pursuant to the agreement <br /> by a first charge on the gross revenues of the Facility and to provide for a levy of taxes <br /> for the payment of operating costs of the Facility to the extent that revenues are <br /> insufficient therefor. <br /> NOW, THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> • CITY OF SHOREVIEW: <br /> 1. The City hereby determines and agrees to participate in the financing,construction, <br /> operation and use of the facility,provided that the City's participation shall be in an <br /> amount established by a supplemental agreement between the cities of Shoreview, <br /> Arden Hills, Mounds View, and New Brighton. <br /> 2. The City agrees to secure rental income for the Facility in an amount at least equal to <br /> the agreed upon annual hourly rate times its Percentage Share of agreed upon prime <br /> time hours (not less than 2,080)which rental income shall be passed through for the <br /> purpose of paying debt service with respect to the bonds and paying operating costs of <br /> the Facility. <br /> 3. The agreement to participate in this project is subject to the following conditions: <br /> a. Approval of the Master Agreement between the MASC and all of the <br /> participating communities; <br /> • <br /> b. Approval of a supplemental Agreement, including a 5500,000 escrow, between <br /> the cities of Shoreview,Arden Hills, Mounds View, and New Brighton and the <br /> Mounds View and Irondale Youth Hockey Associations; <br /> • c. Approval of a supplemental Agreement between the cities of Shoreview,Arden <br />