HomeMy WebLinkAboutResolution 8077 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
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;
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;
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;
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;
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;
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;
Resolution 8077
Page 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Mounds View, Minnesota, as follows:
1. The City Council hereby approves the issuance of the Bonds to
refund the Series 2005A Bonds to achieve at least the statutorily required debt service
savings.
2. The City Council hereby affirms its obligations under the Joint
Powers Agreement to pay its applicable share of the debt service on the Bonds. The
Mayor and City Administrator are hereby authorized to execute on behalf of Mounds
View, to Blaine a note, certificate or other instrument evidencing the pledge of Mounds
View's full faith and credit and taxing powers to pay the applicable share of debt service
on the Bonds in accordance with the Joint Powers Agreement and to carry out on behalf
of Mounds View, Mounds View's obligations thereunder.
Adopted this 25th day of March, 2013.
oe Flaherty, Mayor
ATTEST:
James Ericson, City Administrator
(seal)
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420641v1 JSB BL140-17