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HomeMy WebLinkAboutResolution 4069rV .. t~ y r ,] EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF MOUNDS VIEW, MINNESOTA Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Mounds View, Minnesota, was duly held in the Mounds View City Hall on the 22nd day of April, 1991, commencing at 7:00 o'clock P.M., C.T. The following Councilmembers were present: Phyllis Blanchard, Gary Quick, Pat Rickaby, Diane Wuori and Mayor Jerome Linke and the following were absent: None Councilmember Quick introduced the following resolution, the reading of which was waived by unanimous consent of the Council, and moved its adoption: RESOLUTION NO. 4069 RESOLUTION RELATING TO THE ISSUANCE OF CERTAIN GENERAL OBLIGATION BONDS FOR FIRE PROTECTION PURPOSES AND LEVYING TAXES FOR THE CITY'S SHARE THEREOF BE IT RESOLVED by the Cites Council (the "Council") of the City of Mounds View, Minnesota (the "City"), as follows: 1. Recitals. (a) The Cities of Mounds View, Blaine, and Spring Lake. Park (collectively, the "Cities") jointly cooperate in meeting their municipal fire protection needs and have for that purpose entered into various contracts with the Spring Lake Park Fire Department, Inc., a Minnesota non-profit corporation.' (b) The Cities entered into a certain Joint Powers Agreement for the Provision of Fire Protection Services, . 15717 1 ,~ dated December 11, 1990 (the "Joint Powers Agreement"), providing in part for the issuance by the City of Blaine (on behalf of all the Cities) of its bonds in an amount not to exceed $4,450,000 {the "Bonds") for the purpose of defraying the expense of the acquisition, construction, furnishing, and betterment of land, buildings, and equipment for municipal fire protection and firefighting purposes. (c) Pursuant to Section III(G) of the Joint Powers Agreement, each City's share of the debt service on the Bonds is from year to year equal to that City's percentage for that year derived from a certain formula (the "Formula") multiplied by the total amount of debt service due on the Bonds in the applicable year. (d) The City's Formula share applicable for 1992 (the year in which first payment of debt service on the Bonds occurs) is 22.75$. Accordingly, the City's share of the principal amount of the Bonds (which share is hereinafter referred to as the "City's Bonds") is initially $1,012,375. (e) At the general municipal election held in the City on November 6, 1990, the electorate of the City gave its approval by a vote of 3,198 in favor to 1,317 opposed to the following question, which was duly presented to the electorate for its consideration: • "Shall the City of Mounds View, Minnesota, be authorized to issue its general obligation bonds in an amount not to exceed $945,000 to defray the expense of the acquisition, construction, furnishing, and betterment of land, buildings and equipment for municipal fire protection and fire- fighting purposes?" (f) In the interests of efficiency, and as provided in the Joint Powers Agreement, the City of Blaine is to be the issuer of the Bonds, and the Council has been advised that on April 18, 1991, the Blaine City Council adopted a resolution awarding the public sale and setting the terms of the Bonds. Pursuant to that resolution, the Bonds will be dated as of May 1, 1991, will mature on February 1 in the years and amounts, and will bear per annum interest, respectively, as follows: • ~s~~~ 2 ,ye • Maturity Year Amount Interest Rate 1994 $ 125,000 7.875 1995 135,000 7.875 1996 140,000 7.875 1997 150,000 7.875 1998 165,000 7.875 1999 175,000 7.875 2000 185,000 ?.875 2001 195,000 7.875 2002 210,000 7.875 2003 220,000 6.70 2004 235,000 6.60 2005 250,000 6.70 2006 265,.000 6.80 2007 280,000 6.80 2008 300,000 6.80 2009 320,000 6.375 2010 345,000 6.375 2011 365,000 6.375 2012 390,000 6.375 $4,450,000 2. Purp ose and Ratification. The purpose of this Resolution is in part to provide for the security for and payment of the City's Bonds pursuant to Minnesota Statutes, Section 475.61, to the same extent and with the s ame effect as though the . City had issued the City's Bonds. The Council hereby ratifies and approves the issuance of the Bonds by the City of Blaine for the benefit of the Cities and the Council further reaffirms and ratifies the C ity's obligation to contribute its share of the debt service on those Bonds from year to year. 3. Small Issuer; Rebate. For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements provided in Section 148(f)(4)(D) of the Internal Revenue Code of 1986, as amended (the "Code"), the City hereby finds, determines and declares that (1) the City is, and the Bonds are issued by, a governmental unit with general taxing powers, (2) no Bond is a private activity bond, (3) 95$ or more of the net proceeds of the City's Bonds are to be used for local governmental activities of the City (or of a governmental unit the jurisdiction of which is entirely within the jurisdiction of the City), and (4) the sum of the $1,012,375 of the City's Bonds plus the aggregate face amount of all other tax-exempt obligations (other than private activity bonds) issued by the City (and all entities subordinate to, or treated as one issuer with, .the. City) during the 1991 calendar year is not reasonably expected to exceed $5,000,000, all within the meaning of Section . 15717 't 148(f)(4)(D) of the Code. For purposes of the foregoing, the City is treating the City's Bonds as a loan made by the City of Blaine to the City within the meaning of Section 148(f)(4)(D)- (ii)(II) of the Code. 4. Designation of Qualified Tax-Exempt Obligations. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City hereby makes the following factual statements and representations: (a) the City's Bonds are issued after August 7, 1986; (b) the City's Bonds are not "private activity bonds" as defined in Section 141 of the Code; (c) the City hereby designates the City's Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b) (3) of the Code; (d) the sum of the $1,012,375 of the City's Bonds plus the reasonably anticipated amount of all other tax-exempt obligations (other than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all entities subordinate to, or treated as one issuer with, the City) • during calendar year 1991 will not exceed $10,000,000; (e) the sum of the $1,012,375 of the City's Bonds plus the aggregate principal amount of all other obligations issued or to be issued by the City during calendar year 1991 which have been designated or which are anticipated to be eligible for designation for purposes of Section 265(b)(3) of the Code does not and is not reasonably expected to exceed $10,000,000; and (f) pursuant to Section 265(b)(3)(C)(iii) of the Code, the City states that it is receiving the benefits from the issuance of the $1,012,375 of the City's. Bonds and the City hereby irrevocably agrees with the City of Blaine to the allocation of said amount to the City for purposes of Section 265(b)(3) of the Code and further agrees and finds that said allocation bears a reasonable relationship to the respective benefits received. 5. Tax Levies. To provide moneys for payment of the principal of and interest on the City's Bonds, and for the benefit of the owners from time to time of the City's Bonds and for the benefit of the City of Blaine in respect of its payment • 15717 4 . obligations as the issuer thereof, there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for the years and in the amounts as follows: Year of Tax Year of Tax Levy Collection Amount 1991 1992 $ 130,231 1992 1993 104,277 1993 1994 104,315 1994 1995 102,970 1995 1996 102,725 1996 1997 103,486 .1997 1998 102,771 1998 1999 101,868 1999 2000 100,776 2000 2001 100,691 2001 2002 99,130 2002 2003 99,192 2003 2004 99,070 2004 2005 98,652 2005 2006 97,931 2006 2007 98,160 2007 2008 98,064 2008 2009 99,163 • 2009 2010 98,687 2010 2011 99,100 The tax levies shall be irrepealable so long as any of the City's Bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3, and to reduce or increase the levies in response to changes from year to year in the City's Formula share of the debt service on the Bonds. It is hereby found and determined that the revenues provided herein for the payment of the City's Bonds will be available in amounts sufficient to produce at least five percent (5$) in excess of the amount needed to meet, when due, the principal and interest payments on the City's Bonds. For the prompt and full payment of the principal and interest on the City's Bonds, as the same respectively become due, the full faith and credit and taxing powers of the City shall be and are hereby irrevocably pledged. • 15717 5 ~ } 1 r ~ The provisions of this Resolution are made expressly • for the benefit of the owners from time to time of the City's Bonds and for the benefit of the City of Blaine in respect of its obligation as issuer thereof to make timely and full payment of the debt service thereon. The City irrevocably pledges to use such amounts of the foregoing levies and, in the event of any insufficiency thereof, such other available funds of the City as may be necessary to provide for the timely and full payment of the debt service on the City's Bonds. The City Clerk-Administrator is directed to file a certified copy of this Resolution with the Director of Property Taxation of Ramsey County and to obtain the certificate of said official required by Minnesota Statutes, Section 475.63. Adopted this 22nd day of April, 1991, by the Mounds View City Council. The motion for the adoption of the foregoing. Resolution was duly seconded by Councilmember Rickaby and, after full discussion thereof and upon a vot ~ ng taken thereon, the following Councilmembers voted in favor thereof: Blanchard, Quick, Rickaby, Wuori and Mayor Linke and the following voted against the same: None • Whereupon said Resolution was declared duly passed and adopted. • 15717 6 ~ ~ a V `~ ti O C~ d' 1,Y0 CC{ 0~1 CO CO Of r M O N r ~ ~ COO t^l ~p O ~ r th ~ M (pp ( ~ g ~ S ~ O ` 4 ~ J 4. 0 N CO O IA O IA ~ ~ Of ~ Cp Cf 4 ~ Qf ~ O ~ V Cn ~ ~ d CO sr (~ h ~ h h ~ h ^ f~ N 1~ N I~ h P: !A !~ CO I~ ~ CV 00 ~ ~ ~ V' 4 ~ ~ ~ ~ Q CO Of r h d C m ~ >> C7 C h NN r M ~ ~ ~~pp CO ~ ~ h COO CD ^ h O1 CO pp M ~ Oh N ~ Ch pp CD ~ ~ h Of U C N ~ N ~ o ~ O N O M O O O p S O r ~ r ~ O M ~ Of ~ r O ~ T 0 O 01 r r r r r r f O O f 0 1 O f O1 W N Z ~ a ~ ~ ~ ~ $ ~ ~~ ~ $ ah o c°fo ~ a°io o $ ~ ~ ° r Q rm m m Cp ~ ~ ~ pp ~~ t p ~ ?ii ~ a o O . e9 N M N N N N N N N N ~ N ~ ~ ~ N at m J } ~ ~ c7 O O~f GO! 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WITNESS my hand as such City Clerk-Administrator and the • official seal of the City this `day of ~ , 1991. City Clerk-Ad inistra r (SEAL) • 15717