1990.04.16 RESO 1990-0012 - Laserfiche WebLink

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WHEREAS, under the allocation procedures of Section 474.19 of the IDB Act, a local issuer which is not an entitlement issuer may apply for an allocation of bond issuance authority by submitting an application to the Minnesota Department of Energy and Economic Development on or before the 20th day of any month; and WHEREAS, Section 474.19 of the IDB Act further provides that a local issuer may enter into a joint powers agreement with any other state or municipal entity which has authority to issue obligations subject to a federal limitation act whereby the other entity issues the bonds on behalf of the local issuer for the project for which an allocation was received by the local issuer; and WHEREAS, the Authority has received a proposal from George D. Crockett III and Brian J. McGoldrick, on behalf of Dyna Glass, Inc. and Photo Tech Products, a partnership requesting issuance of up to $275,000.00 of its revenue bonds under the IDB Act to finance the acquisition and rehabilitation of the land and building for use as a light manufacturing facility (the "Project"); and WHEREAS, the Authority is willing to submit the application for and issue such bonds on behalf of the City to finance the Project pursuant to Section 474.19 of the IDB Act, subject to the approval of the Project by the City; and WHEREAS, the Authority is willing to exercise jurisdiction within the corporate boundaries of the City in order to assist the Developer in the acquisition and rehabilitation of the Project by exercising the powers and duties provided to it under the Act and the %%}B Act; and WHEREAS, the authority has proposed that the City and the Authority enter into this Joint Powers Agreement, as described in Section 474.19 of the Act, pursuant to which the Authority will undertake the Project in the City: NOW, THEREFORE, BE IT RESOLVED, BY THE HUGO CITY COUNCIL THAT IN CONSIDERATION of the premises and the mutual promises herein contained, the parties hereto agree as follows: Section 1. Agerovals and Agreements of the City. The City hereby approves the Project and the financing; thereof by the Authority by the issuance of its revenue bonds or other obligations under the IDB Act. The City authorizes the Authority, on behalf of the City, to submit an application to the Minnesota Department of Energy and Economic Development for an allocation of bond issuance authority» as provided in Section 474.19 of the IDB Act. The City further authorizes the Authority to exercise within the corporate boundaries of the City such powers and jurisdiction which the Authority is granted under the Act and the IDB Act as the authority determines to be useful and necessary in assisting the development of the Project by the Developer in the City. Section 2. Agreements of the Authority. The Authority hereby agrees to provide financing and other assistance to the Project by exercising, ^ within the corporate boundaries of the City, the powers and duties granted to the Authority under the Act and the IDB Act. The Authority agrees