HomeMy WebLinkAbout2013.04.01 RESO 2013-08RESOLUTION NO. 2013 - 8
RESOLUTION AMENDING THE JOINT POWERS AGREEMENT DATED
APRIL 18, 2005, BY AND AMONG THE CITY OF HUGO, MINNESOTA AND
INDEPENDENT SCHOOL DISTRICT NUMBER 624
WHEREAS, the City of Hugo issued General Obligation Tax Abatement Bonds in 2005;
and
WHEREAS, Independent School District Number 624 opted to participate in the tax
abatement process and agreed to the payment of 50% of the total debt service; and
WHEREAS, the City of Hugo and Independent School District Number 624 entered into
a Joint Powers Agreement on April 18, 2005; and
WHEREAS, said Joint Powers Agreement contained a promissory note and a schedule of
bi-annual payments to be made to the City of Hugo; and
WHEREAS, the City of Hugo recently refunded the original bond issue with lower
interest bearing bonds and wishes to pass a portion of the savings to the School District.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF HUGO, WASHINGTON COUNTY, MINNESOTA, that Schedule A of the Joint
Powers Agreement dated April 18, 2005 be revised as follows:
Revised Note Receivable
Date Due Original Revised
5/15/2005
$ 34,573.50
$ 34,573.50
$ -
1/15/2006
34,573.50
34,573.50
$ -
7/15/2006
31,344.00
31,344.00
$ -
1/15/2007
31,344.00
31,344.00
$ -
7/15/2007
78,126.00
78,126.00
$ -
1/15/2008
78,126.00
78,126.00
$ -
7/15/2008
114,125.00
114,125.00
$ -
1/15/2009
114,125.00
114,125.00
$ -
7/15/2009
120,278.00
120,278.00
$ -
1/15/2010
120,278.00
120,278.00
$ -
7/15/2010
187,464.00
187,464.00
$ -
1/15/2011
187,464.00
187,464.00
$ -
7/15/2011
217,024.00
217,024.00
$ -
1/15/2012
217,024.00
217,024.00
$ -
7/15/2012
254,923.00
254,923.00
$ -
1/15/2013
254,923.00
254,923.00
$ -
7/15/2013
256,583.00
256,583.00
$
1/15/2014
256,583.00
256,583.00
$
7/15/2014
258,293.00
258,293.00
$
1/15/2015
258,293.00
258,293.00
$
7/15/2015
260,053.00
243,506.75
$
16,546.25
1/15/2016
260,053.00
243,506.75
$
16,546.25
7/15/2016
261,866.00
245,650.50
$
16,215.50
1/15/2017
261,866.00
245,650.50
$
16,215.50
7/15/2017
263,736.00
247,545.00
$
16,191.00
1/15/2018
263,736.00
247,545.00
$
16,191.00
7/15/2018
265,660.00
250,936.75
$
14,723.25
1/15/2019
265,660.00
250,936.75
$
14,723.25
7/15/2019
267,644.50
253,455.00
$
14,189.50
1/15/2020
267,644.50
253,455.00
$
14,189.50
,655.00 $ 155,731
UPON ROLL CALL THE FOLLOWING MEMBERS VOTING AYE: Bronk, Haas,
Klein, Petryk, Weidt
UPON ROLL CALL THE FOLLOWING MEMBERS VOTING NAY: None
Whereupon said resolution was declared passed and adopted this I" day of April, 2013.
Tom Weidt, Mayor
ATTEST:
Michele Lindau, City Clerk