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Pursuant to - due call and notice thereof, a special meeting of the City
Council of the City of Maplewood, Minnesota was duly called and held
in the Council Chambers in said City on the 18th day of July, 1986,
at 10:00 A.M.
The following members were present:
John C. Greavu, Mayor
Norman G. Anderson, Councilmember
Gary W. Bastian, Councilmember
Francis L. Juker, Councilmember
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The following members were absent:
Charlotte Wasiluk, Councilmember
Councilmember Anderson introduced the following resolution and moved its
adoption: l
RESOLUTION APPROVING AND AUTHORIZING MINNESOTA
CITIES INFRASTRUCTURE FINANCING PROGRAM JOINT
POWERS AGREEMENT AND EXECUTION OF PARTICIPATION
AGREEMENT WITH RESPECT THERETO
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MAPLEWOOD, MINNESOTA,
as follows:
1. The League of Minnesota Cities (the League) has proposed that
the City approve and execute a participation agreement (the Participa-
tion Agreement) and thereby become a party to a joint powers agreement
the Agreement), with other Minnesota cities and instrumentalities thereof
( the Participants) , providing for the. creation of the Minnesota Cities
Infrastructure Financing Program (the Program) and the Minnesota Cities
Infrastructure Financing Board (the Board) and the issuance of bonds (the
Bonds ) of the Board on behalf of each of the participants to finance and
refinance capital projects ( the Projects) of the Participants. Forms of
the Participation Agreement and Agreement have been pres.ented'to the Council
and are on file in the office of the Clerk.
2. The forms of the Participation Agreement and Agreement are hereby
authorized and approved, subject to such minor modifications thereof as
the Mayor and the Manager shall approve as evidence. by execution thereof.
The Mayor and Manager are authorized to execute the Participation Agree-
ment on behalf of the City. The Board is authorized to issue its Bonds
pursuant to the Agreement on behalf of the City in one or more series in
the aggregate principal amount of $ '1,e oo. ee , vo i.n Exhibit B to the Participa-
tion Ag reement, As provided in the Agreement and Participation Agreement:
The principal of, interest on and premium, if any, with respect
to the Bonds shall be payable solely from the revenues of the
Board derived from the Program. 'The Bonds shall not constitute
a general obligation of or pledge the full faith and credit or
taxin g powers of the Participants or of any one or any combina-
t ion of them, the State of Minnesota or any political subdivision
thereof, or a lien upon any property owned by or situated within
the territorial limits of the Participants, the State of Minnesota
or any political subdivision thereof. The holders of the Bonds shall
not have the right to require or compel any exercise of the tax -
ing powers of any of .the Participants, the State of Minnesota or
any political subdivision thereof to pay the principal of, premium,
if any, and interest on the Bonds or to make any other payments
provided for under the Program Documents, except as expressly
provided in each Participant Bonds and Participant Bond Resolu-
tion as approved by the governing body of each such Participant.
3. The Finance Director is hereby designated Representative of the
City in accordance with Section 2.03 of the Agreement.
Seconded by Mayor Greavu. Ayes - all.
STATE OF MINNESOTA )
COUNTY OF RAMSEY ) SS.
CITY OF MAP LEWOOD )
I, the undersigned, being the duly qualified and appointed Clerk of
the City of Maplewood, Minnesota, do hereby certify that I have carefully
compared the attached and foregoing extract of minutes of a special meeting
of the City of Maplewood, held on the 18th day of July, 1986, with the
original on f ile in my of f ice,' and the same is a full , true and complete
transcript therefrom insofar as the same relates to a participation agree-
ment.
Witness my hand as such Clerk and the corporate seal of the City this
18th day of July, 1986.
}
w City Clerk
City of Maplewood, Minnesota
3
S ((
MEMORANDUM
TO:
Council Members
FROM:
Finance Director
RE:
Emergency Council Meeting
DATE:
July 17, 1986
The Mayor has called for an emergency Council meeting to be held at
10:00 a .m. Friday, July 18, 1986 in the City Hall Council Chambers.
The purpose of the meeting is to consider adoption of the attached
resolution which would preserve an option for the City to issue tax
increment bonds in the years 1987 . - 1989. If the Council is in favor
of this option, the resolution must be adopted no later than Sunday,
July 20 due to pending federal legislation that probably w i l l become
effective Monday, July 21st.
It is important to note that adoption of the resolution does not
obligate the City to-issue any tax increment bonds. It merely allows
the City the option of issuing tax increment bonds in 1987 - 19890
Therefore, it is recommended that the Council adopt the resolution.
Attached is more detailed information.
cc: City Manager
City Clerk
DFF:1nb
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PARTICIPATION AGREEMENT
(Minnesota Cities Infrastructure Financing Program)
between
- MI NNE S OTA CITIES INFRASTRUCTURE FINANCING-BOARD
(herein referred to as the Board)
and
( herein referred to as the Partic ipant)
0
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PARTICIPATION AGREEMENT
(Minne'sota Cities Infrastruture Financing Program)
This Participation Agreement (the Agreement), is between
the Minnesota Cities Infrastructure Financing Board (the Board)
and (the Participant) . The Board
and the Participant hereby agree as follows:
Section 1. Definitions, Recitals and other Provisions
of General A lication.
Section 1.1. Definitions. .Capitalized terms used
but not defined herein shall have the meanings set forth in the
Joint Powers Agreement set forth as Exhibit A hereto unless the
context clearly otherwise requires:
Section 1.2. Exhibits. The following Exhibits are
attached to and by reference and made a part of this Agreement:
Exhibit A: Joint Powers Agreement creating the Minne-
sota Cities Infrastructure Financing Program.
Exhibit B: A description of the Participant Bonds
and the Projects to be financed from the .proceeds thereof*
Section 2s, Authorizations, Agreements and Appro
Section 2.1. Joint Powers Agreement By execution
of this Participation Agreement, the Participant approves and
agrees to become a party to the Joint Powers Agreement attached
hereto as Exhibit A.
Section 2.2. Authorization of Board to Issue Bonds.
The Board is authorized to establish and operate the program
and issue its Bonds pursuant to the Joint Powers Agreement on
behalf of the Participant for the purposes and not to exceed
the amounts set forth in Exhibit B hereto. It is understood and
agreed that the Bonds issued on behalf of the Participant will
be issued as a part of one or more series of Bonds issued on
behalf of all parties to the Joint Powers Agreement. As provided
in Section 4.03 of the Joint Powers Agreement.:
The principal of, interest on and premium, if any,
with respect to the Bonds shall be payable solely from
the revenues of the Board derived from the Program.
The Bonds shall not constitute a general obligation
of or pledge the full faith and credit or taxing powers
of the Participants of any one or combination of them,
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the State of Minnesota or any political subdivision
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thereof, or a lien upon any property owned by or
situated within the territorial limits of the Partici-
pants, the State of Minnesota or any political sub-
division thereof. The holders of the Bonds shall not
have the right to require or compel any exercise of
the taxing power of any of the Participants, the State
of Minnesota or any political subdivision thereof to
pay the principal of, premium, if any, and interest
on the Bonds or to make any other payments provided
for under the Program Documents, except as expressly
provided in each Participant Bond and Participant Bond
Resolution as approved by the governing body of each
such Participant.
Section 2.3. Projects and Participant Bonds The
Participant y P
reasonably expects that each of the Projects identi-
f ied on Exhibit B will be undertaken in the amounts and at the
approximate times shown and presently intends to finance the
costs of the Projects through the issuance of Participant Bonds
to be acquired by the Board from the proceeds of the Bonds.
Based upon existing law, the Participant is authorized by statu-
Y
for or charter provision to undertake the Projects and issue
the Participant Bonds for the purposes and in the amounts shown
on Exhibit B, subject to compliance with applicable statutory
and charter requirements* Nothing herein shall obligate the
Participant to undertake the Projects or issue the Participant
Bonds to the Board if the Participant determines that it is not
in its best interest to do so.
Section 2.4. Board Bonds. The Board presently expects
and agrees to use its best efforts to issue its Bonds in one
or more series on behalf of the Participant at the times, in
the P rincipal amounts and upon the terms and conditions. as the
Directors shall determine to provide funds to acquire the Parti-
ci P ant's Bonds. It is understood and agreed that the Board
the Directors have no liability under this Agreement or
otherwise due to their inability, failure or refusal to issue.
oth � � Bonds
or sell the Board's Bonds or to acquire the Participant's ,
regardless of the cause or reason therefor.
Section 2.5. Terms of Participant Bonds Each Partici-
pant Bond shall be issued and secured pursuant to a Participant
Bond Resolution and acquired by the Board at the times and in
the amounts or upon terms and conditions agreed to by the Partici-
pant ant and the Board and authorized and permitted by the Indenture.
CITY OF MAPLEWOOD
articip nt
By _
I s Mayor
L
Attest
Its City Clerk
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Approved and Accepted:
MINNESOTA CITIES INFRASTRUCTURE
FINANCING BOARD
By
Its
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Project
EXHIBIT B
Projects to be Financed
Estimated Principal Amount
Esti mated Cost of Partici P ant Bonds
Type. and Source of Payment
of Participant Bonds
I
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JOINT POWERS AGREEMENT
CREATING THE MINNESOTA CITIES
INFRASTRUCTURE FINANCING PROGRAM ,
THIS AGREEMENT made and entered into on the dates and
by t governmental overnmental units and. instrumentalities thereof listed
in Exhibit A attached hereto ("Participants"), each one of
which constitutes onstitutes a political subdivision or instrumentality
thereof organized under the law of the State of Minnesota,
their artici ation in this Agreement being duly authorized by
P P
resolutions of the governing body of each such Participant and
the evidenced by execution and delivery of a Participation
Agreement, as hereinafter defined;
W I T N E S S E T H:
WHEREAS, Minnesota Statutes, Section 471.59, as
amended the "Act "} authorizes any governmental unit of the
State to exercise jointly with.any other governmental unit of
the State any power which such units share in common or any
similar P owers and further authorizes a ny governmental unit to
enter into agreements to perform any service or function
authorized to be performed by it on behalf of another
governmental unit; and
WHEREAS, each of the Participants has the power to
issue obligations payable from ad valorem property taxes or
other revenue sources to finance the acquisition and
construction of public improvements and capital projects and
for other authorized purposes; and
WHEREAS, the Act authorizes governmental units,
pursuant to a joint powers agreement, to establish a joint
board to exercise the powers of the parties to such agreement,
including the power to issue bonds on behalf of the parties
pursuant to any law by which any of the parties may
independently issue bonds or obligations;
WHEREAS, the Participants have determined that there
is a substantial need for a pooled infrastructure financing
program r "Program") which will provide funds for qualifying
am i .
public improvements and capital projects to be underta ken by
each of the Participants and, for the purpose of establishing
h a Program in a manner in keeping with the purposes of the
suc 9
Act, welfare of the Participants it is to the common good and e j
a nd the inhabitants thereof to create, pursuant hereto, a oint
bo ar d to borrow the necessary funds for the cost of financing,
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ref inancing ,
acquiring, constructing, replacing, establishing
and equipping ing public improvements and capital projects; and
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WHEREAS bonds and obligations issued and incurred by
the joint board to provide funds for the Program shall be
obligations of the joint board issued on behalf .of the
9 �
Participants and shall not pledg e the full faith and cred• t'or
taxing power of or otherwise constitute a debt or obligation
of any Participant but shall be payable soley from revenues of
the Board.
NOW, THEREFORE, in consideration of the premises and
the mutual covenants herein and in the Participation Agreements
contained, it is mutually agreed and understood by and between
the Participants that now have or may hereafter execute this as
follows:
ADrrTr'T_F T
DEFINITIONS
The following definitions shall govern the
interpretation of this Interlocal Agreement:
"Act" shall mean Minnesota Statutes, Section 471.59,
as amended.
"Administrator" shall mean the League of Minnesota
Cities.
"Agreement" or "Joint Powers Agreement" means this
Joint Powers Agreement, including any amendments or supplements
hereto executed and delivered in accordance with the terms
hereof.
"Board" shall mean the Minnesota Cities Infrastructure
Financing Board created pursuant to this Agreement
"Bonds" shall mean the bonds issued by the Board
pursuant to Section 4.01 of this Agreement, the proceeds from
the sale of which shall be deposited in the Fund and disbursed
to the Participants pursuant to the terms of the Indenture, the
Program Administration Agreement and the Participation -
Agreements.
"Credit Institutions" shall mean such institution or
institutions hereafter selected or approved by the Board, such
Credit Institutions to provide Credit Supports for the.Program.
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M.
"Credit Supports" shall mean any one or more of the
i a direct draw or standby letter of credit;
f llowin g ( }
ii municipal band insurance policy or policies; (iii} line of
{ �• P • Credit Sup
credit; or ( i v ) municipal surety bonds. The PP
shall be issued by the Credit Institutions pursuant to the
terms and provisions of the Credit Support Agre ements.
"Credit Support Agreements" shall mean the agreements
pursuant to which the Credit Supports are issued.
"Directors" shall mean the. Directors of the Board as
provided in Article III hereof.
"Fund" shall mean the funds and accounts which may be
now or hereafter created by the Board pursuant to the terms and
conditions of this Agreement and the Program Documents, .
including any income derived from the investment thereof, such
Fund to be held and invested in accordance with the terms of
the Indenture.
"Indenture" shall mean that certain Indenture of Trust
to be entered into by and between the Board and the Trustee,
includin g any amendments or supplements thereto executed and
delivered in accordance with the terms thereof. The Indenture
shall be in such form and contain such provisions, covenants,
representations and restrictions as shall hereafter be approved
by the Directors.
"League" shall mean the League of Minnesota Cities.
"Participant" shall mean a Minnesota city or other
p olitical subdivision or instrumentality thereof that has
executed a Participation Agreement.
"Participant. Act" shall mean statutory and charter
provisions authorizing the issuance and sale of a Participant
Bond by a Participant.
"Participant Bond" shall mean a bond or obligation
issued by a Participant and acquired by the Board pursuant to a
Participation Agreement.
'Participant Bond Resolution" shall mean a resolution,
ordinance indenture or agreement duly adopted or approved by
the governing Y
vernin body of a Participant authorizing the issuance
and delivery of a Participant Bond.
"'Partici P ation Agreement" shall mean the participation
agreement, including the exhibits attached thereto, which a
Participant is required to execute to become a party to this
P q
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participation which agreement shall be in the form
to which 9
d
this Agreement is attached and which shall require a
Participant to be bound by the terms of this Agreement and said
Participation Agreement.
P ro g ram" means the Program of the Board created and
structured pursuant ursuant to the terms and conditions of this
and the Program Documents,. pursuant to which costs of
Agreement a g. r reimbursed through
the Projects will be financed, refinanced o
the issuance of the Bonds 4b
"Program Administration Agreement" or "Adminis.trat -ion
Agreement" shall mean the. Program Administration Agreement to
be entered A r g
d into b and between the Board and the Administrator,
. such form and containing
Administration Agreement to be in
such Ad
such provislo
ns covenants, representations, restrictions and
to provide for such compensation as shall hereaf ter be
determined by the Directors.
"Program Documents" shall mean, collectively, the
Indenture, the Participation Agreements, the Program
Administration Agreement, the Participant Bonds, the
Participant Bond Resolution, the Credit Support Agreements and
such of
her * a 9 reements, opinions of counsel and certificates as
the Directors shall deem appropriate.
"Pro'ect" or "Projects" shall mean the capital
projects which are financed, acquired, constructed, replaced,
established, improved or equipped by a Participant pursuant to
a Participant Act.
"Represent at ives' shall mean a member of the governing
body-of a Participant representing a Participant.
"State" shall mean the State of Minnesota.
"Trustee" means such entity to be hereafter selected
Tru .
by the Directors to act as Trustee for the Program In
accordance with the terms of the Indenture, and any successors
or assigns.
ARTICLE II
THE BOARD
Section 2.01.
There is hereby created the Minnesota
Cities
Infrastructure Financing Board, an unincorporated
nonprofit association under Minnesota Law, none of the profits
of which -shall inure to the benefit of any private person,
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Section 2.02 The general purpose for which the Board
is hereby created ' ated and organized is to assist the Participants
9
in financing their infrastructure requirements through the
Program by the issuance of Bonds on their behalf.
Section 2.03. The members of the Board shall consist
of the League and all of the Participants from time to time
that have executed Participation Agreements. Each Participant
shall designate a Representative to represent it at meetings of
the Board.
Section 2.04. The term of the Board shall be
coincidental with the term of this Agreement. Upon the
termination of.-the Board, all of its assets, if any, remaining
after payment and satisfaction of all Bonds and obligations of
the Board shall be distributed to its member Participants in
accordance with their pro rata share of the Fund. Such pro
rata share shall be a percentage calculated based on the
principal amount of Participant Bonds of a particular
Participant which has issued Participant Bonds divided by the
principal amount of Participant Bonds issued by all
Participants participating in the Program. Neither the Board
P
nor this Agreement shall be terminated while there are any
outstanding Bonds or obligations under this Agreement or
incurred pursuant to this Agreement.
ARTICLE III
THE DIRECTORS
Section 3.01. 'The affairs, actions and duties of the
Board shall be undertaken by the Directors. The Board shall
consist of not less than three (3) nor more than five (5)
persons, each one of which shall be a Representative of a
Participant.
Section 3.03 (a) Except as otherwise provided in
subsection (b) of this Section 3.03, Directors shall serve one
year terms commencing July 1st of each year. Directors may be.
reappointed. The Directors shall be appointed by the President
of the League.
i
(b) The initial Board of Directors, their terms and
addresses are as follows:
Name Term .Address
Larry Bakken November 1 1986 2361 Kyle
Golden Valley, MN 55422
Steve Cramer November 1, 1.986 307 City Hall
Minneapolis, MN 55415
John Leroux November 1, 1986 1041 Swift Street
Shakopee, MN 55379
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Section 3.03 Once a year, and at such other time as
may be necessary to fill a vacancy, at a meeting of the
Directors called for the purpose thereof, the Directors shall
select a Chairman and Vice- Chairman to conduct the meetings of
the Board and to perform such other functions as herein
P
rov Wed. Said Chairman and Vice - Chairman shall serve terms
coextensive with their terms as directors unless they sooner
resign p ursuant to Section 3.08 or are otherwise removed
pursuant to Section 3.04 hereof.
Section 3.04 (a) In the event any Director shall
cease to be a Representative, or shall resign pursuant to
Section 3.08 hereof, shall be removed from office pursuant to
subsection 3.04 or shall vacate his office for any other
reason, then his office shall thereupon ipso facto become
vacant, and the President of the League shall forthwith select
another Representative to fill such vacancy for the unexpired
term.
(b) A Director may be removed at any time by one of
the following methods:
(i) by majority vote of the Representatives of the
Board; or
(ii) by majority vote of the board of directors of
the League of Minnesota Cities.
Section 3.05 The Administrator or its designee shall
be the Secretary of the Directors and keep minutes of all
meetings, proceedings and acts of the Directors, but such
minutes need not be verbatim. Copies of all minutes of the
Directors shall be sent by the Administrator or a designee to
all Directors and Participants.
Section 3.06 At any meeting of the Directors at
which action is to be taken a majority of the Board present at
such meeting shall constitute a quorum and the act of a
majority f the Directors present at any meeting at which there
Y
is a quorum shall be the act of the Directors.
Section.3.07 The Directors shall conduct the
business of and further the purposes of the Board including,
without limitation, the development, structuring and
9
maintaining
of the Program. In order to more effectively carry
out its duties, the Directors may delegate to the Administrator
certain responsibilities and duties provided that the Board
provide sufficient guidelines and criteria for the performance
of such duties and responsibilities.
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The Chairman, the Vice- Chairman and the Administrator
shall be permitted to take such action and sign such documents,'
- including the Program Documents, on behalf of the Board and
Directors and in furtherance of the purposes of this Agreement
and the Program as shall be approved by resolution of the
Directors*..
Section 3.08 Any Director may resign from all duties
or responsibilities hereunder, by giving at least thirty (30)
days prior notice in writing sent by registered mail to the
Chairman of the Directors.
Section 3.09 A certificate or resolution signed by
the Chai rman or Vice - Chairman shall be evidence of the action
of the Board of Directors and any such certificate, resolution
or other instrument so signed shall conclusively be presumed to
be authentic. Likewise, all facts and matters stated therein
shall conclusively be presumed to be-true.
Section 3.10 The Directors shall be compensated for
reasonable expenses incident to their duties in accordance with
procedures of the League.
Section 3.11 No Director, agent, representative or
employee of the Board shall be liable for any action taken
pursuant to this Agreement in good faith or for an omission
except gross negligence, or for any act of omission or
commission b other Director, agent, representative or
Y
employee of the Board.
The Directors are hereby authorized and empowered to
obtain, at the expense of the Fund, liability insurance fully
protecting the respective Directors from any loss or expense
incurred, including reasonable attorney's fees, for all acts of
the Directors except bad faith and gross negligence. The Board
hereby agrees to save, hold harmless and indemnify the
Directors from any loss, damage or expense incurred by said
persons while acting in their official capacity excepting bad
faith and gross negligence.
Section 3.12 The Directors may employ and consult
a1 counsel concerning any questions which may.arise
with leg
with reference to the duties and powers or with reference to
any other matter pertaining to this Agreement or the Fund
created hereby; and the opinion of such counsel shall be full
and complete authorization and protection in respect to any
action taken or suffered by the Directors hereunder in good
faith in accordance with the opinion of such counsel, and the
Directors shall not be liable therefor.
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ARTTrT.F TV
THR RONDS
Section 4.01 Pursuant to the provisions of the Act,.
the Board may, upon approval of the Directors, issue the Bonds
on behalf of the Participants to finance and refinance the
Projects. The principal amounts of Bonds so issued shall not
exceed the collective amounts authorized by the Participation
Agreements, inc amendments thereto, as approved by the
governing body of each Participant plus the reasonable and
necessary costs of issuing and selling the Bonds tas determined
by the Directors. The Bonds shall be issued upon such terms,
containing such provisions, bearing interest at such lawful
rate or' rates, including variable rates, and supported by such
Credit Supports to be issued by such Credit Institutions
pursuant to such Credit Support Agreements, as may hereafter be
established by the Directors.
Section 4.02 The proceeds from the original issuance
of the Bonds shall
purposes and under
Documents provided*
be deposited in the Fund and used for such
such conditions as herein and in the Program
Section 4.03 The principal of, interest on and
premium, if.any, with respect to the Bonds shall be payable
solely from the revenues of the Board derived from the
Program. Notwithstanding anything to the contrary herein or in
9
the Program Documents provided, the Bonds shall not constitute
a general obligation or pledge the full faith and credit or
taxing powers of the Participants or any one or combination of
them, the State of Minnesota or any political subdivision
thereof, or a lien upon any property owned by or situated
within the territorial limits of the Participants:, the State of
Minnesota or any political subdivision thereof. The holders of
the Bonds shall not have the right to require or compel any
exercise of the taxing power of any of the Participants, the
State of Minnesota or any political subdivision thereof to pay
the principal of, premium, if any, and interest on the Bonds or
to make any other payments provided for under the Program
Documents, except as expressly provided in each Participant
Bond and Participant Bond Resolution as approved by the
governing body of each such Participant.
ARTTC'_LE V
ESTABLISHMENT AND PURPOSE OF FUND
Section 5.01 Upon the issuance and sale of the
Bonds, the Board shall cause the Trustee, pursuant to the
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Indenture, to create the Fund, the operation and administration
of which shall be the responsibility of the Board and the
Trustee who shall act in accordance with the terms and
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rovisions of the Indenture. The Fund shall be administered
for the following uses and purposes:
To provide a pool of funds for the f inancing and
refinancing by the Participants for up to thirty (30)
years for the acquiring, construction, replacing,
establishing, improving and equipping and the Projects
for the accomplishment of public purposes within the
State.
Section 5.02 The Board shall also use and apply or
cause to be used and applied the Fund for the f o l lowi ng
purposes:
A. To pay or provide for the payment of all
reasonable and necessary expenses which may be incurred in
connection with the establishment, operation and financing of
the Program as the Directors, in their discretion, may deem
necessary or appropriate.
B. To establish and accumulate as part of the Fund an
adequate reserve to carry out the purposes of the Fund.
C. To Y a an federal, state or local tax which may
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be properly imposed or levied against the Fund.
D. To pay all reasonable expenses necessitated by the
issuance of Bonds.
E. To pay all other reasonable fees and expenses of
the Program as provided in the Program Documents.
ARTICLE VI
MISCELLANEOUS
Section 6.01 The Directors shall meet at least
quarterly at a meeting called either by (i) a majority vote of
the Directors, (ii) at the request of the Chairman, or (iii) at
the request of the Administrator. Meetings shall be conducted
at such location as may be acceptable to the majority of the
Directors or may be conducted by telephone conference. The
Chairman of the Directors or the Administrator shall set the
date, time; location and purpose of each meeting and notice
thereof shall be furnished to each Director by the
Administrator not less than two (2) days prior thereto or such
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a
shorter time as may be agreed to by all Directors prior to the
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akin of an action at such meeting. Notice for any meetings
of the Participants shall be provided in the same manner..
Notice to a Representative shall constitute notice to their
No P .
respective Participant.
Section 6.02
All of the privileges and immunities
liability; exemptions from laws, ordinances and rules; and
from Y • P •
pensions and relief, disability, workers ' compensation, and
o
ther benefits which apply to the activity of officers, agents
r employees of any public agents or employees of any . of the
o it respective functions within
Participants when performing the res e p
the territorial limits for their respective agencies shall
1 to the same degree and extent to the performance of such
apply h officers functions and duties of such agents, or employees 9
extraterritorially under the provisions of this Agreement.
Section 6.03 No Participant shall in any manner be
obligated Y an
ated to a debts, obligations or liabilities arising
Y
as a result of any actions of the Board, the Directors or any
other agents, employees or representatives of the Board or
Directors, exce t rectors , to the extent otherwise provided in their
P respective Participation Agreement s Participant Board or
Participant Board Resolution and neither the Board, the
Directors or an other agents, employees or representatives of
the Board or Directors have any authority or power to otherwise
obligate the Participants in any manner.
Section 6.04 This Agreement shall be effective from
the
date that three Participants have approved and executed a
Participation Agreement and the original Directors have
qualified for office. This Agreement shall be binding only on
P
those
Participants which execute and deliver Participation
Agreements.
Section 6 9
.05. This Agreement may be amended in
Y
writing
at an time by the concurrence of a majority vote of
the Participants* an
ici ts. However, this Agreement may not be amended
,
ermit any profits of the Board to inure to the
to so as (i) P
' of private person or to permit the assets of the
benefit any P
Board
to be distributed to other than the members, (ii) change
its purpose as set forth in Article (iii) permit the
diversion o r application of any of the money or other assets of
the Fund for an purpose other than those specified herein or
to
affect the tax - exempt status of the Bonds, or (iv)change or
lter in an way the qualifications or terms of the Directors
a Y Y
as forth in Article III.
S
ection 6.06. After the issuance of a series of
the Directors may approve the addition or removal of
bonds, .
-10-
_ r
Participants as parties to this Agreement; provided the
Directors shall have determined that any Participants to be
added shall not prejudice its ability to provide for the
acquisition of Participant Bonds from the monies available in
the fund of the 'Participants that are parties to this Agreement
as of the addition of the new Participant.
Section 6.07 Whenever any words are used in these
bylaws in the masculine gender, they shall be construed as
though they were also used in the feminine or neuter gender in
all situations where they would so apply, and whenever any
words are used in this Agreement in the singular form, they
shall be construed as though they were also used in the plural
form in all situations where they would so apply.
Section 6.08 This Agreement shall be construed and
governed by Minnesota law.
IN WITNESS WHEREOF, this Joint Powers Agreement has
been executed. by and on behalf of the authorized officers of
the League and of the representatives of the other Participants
listed on Exhibit A attached hereto all as of the date thereon
designated.
LEAGUE OF MINNESOTA CITIES
By
Its
-11-
i
Date of
Participation
7/15/86
7/15/86
7/15/86
EXHIBIT A
PARTICIPANTS LIST
-12-
Participants
City of Minneapolis
City of Golden Valley
City of Shakopee
LEAGUE OF MINNESOTA CITIES
PROPOSED LEAGUE INFRASTRUCTURE POOL
BOND SURVEY
NOTE: Please estimate
amounts to be borrowed.
GENERAL OBLIGATION
BONDS
�1)
(2)
3)
(4)
(�)
Paid from
special
Revels. Water, er,
Parks and
Tax
Total
Tax Levy
Assessment
Electric, etc.
L_____�_____
Recreation
I nc r ement
G .O. Bonds
Calendar 1986:
(add 1-5)
( Fourth Quarter Only )
$ _— —
$_— ___ —____
$
Calendar 1987:
$ CPO cuo
$
$
_- v��
s oo� coo
Calendar 1988:
$ -
$ �� o��u
$ --
---- - ----- -
$
--
�. ° CV
S ye'
$ �. O O
Calendar 1989:
(First Three Quarters
���,
Only)
$ —
$ oU �
$
$
$
Total G.O. Bonds
$
$ 3� � � v`'p
$
-- _
r
$
$ oao 0C
$ C� v0
REVEN BONDS
�1)
2
_
(3)
(4)
Water, r,
a
Total
Electric
Increment
Parking
Other
Revenue Bonds
(a da
Calendar 1986:
(Fourth Quarter Only)
S
$
$—
$
_
Calendar 1987:
$ _
$
$
$
Calendar 1988:
S —
$
$
—
$—
$
Calendar 1989:
(First Three Quarters
Only)
$ _
$ _
S
$
$
Total Revenue Bonds
S
$
$
$
$
Total G.O. and Revenue
Bonds $
b)
� t
Resolution Approving and Authorizing Minnesota
Cities Inf rastructure Financing P rogram Jo int
Execution of
Partici
Powers Agreement And P
Agreement With Respect.Thereto.
�
1
Be It Resolved By The City Council of the City o
Minnesota, , as follows:
1. The League of Minnesota Cities (the League) has
proposed osed that the City approve and execute a participation agree -
ment (the Participation Agreement) and thereby become a party
to a joint powers agreement (the Agreement), with other Minnesota
he Partici ants), providing
• instrumentalities thereof P P
cities and lnstrumentalit (the
for the creation of the Minnesota Cities Infrastructure Financing
(
Program the Program) and the Minnesota Cities Infrastructure
g
Financin g Board (the'Board) and the issuance of bonds (the Bonds)
of the Board . on behalf of each of the Participants to finance
and refinance capital projects ( the Projects) of the Participants.
Forms of the Participation Agreement and Agreement have been
presented .
nted to this Council 1 and are on f i.le in the of f ice of the
Clerk.
2. The forms of the Participation Agreement and Agree-
ment are hereby authorized and approved, subject to such minor
modifications . thereof as the Mayor and the _ ) (Manager)
shall approve as evidence by execution thereof. The Mayor and
(Manager) are authorized to execute the Participation
Agreement on behalf of the City. The Board is authorized to
issue its Bonds pursuant to the Agreement on behalf of the City
in one or more series in the aggregate principal amount of $
for the P urpose of providing funds for the Projects described
in Exhibit B to the.Participation Agreement. As provided in
the Agreement and Participation Agreement:
The principal of, interest on and premium, if any,
with respect to the Bonds shall be payable solely from
the revenues of the Board derived from the Program.
The Bonds shall not constitute a general obligation
of or pledge the full faith and credit or taxing powers
of the Participants or of any one or any combination
of them, the State of Minnesota or any political sub-
division thereof, or a lien upon any property owned
by or situated within the territorial limits of the
Participants, the State of Minnesota or any political
subdivision thereof . The holders of the Bonds shall
not have the right to require or compel any exercise
of the taxing powers of any of the Participants, the
State of Minnesota or any political subdivision thereof
to pay the principal of, premium, if any, and interest
f
'i
a
� a '
or to make an other payments provided
on the Bonds Y
for under the Program Documents, except as expressly
provided in each Particpant Bonds and Participant Bond
Resolution as approved by the governing body of each
such Participant.
3, here 9
b des Representative
is
of the City in accordanc6 with Section 2.03 of the Agreement.
Mayor
Attest
C lerk
y
hereby
certify that the foregoing is a true and
I
correct copy of a resolution duly adopted by the
of on the day of , 1986, at a
g
meetin of the duly called, noticed and held
and 4
at which a quorum was present and acting throughout. The
resolution has not been modified or amended and is in full force
and effect as of the date hereof*
Witnesseth my hand this day of , 1986.
_2_