HomeMy WebLinkAbout07.18.86 SM MINUTES OF 24APLEWOOD CITY COUNCIL
10:00 A.M., Friday, July 18, 1986
Council Chambers, Municipal Building
Meeting No. 86-17
A. CALL TO ORDER
A special meeting of the City Council of Maplewood, Minnesota, was held in the Council
Chambers, Municipal Building, and was called to order at 10:05 A.M. by Mayor Greavu.
B. ROLL CALL
John C. Greavu, Mayor Present
Norman G. Anderson, Councilmember Present
Gary W. Bastian, Councilmember Present
Frances L. Joker, Councilmember Present
Charlotte Wasiluk, Councilmember Absent
C. NEW BUSINESS
1. Tax Increment Bonds - Joint Financing Program
a. Finance Director Dan Faust presented the Staff report.
b. Councilmember Anderson introduced the following resolution and moved its
adoption:
86 - 7 - 140
RESOLUTION APPROVING AND AUTHORIZING MINNESOTA
CITIES INFRASTRUCTURE FINANCING PROGRALI JOINT
POWERS AGREEMENT AND EXECUTION OF PARTICIPATIO:d
AGREEMENT WITH RESPECT THERETO
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF D9APLEWOOD, MINNESOTA,
as follows:
1. The League of Minnesota Cities (the League) has proposed that the
City approve and execute a participation agreement (the Participation Agree-
ment) 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 presented 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 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
7/18
principal amount of $9,000,000.00 in Exhibit B to the Participation Agree-
ment. 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 o~ 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 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 subdivison
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 Ntinnesota 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 ex-
pressly 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.
D, ADJOURNMENT
10:20 A.M.
City Clerk
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I DO HEREBY WAIVE THE RIGHT TO WRITTEN NOTICE FOR THE SPECIAL
`^.EETING OF JULY 18, 1986, AT 10:00 A.M. AS REQURED BY SECTION
1, RULES OF PROCEDURES OF THE MAPLEWOOD CITY COUNCIL.
ATTEST:
I DO HEREBY WAIVE THE RIGHT TO WRITTEN NOTICE FOR THE SPECIAL
MEETING OF JULY 18, 1986, AT 10:00 A.M. AS REQURED BY SECTION
1, RULES OF PROCEDURES OF THE MAPLEWOOD CITY COUNCIL.
ATTEST: '
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I DO HEREBY WAIVE THE RIGHT TO WRITTEN NOTICE FOR THE SPECIAL
MEETING OF JULY 18, 1986, AT 10:00 A.M. AS REQURED BY SECTION
1, RULES OF PROCEDURES OF THE MAPLEWOOD CITY COUNCIL.
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I DO HEREBY WAIVE THE RIGHT TO WRITTEN NOTICE FOR THE SPECIAL
MEETING OF JULY 18, 1986, AT 10:00 A.M. AS REQURED BY SECTION
1, RULES OF PROCEDURES OF THE MAPLEWOOD CITY COUNCIL.
ATTES~'e ~?e.c.C_zi,(, G~c`~~rk'-C~t_<s-;
I DO HEREBY WAIVE THE RIGHT TO WRITTEN NOTICE FOR THE SPECIAL
MEETING OF JULY 18, 1486, AT 10:00 A.M. AS REQURED BY SECTION
1, RULES OF PROCEDURES OF THE MAPLEWOOD CITY COUNCIL.
ATTESTG~~'CrJ ~ 1~-~-,~f i'~«~
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I DO HEREBY WAIVE THE RIGHT TO WRITTEN NOTICE FOR THE SPECIAL
MEETING OF JULY 18, 1986, AT 10:00 A.M. AS REQURED BY SECTION
1, RULES OF PROCEDURES OF THE MAPLEWOOD CITY COUNCIL.
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