Res 1994 - 15 Authorizing Issuance, Sale & Delivery of the City's Commercial Development Regunding Revenue Bonds, which Bonds & the Interest & any Premium Theron Shall be Payable Solely from Revenues Pledged Thereto� Councilmember Koch offered the following resolution and moved
� its adoption, which motion was seconded by Councilmember xuber
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�`� RESOLU'TION NO. 94-15
A RESOLUTION OF THE CITY COUNCIL OF THE CTTY OF MENDOTA
HEIGHTS, 1�iINNESOTA (THE "CITY") AUTHORIZING THE ISSUANCE,
SALE AND DELNERY OF THE CTTY'S CONIlVIERCIAL DEVELOPMENT
REFUNDING REVENUE BONDS (CENTRE POINTE ONE ASSOCIATES
' : PROJEG`T) SERIES 1994 (THE "BONDS"), WHICH BONDS AND THE
INTERBST AND ANY PREMIUM THEREON SHALL BE PAYABLE
SOLELY FROM REVENUES PLEDGED THERETO; APPROVING THE
FORM OF AND AUTHORIZING Tf� EXECUTION AND DELIVERY OF
' TI� BONDS; AND PROVIDING FOR THE SECURTTY, RIGHT'S AND
REMEDIES OF THE OWNERS OF SAID BONDS � �
WHEREAS, the City of Mendota Heights, Minnesota (the "City") is a municipal
corporation and political subdivision duly organized and existing under the Constitution and laws
of the State of Minnesota; and " -
WHEREAS, pursuant to the Constitution and laws of the State of Minnesota, particularly
Minnesota Statutes, Sections 469.152 to 469.165, as amended (the "Act"), the City is authorized to
carry out the public purposes described therein and contemplated thereby by issuing its revenue
bonds to finance the cost of the acquisition, renovation, construction; improving and equipping of
certain revenue producing facilities to be located within its corporate boundaries or to refund
_ those revenue bonds previously issued for such purposes, and is authorized to enter into revenue
` agreements made in connection therewith and pledge those agreements as security for the
� payment of the principal of and interest on any such revenue bonds; and -
WHEREAS, the Company has requested the City to issue its Commercial Development
� Refunding Revenue Bonds (Centre Pointe One Associates Project) Series 1994 in the aggregate
principal amount not to exceed $1,700,000 to provide funds to refinance a portion of the
outstanding principal amount of the City's �3,500,000 Commercial Development Revenue Bonds,
Series 1985 (Centre Pointe One Associates Project) (the "Prior Bonds"); and
, - ,_. . .
. , WHEREAS, the City loaned the proceeds of the Prior Bonds to Centre Pointe One
Association of Mendota Heights, a Minnesota general partnership (the "Company") to pay costs
of acquiring, constructing and improving a building to be used as an educational and convention
faciliry for the Company within the corporate boundaries of the City (the "Project"); and
: . WHEREAS, the City conducted a public hearing with respect to the Prior Bonds after
; �. publication of notice at least fourteen days prior to the date of the hearing; and
� � WHEREAS, the loan for the Bonds will be made pursuant to the terms of a Loan
Agreement (the "Loan Agreement") between the Ciry yand the Company; and
._ WHEREAS, the Bonds will be issued under a Trust Indenture (the "Indenture") between
• the City and First Trust National Association (the "Trustee"), and are to be secured by a letter of
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impased upon the City or the breach therea� shall constitute or give rise to any pecuniary liability
of the City or any charge upan its general credit or taxing powers. In making the agreements,
grovisions, cavenants and representa#ians set forth in such dacuments, the City has not obtigated
itself to pay or rernit any funds or revenues, other than funds and revenues derived frarn the
Loan Agreement which are to be applied to the payment of the Bonds, as provided therein and in
the Indenture. �
10. Except as herein otherv�rise expressly provided, nothing in this resalution or in the
aforementioned documents earpressed or imglied, is intended or shall be construed to confer ugon
any person iar firrn or corporation, other than the City or any ovmer of the Bonds issued under
the grovisions of this resolutinn, any riglit, remedy or claim, legal or equitable, under and by
reason of this resotution or any provision hereo� this resolution, the aforementianed documents
and all of their provisians being intended to be and being for the sole and exclusive benefit of the
City and any owners from time to time of the Bonds �issued under the provisions of this
resolution.
11. � In case any ane or more af the provisions af this resolution, or of the
afarementioned documents, or af the�Bonds issueii hereunder shall for any reason be heid ta be
illegal or invalid, such illegality or invalidity shall not affect any other provision af this resolution,
or of the aforementioned documeuts, ar af the Bonds'but this resolution, the aforementianed
documents, and the Bands shall be construed and •endorseci as if such illegal or invalid provision
had not heen contained therein.
12. The Bonds,�when eatecuted anti delivered, shall cantain a recitat that they are
issued pursuant ta the Act, and sucli recital shall be conclusive evidence of the validity of the
Bonds and the regularity of the issuance therea� and that all acts, conditions and things reqnired
by the taws of the State of Minnesota relating to the adoption of this resolution, to the issuance
o£ the Bonds and to the execution of the afarementioned documents to happen, exist and be
performed precedent ta and in the enactment of this resoiution, and precedent ta issuance a£ the
Bonds and precedent ta the execution of, the aforementioned dacuments have hapgened, e�cist
and have i�een performed as so required by taw.
23. The off'icers af the City, attomeys, engineers and other agents or empiayees o£ the
City are hereby authorized to do all acts and things required of them by or in connection with this
resalution, the aforementianed dacuments, and the Bonds for the full, punctual and complete
performance of all the terms, covenants and agreements contained in the Bands, the
aforementianed documents and this resatution, In the event that far any reason the Mayar or
City Clerk af the City is unable to carry aut the execution and delivery of any of the dacuments
or other acts provided herein, any member of the City Council of the City shaii be authorized to
act in his capacity and undertake such execution or acts on behalf of the City with full £'orce and
effect, which executians ar acts shall be valid and binding on the City.
f4. The Campany has agreed and it is hereby determined that any and alt costs
incuned by the City in connection•with the issuance of the Bonds, whether or nat the Bonds are
issued, sha11 be paid by the Company.
Adagted: March �, 1994
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ATTFST:
U��.,-- �a.rot-�
ty Clerk
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�.,..� � ��l -.�-.�'
Mayor
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Upon ca!! of the roll, the vote on said moiion was as follows:
Councilmembers:
'j, .Mertensotto
�. Suiith
..
Koch
3.
J�
4. Huber ,
5. Krebsbach
s.
7.
!n Favor Opposed Absent Not Votinp
x�
X
X
x
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X i
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