RES 13-42Resolution No. 2013-42
RESOLUTION AUTHORIZING JOINT POWERS AGREEMENT
AND GIVING PRELIMINARY APPROVAL TO ISSUANCE OF
REVENUE BONDS VANS PARK, INC. PROJECT)
BE IT RESOLVED by the City Council of the City of Otsego (the "City"), as follows:
Section 1, Recitals and Findl��
1.1. Evans Park, Inc., a Mi ie ota nonprofit corporation (the "Borrower") has
re uc� sted that the City issue its revenue bonds (Evans PaTk, Inc. Project), pursuant to Mfiuiesota
Statutes, Chapter 4620, as amended (the "Act l), in oile ox more series, and in aggregate principal
aniount not to exceed $10,000,000 (the "Bonds"). The proceeds of the Bonds shall bG loaned to
the Borrower, to provide financing for the acquisition, constr ction and equipping of a
combination senior housing and health care development to be located at 5101 Kassel Avenue
NE in the City of A lbedville, Mi iesota (the "Proj cc " or the "De elo inenf , The issuance of
the Bonds and the financing of the Project are more fidly described in the Housing Pro grain
prepared ursuan the Ac (the "Housing r grant'). The Housing Program is currently on file
in the offices of the City Administrator.
1.2. In connection with the issuance of the Bonds, the City will enter Into a
Joint Powers Agreement tine "Joint Powers Agreement"), in accordance with. Minnesota
Statutes, Section 471,59, with the City of Aloe ille (the "Participating Jurisdiction"), all as
contemplated by Sections 4620.14 of the Act. A copy of the proposed form of the Joint Powers
y Agreement has been presented to the City Council in comieetion with its consideration of this
Resolution, and is currently on file in the offices of the City Administrator.
l 3. On the date hereof, a i oint public hearing (the "Johit PublicHearing") was
held on behalf of the City and the City of Albertville, Minnesota (the " atticipating
Jurisdiction"), by the city council of the City, with respect to the Issuance of the Bonds, as
required by the Act and the provisions of section 147(t) of the Internal Revenue Co de of 19 8 6, as
amended (the "Code") and regulations thereunder. The Joint Public Hearing was held following
publication of notice thereof, not fewer than 15 days in advance off'the hearing, in a newspaper
general circulation in the area in which the Project is located. Prior to publication of the notice, a.
copy of the Housing Program was filed by the Cid with the regional development or ni sion
for the area in which the City is located, if any, all to the extent required by and as eonteni fated
by the Act.
S etim 2, Apmovals and Authorizations.
2.. The Housing Program, as currently on File in the office of the City
Administrator, is hereby approved.
2 2. The Joint Powe is �e r ent, l the orm currently on file in the office of
the City Administrator, is hereby approved and the Mayor and the City Administrator, and any
one. or more other officers of the City, are hereby authorized and directed to execute and deliver;
the Jointower Agreement In such form, together ith such modifications thereto as the officer
or officers executing and delivering the wine shall approve, such execution elivery to
constitute conclusivo evidence of such approval.
23. The city council herebyapproves, ratifies and co f rnis the holding of the
Joint Public Hearing with respect to the issuance o the Bonds, oil belialf of both the City, as the
issuer of theBonds' and the Participating Jurisdiction, as the host jurisdiction.
2A Preliminary approval is hereby given to the issuance of the Bonds, in an
aggregate r ate rind al anio nt not to exceed 10, oo, 0 oo; provided, however, that the, details of the
Bondi the provisions fog; the PaYment thereof, and the forms of the legal doculnents to %
entered into by the City in connection therewith shall bo sub 0ect to finalapproval. by the city
co -unci rlog' to their issuance. The ]fonds shall not constitute a, charge, lien or encumbrance,
legal ore unable, upon a ny -p • It of the MY, except the revenues to e received from tho
Borrower specifically pledged to the payment thereof, and each Bond, when, as and if issued,
shall reone in substance that such Bond, including interest thereon, is payable solely iom said
revenues and Rinds specifically pledged to the payment thereof, and shall not constitute a debt or
pecuniary liability of the City within the meaning of any Constitutional or statutory limitation,
2.5. Pursuant to Section 265(b)(3) the Intemal Revenue Code of 1986, as
amended fine "Code"),the City hereby designates the Bonds as "qualified tax-exempt
obligations," within themeaning o � Secti 265(b)(3). The hods are to be issued on behalf o
' described roti oi`the dodo and aro o be issued as `
qualified
an organization desc )�
n 145 f t Code, The Cit together with all subordinate entities
� bonds"under Section��
thereof, does not reasonably exp ect to Issue tax-exempt obligations, includhig the Bonds (other
than private activity bonds not eonsf Luting "qualified 5 01 c) 3 bonds") which, when added
together with all such obligations heretofore issued tho City in calendar year 2013, will be i
g
an aggregate amount exceeding $1 ,000,0 0 o in the ciurent calendar year.
Adopted bythe City Council of the City f Otsego this 22 day of JULY , 2013.
Mayor
Attest;
city Adix nistrator
2
4852-3664-1444\2
CERTIFICATE
t. CITY of OTsEao
1, the undersigned being a duly qualified and acting officer of tho City of Otsego,
Mhinesota, hereby attest and certify that;
1 As such officer, I have the legal custody of the original record froni which the
attached resolution was transcribed.
2. 1 have carefully compared the attached resolution -with the original record of the
meeting at which the resolution was acted upon.
3, 1 find the attached resolution to be a true, correct and complete copy of the
oxiginal:
RESOLUTION AUTHOIRJZING JOINT POWERS AGREEMENT
AND GIVING PRELIMINARY APPROVAL To ISSUANCE
REVENUE BONDS VANS Pte, INC. PROJECT)
4. 1 further certify that the rmati e vote on said resolution was� t ayes,
nays, and j absent/abstention.
5, Said meeting was duly held, pursuant to call and notice thereof, as required by
law, and a quorum was present.
WITNESS my haiid officially as such officer this 22 day of JULY, 20130
OAYJUTVA
City Clerk