HomeMy WebLinkAboutResolution No. 2005-088 Giving Host Approcal to the Issuance of a Revenuse Bond to Finance a ProjectRESOLUTION NO. 2005-88
City of EdinaRESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
OF A REVENUE BOND TO FINANCE A PROJECT FOR THE
YOUNG MEN'S CHRISTIAN ASSOCIATION OF METROPOLITAN MINNEAPOLIS
AND LOCATED IN PART IN THE CITY OF EDINA, UNDER
MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.165
BE IT RESOLVED, by the City Council (the "Council") of the City of Edina, Minnesota
(the "City") as follows:
1. Description of the Project.
a. The Young Men's Christian Association of Metropolitan Minneapolis, a
Minnesota corporation and an organization described in Section 501(c)(3) of the
Internal Revenue Code of 1986, as amended (the "Corporation"), has proposed
the issuance of a revenue bond under Minnesota Statutes, Sections 469.152 to
469.165, as amended (the "Act"), in an amount of approximately $5,000,000 (the
"Bond"), to finance various construction, renovation and equipment costs relating
to a number of its administrative office, community program and health
enhancement facilities located throughout the metropolitan area, including its
�— facility located at 7355 York Avenue South in the City.
b. The Corporation has proposed that the Minneapolis Community Development
Agency (the "Issuer") issue the Bond.
2. Costs of the City. The Corporation has agreed to pay any and all costs incurred by the
City in connection with this Resolution and the issuance of the Bond, whether or not such
issuance is carried to completion.
3. Public Hearing.
a. As required by Section 147(f) of the Internal Revenue Code of 1986, as amended
(the "Code"), a Notice of Public Hearing was published in the City's official
newspaper at least 14 days prior to the date hereof, calling a public hearing on the
proposed issuance of the Bond and the proposal to finance the various facilities of
the Corporation mentioned in the notice.
b. On the date hereof, the Council has held a public hearing on the issuance of the
Bond and the proposal to finance the Corporation's facilities, at which all those
appearing who desired to speak were heard and written comments were accepted.
4. Approval. The proposal to finance the Corporation's facilities as described above, and
the issuance of the Bond by the Issuer, are hereby given approval by the City as required
by the Code and by Minnesota Statutes, Section 471.656.
City Hall 952-927-8861
FAX 952-826-0390
4801 WEST 50TH STREET
EDINA, MINNESOTA, 55424-1394 www.cityofedina.com TTY 952-826-0379
ONE
5
Limited Obligation. The Bond, when and if issued, shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property of the City or the Issuer. The Bond,
when and if issued, shall recite in substance that the Bond and the interest thereon, are
payable solely from revenues received from the Corporation and property of the
Corporation pledged for payment thereof, and shall not constitute a debt of the Issuer, the
City, the State of Minnesota or any political subdivision thereof.
Adopted by the City Council of the City of Edina, Minnesota,
ATTEST: &"
City Clerk
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF EDINA
)SS
CERTIFICATE OF CITY CLERK
y of October, 2005.
Mayor
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby
certify that the attached and foregoing Resolution was duly adopted by the Edina City
Council at its Regular Meeting of October 4, 2005, and as recorded in the Minutes of
said Regular Meeting.
WITNESS my hand and seal of said City this day of
-2-
,20
City Clerk