HomeMy WebLinkAboutResolution No. 2002-062 Sale of taxable General Obligation Tax Increment Bonds -- Series 2002RESOLUTION
RESOLUTION AUT#O
AWARDING SALE, PRESCRIBI14G
PROVIDING FORI TI
GENERAL OBLIGATION TAX INC
BE IT RESOLVED by the Ci
"Issuer"), as follows:
Section 1. Authorization and
1.01. Authorization. This Counc
the best interests of the Issuer to issue and sell
Series 2002 in the principal amount of up to $1
Statutes, Section 469.178, to reimburse the costs
respect to hazardous substances and pollutants) or
Issuer or the Housing and Redevelopment Au
connection with the redevelopment project be.
Grandview Area Redevelopment Plan of the HR
issued to finance such costs.
1.02. Sale. The Bonds will be
time to time from surplus funds on hand it
Increment Financing District of the HRA (th
purposes of the Fund prior to the maturity of t�
an asset of the Fund.
Section 2.
2002-62
City of Wing
SING ISSUANCE,
:E FORM AND DETAILS AND
PAYMENT OF
;MENT BONDS, SERIES 2002
of the City of Edina, Minnesota (the
hereby determines that it is necessary and in
s General Obligation Tax Increment Bonds,
)0,000 (the "Bonds") pursuant to Minnesota
certain removal and remediation actions with
rntaminants or petroleum releases paid by the
:)rity of Edina, Minnesota (the "HRA") in
undertaken by the HRA pursuant to the
and to refund outstanding bonds of the City
lased by the HRA from advances made from
project fund for the 50th and France Tax
id") which are not presently needed for the
ids. After issuance the Bonds will be held as
idn; Execution and Deli
2.01. Issuance of Bonds. All act
the Constitution and laws of the State of Minne
performed precedent to and in the valid issuance
having happened and having been performed,
establish the form and terms of the Bonds, to pr
forthwith.
2.02. Maturity Date; Interest R,
shall be originally dated as of the date of origin,
$5,000 each, or any integral multiple thereof, 01
2012, and shall bear interest from date of issue
annual rate of 3.00% on the amounts from time t,
issuable only in fully registered form and only to
, conditions and things which are required by
ota to be done, to exist, to happen and to be
:)f the Bonds having been done, now existing,
t is now necessary for the City Council to
wide security therefor and to issue the Bonds
e; Denominations and Payment. The Bonds
issue thereof, shall be in the denomination of
single maturities, shall mature on February 1,
mtil paid or duly called for redemption at the
time advanced thereunder, The Bonds shall be
he HRA. The Bonds may not be transferred by
City Hall 1 (952) 927-8861
4801 WEST 50TH STREET FAX (952) 826-0390
EDINA, MINNESOTA 55424-1394 TDD (952) 826-0379
the HRA to any other owner. The principal of
transfer of funds from the Bond Fund created it
2.03. Interest Payment Dates.
August 1 and February 1, commencing Febru,
to the HRA as the registered owner of the Bon
2.04. Redemption. The Bonds
the option of the Issuer, in whole or in part, an
price equal to the principal amount thereof ar
formal notice of redemption need be given. Up
Bonds will be delivered to the HRA renresentij
2.05. Appointment of Pali
Director of the City of Edina as the paying
2.06. Execution, Authenticatic
under the direction of the Finance Director ani
manual signatures of the Mayor and the City N
appear on the Bonds shall cease to be such
signature shall nevertheless be valid and suffic
remained in office until delivery. When the
Finance Director shall deliver the Bonds to the
2.07. Form of Bonds. The
in substantially the following form:
Lnd the interest on the Bondsall be payable by
Section 3.02 hereof to the H
Interest on the Bonds shall b� payable on each
r 1, 2003, and on the maturity (date of the Bonds,
be subject to redemption end prepayment at
part in multiples of $5,000, on any date at a
rued interest to the date of redemption. No
rtial redemption of any B d, a new Bond or
remaining principal amo t outstanding.
t. The Issuer hereby ap oints the Finance
the Bonds (the Paying Ag no.
d De 've . The Bonds shall be prepared
.1 be executed on behalf o(f the Issuer by the
er. In case any officer wh se signature shall
;er before the delivery o 7 any Bond, such
or all purposes, the same s if he or she had
ids have been prepared d executed, the
upon payment of the purr ase thereof.
[all be prepared as a single typewritten bond
UNITED STATS F AMERICA
STATE OF VIINNESOTA
COUNTY C F H NNEPIN
CITY C F EDINA
GENERAL OBLIGATION TAX I NCIEMENT BOND, SERIES 2002
Interest Maturity Date of
Rate Date Original Issue i CUSIP
3.00% February 1, 2012
REGISTERED OWNER: HOUSING
EDINA
PRINCIPAL AMOUNT:
THE CITY OF EDINA, C
"Issuer"), acknowledges itself to be indebted.
named above the principal sum specified ab(
hereunder on the maturity date specified ab(
amount at the annual rate specified above, p.
commencing February 1, 2003, and on the
owner, subject to the provisions referred to he
2
N/A
AJJTHORITY OF
'Y OF HENNEPIN, MINNESOTA (the
reby promises to pay to the registered owner
such amount thereof as Has been advanced
ith interest thereon on the unpaid principal
on August 1 and Februaty 1 of each year,
ity date specified above to said registered
ith respect to the redemption of the principal
of this Bond before maturity. For the prompt
the same respectively become due, the full fai
been and are hereby irrevocably pledged.
This Bond is one of an issi
$1,400,000 issued pursuant to a resolution ac
"Resolution") to provide funds to reimburse th
with respect to hazardous substances and poll
by the Issuer or the Housing and Redevelopm(
connection with the redevelopment project
Grandview Area Redevelopment Plan of the ]
issued to finance such costs and is issued purse
and laws of the State of Minnesota thereunto
469 and 475.
11 payment of such princ�pal and interest as
credit and taxing powers of the Issuer have
in the aggregate principal ;;amount of up to
to by the City Council on duly 16, 2002 (the
o s of certain removal and mediation actions
nt or containments or petroleum releases paid
Ai tthority of Edina, Minnesoa (the "HRA"), in
in undertaken by the HR pursuant to the
A, and to refund outstan ingl bonds of the City
t to and in full conformity with the Constitution
ab ing, including Minnesota 'Statutes, Chapters
This Bond is subject to redernn a
whole or in part, and if in part in multiplesof $
principal amount thereof plus interest accrued to t]
redemption shall be required. Upon partial der
executed and registered in the name of the r gist
remaining principal amount outstanding.
IT IS HEREBY CERTIFIED, Cl'
all acts, conditions and things required by the onst
be done, to exist, to happen and to be performe pr(
in order to make it a valid and binding gener 1 ob.
terms, have been done, do exist, have happened and
Issuer has established its General Obligation T x In
has appropriated thereto ad valorem tax increm nts
Increment Financing District (Hennepin Coun y N
payment of the principal of and interest on th Bo
credit and taxing powers for the payment of th prir
and if the Bond and the interest thereon are no pai
levy upon all taxable property within its corpor to li
an ad valorem tax in an amount sufficient to pa suc
of this Bond, together with all other indebtednes of
on the date of its actual issuance and delivery, oe;
exceed any constitutional or statutory limitation f it
IN WITNESS WHEREOF, the
its City Council, has caused this Bond to be exi
and City Manager and ha,$'ca this Bond to
above. ��
d prepayment at the opti�n of the Issuer, in
,000, on any date, atarice equal to the
date of redemption. N� formal notice of
ption of this Bond, a n w Bond will be
:red owner named above representing the
'ED, COVENANTEDAGREED that
tution and laws of the S+tae of Minnesota to
iiminary to and in the iss�ance of this Bond
igation of the Issuer in a cordance with its
lave been performed as sci required; that the
;rement Bonds, Series 2092 Bond Fund and
o be derived from the Gr4ndview Area Tax
). 1202) of the HRA to Pe applied to the
id; the Issuer has pledg its full faith and
-ipal of and interest on th Bond when due,
I in full when due, the Is , er is required to
nits, without limitation as to rate or amount,
principal and interest; an4 that the issuance
he Issuer outstanding on the date hereof and
not cause the indebtedne4s of the Issuer to
Jebtedness.
)f Edina, Hennepin Coun , Minnesota, by
on its behalf by the signa res of the Mayor
ted as of the Date of Original Issue set forth
EDINA, MINNESOTA
Section 3. Security Provisions.
3.01. Use of Proceeds. Proce ds
portion of the Issuer's Taxable (General Oblig ion
amount not applied for such purpose shall be sed
by them for the purpose described in Section 1.0
from any bonds of the Issuer or'HRA.
3.02. General Obligation Tax
as any of the Bonds are outstanding and any
Director shall maintain a separate debt sery
Issuer to be known as the General Obligation
Bond Fund), and the principal of and interest
The Issuer irrevocably appropriates to the Boi
(a) ad valorem tax increments
to be received from the HRA; and
(b) the ad valorem taxes
The moneys on hand in the Bond Fund fr
principal of and interest on the Bonds.
Pursuant to Minnesota Statuti
entered into a pledge agreement with the HR
increments generated by the Grandview A
County No. 1202) of the HRA tax incremen
the Issuer to the Bond Fund, to pay when
Payments received by the Issuer pursuant to tl
3.03. Pledge of Taxis
of and interest on the Bonds as such
unlimited taxing powers of the Issuer shall I
determined that the funds appropriated to the
produce amounts not less than five percent
the principal and interest payments on the B(
to be levied at this time. Nevertheless, if the
to pay all interest and principal then due on
made from any fund of the Issuer which is
from the Bond Fund when the balance there
agrees that it will each year levy a sufficia
accumulated or anticipated deficiency, whicr
limitation.
Section 4.
4.01. Registration of Bonds.
file a certified copy of this resolution with t
certificate that the Bonds have been duly en1
om the Bonds shall be applied to redeem a
'ax Increment Bonds, S es 2000B, and any
reimburse the Issuer orfor costs paid
which have not been pre iously reimbursed
i
gent Bonds, Series 2002 Wnd Fund. So long
)al of or interest thereon paid, the Finance
id on the official books and records of the
icrement Bonds, Series 2Q02 Bond Fund (the
Bonds shall be payable fipm the Bond Fund.
d:
)ed in the last paragraph �f this Section 3.02
L 3.03 hereof.
.me to time shall be use solely to pay the
ction 469.178, subdivisi 2, the Issuer has
;reby the HRA will pay t the Issuer from tax
ax Increment Financing District (Hennepin
'ficient, with any other fids appropriated by
the principal of and int rest on the Bonds.
eement will be deposited f nto the Bond Fund.
F r the prompt and full payment of the principal
reE pectively become due, the !full faith, credit and
an I are hereby irrevocably pledged. It is hereby
�o d Fund as set forth in Section 3.02 hereof will
ex ess of the amounts needed to meet when due
Is, and therefore no ad valorgn taxes are required
lai ice in the Bond Fund is at Oy time insufficient
L Bonds payable therefrom,e payment shall be
,il ble for that purpose, subj t to reimbursement
is sufficient, and the City C�uncil covenants and
an ount of ad valorem taxes to take care of any
v is not subject to any constitutional or statutory
City Clerk is hereby authcirized and directed to
unty Auditor of Hennepin County and obtain a
ipon the Auditor's bond register.
4.02. Authentication of Trans,
Auditor are hereby authorized and directed to
Whitney LLP, Bond Counsel, certified copie
Bonds and such other affidavits, certificates
facts relating to the legality and marketability
and records in their custody and control or a;
copies, affidavits and certificates, includin
representations of the Issuer as to the correctne
Adopted this 16th day of July, 21
ATTEST: & LLA NJAWf
City Clerk
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )SS
CITY OF EDINA )
I, the undersigned duly appointed and act
certify that the attached and foregoing Re
Council at its Regular Meeting of July 16,
Regular Meeting.
WITNESS my hand and seal of said City
N
The officers of the Issuer and the County
ire and furnish to the HRA and to Dorsey &
all proceedings and records relating to the
nformation as may be required to show the
e Bonds, as the same app$ar from the books
rwise known to them, and all such certified
y heretofore furnished, [shall be deemed
all statements contained therein.
ty Clerk for the City of Edina do hereby
m was duly adopted b� the Edina City
and as recorded in the Minutes of said
i
_ day of + , 20
City Clerk