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HomeMy WebLinkAboutResolution No. 2000-095 City of Milaca Revenue Bond �9iNl� RESOLUTION NO.2000-95 o� e City of Edina APPROVING AND AUTHORIZING THE ISSUANCE OF REVENUE NOTES BY THE CITY OF MILACA UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.165, AS AMENDED, TO FINANCE PROPERTY FOR THE BENEFIT OF CENTRAL MINNESOTA DIAGNOSTIC, INC. TO BE LOCATED IN THE CITY OF MONTICELLO WHEREAS, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152-469.165, as amended (the "Act"), each municipality and redevelopment agency of the State of Minnesota (as defined in the Act), including the City of Milaca, Minnesota (the "City of Milaca"), is authorized to issue revenue obligations to finance capital equipment and improvements to land and buildings for the benefit of a revenue producing enterprise to be owned by a contracting party (as defined in the Act); and • WHEREAS, under Section 469.155, subdivision 9, of the Act, municipalities are authorized to enter into and perform contracts and agreements with other municipalities as the governing bodies of the municipalities may deem proper and feasible for or concerning the financing of a project under the Act, including an agreement whereby one municipality issues its revenue obligations in behalf of one or more other municipalities; and WHEREAS, the City of Milaca has proposed to issue one or more revenue notes (the "Notes") and loan the proceeds derived from the sale of the Notes to Central Minnesota Diagnostic, Inc., a Minnesota nonprofit corporation (the "Borrower"'), to finance the acquisition of hospital equipment (the "'Equipment"), to be located at hospitals in various municipalities in the State of Minnesota; and WHEREAS, a portion of the Equipment will be located in the City of Edina (the City ); NOW, THEREFORE, BE IT RESOLVED THAT: 1. The portion of the Equipment to be located in the City (as described in the Notice of Public Hearing published prior to the date of consideration of this resolution) • is hereby approved by the City and the issuance of the Notes by the City of Milaca for City Hall (952) 927-8861 4801 WEST 50TH STREET FAX(952)826-0390 EDINA,MINNESOTA 55424-1394 TDD(952)826-0379 Resolution No. 2000-95 September 19,2000 Page Two • such purpose (in the amount described in the Notice of Public Hearing) and in an aggregate principal not to exceed$2,500,000 is hereby approved. 2. The Notes to be issued by the City of Milaca to finance the Equipment shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City or the City of Milaca; and the Notes, when, as, and if issued, shall recite in substance that the Notes, including the interest thereon, are payable solely from the revenues received from the Borrower and the property pledged to the payment thereof; and the Notes shall not constitute an obligation of the City and shall not be secured by the taxing power or any property or assets of the City. 3. The Borrower shall pay any and all costs incurred by the City in conjunction with the approval of this resolution, the issuance of the Notes, the acquisition and delivery of the Equipment, and all other costs or expenses paid or incurred by the City with respect to the foregoing, whether or not this resolution is approved,the Notes are issued, or the transaction is carried to completion. Adopted this 19th day of September 2000. • Attest: G' d C rk Mayor STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) SS CITY OF EDINA ) CERTIFICATE OF CITY CLERK 1,the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached and foregoing Resolution is a true and correct copy of the Resolution duly adopted by the Edina City Council at its regular meeting of September 19,2000, and as recorded in the Minutes of said regular meeting. WITNESS,my hand and seal of said City this 19th day of September,2000. Debra A.Mangen,City Clerk •