HomeMy WebLinkAboutCity Council Resolution 2005-140CERTIFICATION OF MINUTES RELATING TO
GOVERNMENTAL HOUSING PROJECT BONDS (CITY OF PLYMOUTH, MINNESOTA,
GENERAL OBLIGATION), SERIES 2005
Issuer: City of Plymouth, Minnesota
Governing body: City Council
Kind, date, time and place of meeting: A regular meeting held on March 29, 2005, at 7:00 p.m.
at the Council Chambers of City Hall.
Members present: Mayor Johnson, Councilmembers Willis, Hewitt, Slavik, Bildsoe, Stein,
and Black.
Members absent: None.
Documents attached:
Minutes of said meeting (pages):
RESOLUTION NO. 2005-140
RESOLUTION AUTHORIZING THE ISSUANCE OF
GOVERNMENTAL HOUSING BONDS TO BE ISSUED BY
THE HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF PLYMOUTH AND AFFIRMING THE
PLEDGE OF THE GENERAL OBLIGATION OF THE CITY OF
PLYMOUTH TO THE PAYMENT OF PRINCIPAL AND
INTEREST ON THE BONDS AND APPROVING A HOUSING
PROGRAM RELATED THERETO
I, the undersigned, being the duly qualified and acting recording officer of the public
corporation issuing the obligations referred to in the title of this certificate, certify that the
documents attached hereto, as described above, have been carefiilly compared with the original
records of the corporation in my legal custody, from which they have been transcribed; that the
documents are a correct and complete transcript of the minutes of a meeting of the governing
body of the corporation, and correct and complete copies of all resolutions and other actions
taken and of all documents approved by the governing body at the meeting, insofar as they relate
to the obligations; and that the meeting was duly held by the governing body at the time and
place and was attended throughout by the members indicated above, pursuant to call and notice
of such meeting given as required by law.
WITNESS my hand officially as such recording officer on March 29, 2005.
City Clerk
RESOLUTION NO. 2005-140
RESOLUTION AUTHORIZING THE ISSUANCE OF
GOVERNMENTAL HOUSING BONDS TO BE ISSUED BY
THE HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF PLYMOUTH AND AFFIRMING THE
PLEDGE OF THE GENERAL OBLIGATION OF THE CITY OF
PLYMOUTH TO THE PAYMENT OF PRINCIPAL AND
INTEREST ON THE BONDS AND APPROVING A HOUSING
PROGRAM RELATED THERETO
WHEREAS, the City has heretofore held a public hearings, duly noticed and held, on
February 22, 2005, on (i) the issuance of governmental housing project bonds by the
Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota (the
"Authority") under Minnesota Statutes, Chapters 469 and 475 in an amounts not to
exceed $12,000,000; (ii) the pledge of the City's general obligation thereto (the "Bonds")
and (iii) a housing program relating to an approximately 96 -unit project to be financed by
the Bonds (the "Housing Program"), pursuant to and in accordance with Minnesota
Statutes, Chapter 469;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota, as follows:
Section 1. Recitals.
1.1 Whereas, the Authority desires to issue its Governmental Housing Project Bonds
(City of Plymouth, Minnesota, General Obligation), Series 2005 (the "Bonds"), the proceeds of
which will be used to finance the acquisition and constriction of a residential rental housing
facility located at the southwest corner of trunk highway 55 and Vicksburg Lane in the City (the
"Project"); and
1.2 Whereas, the Authority has requested that the City affirm its support of the
Project by affirming the Authority's authorization to pledge the City's general obligation to the
Bonds.
Section 2. Documents To Be Filed. In connection with the proposed financing of the
Project by the Authority, the resolution of the Authority authorizing the sale of the Bonds has
been prepared and filed with the City and an official statement (the "Official Statement") shall be
prepared by Springsted, Incorporated, financial consultant to the Authority, and shall be filed
with the City.
Section 3. Authorization and Approval. Pursuant to the authorization contained in
Minnesota Statutes, Section 469.034, the City hereby approves the sale and issuance of the
Bonds by the Authority in the amount of $11,735,000 and authorizes the Authority to pledge the
full faith, credit and taxing powers of the City to the repayment of the Bonds. The City finds that
the issuance of the Bonds will not cause the amount of all general obligation bonds issued and
outstanding under Section 469.034, subdivision 2 to exceed the greater of (a) one half of one
percent of the taxable market value of the City or (b) $3,000,000. The issuance of the Bonds
shall be subject to final approval of the Board of Commissioners of the Authority.
Section 4. Approval of Housing Program. The Housing Program is hereby approved.
Section 5. Approval of Documents and Related Matters.
5.1 The City hereby consents to the circulation of the Official Statement. The Mayor
and City Clerk are authorized to execute such certificates relating to the sufficiency, accuracy
and completeness of the information contained therein relating to the City as may be reasonably
necessary in connection with the issuance and sale of the Bonds.
5.2 In connection with the continuing disclosure requirements, if any, the officers of
the City are hereby authorized and directed to supply to the Authority such updated financial and
other information relating to the City as may be required from time to time by the Authority so as
to permit the Authority to comply with the continuing disclosure requirements, if any.
5.3 The Mayor and City Clerk are also authorized and directed to execute such
closing certificates and other documents as may be necessary or desirable to assist the Authority
in completing the transaction.
Section 6. Absence of Officers. In the absence or disability of the Mayor or the City
Clerk, any of the documents authorized by this resolution to be approved and executed by the
Mayor or the City Clerk may be so approved and executed by the acting Mayor or the acting City
Clerk, as applicable.
Upon vote being taken thereon, the following Councilmembers voted in favor:
and the following voted against the same:
whereupon the resolution was declared passed and adopted.
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