HomeMy WebLinkAboutCity Council Resolution 2003-041CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE
I, the undersigned, being the duly qualified and acting City Clerk of the City of
Plymouth, Minnesota (the "City"), hereby certify that the attached resolution is a true
copy of Resolution No. 2003-041, entitled: "RESOLUTION AUTHORIZING THE
ISSUANCE OF GOVERNMENTAL HOUSING REFUNDING 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" (the "Resolution"), on file in the original records of
the City in my legal custody; that the Resolution was duly adopted by the City Council of
the City at a meeting on January 28, 2003, and that the meeting was duly held by the City
Council and was attended throughout by a quorum; and that the Resolution has not as of
the date hereof been amended or repealed.
I further certify that upon vote being taken on the Resolution at said meeting, the
following Councilmembers voted in favor thereof: Mayor Johnson, Councilmembers
Neset, Hewitt, Slavik, Bildsoe, and Stein
and the following voted against the same: None
and the following abstained from voting thereon or were absent: Councilmember Black
WITNESS my hand officially this day of January, 2003.
City Clerk
RESOLUTION NO. 2003-041
RESOLUTION AUTHORIZING THE ISSUANCE OF
GOVERNMENTAL HOUSING REFUNDING 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
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the "City"),
as follows:
Section 1. Recitals.
1.1 Whereas, the Housing and Redevelopment Authority in and for the City of
Plymouth (the "Authority") issued its Governmental Housing Project Bonds (Senior Apartments
Project), Series 1993 (the "1993 Bonds"), dated October 1, 1993, in the original principal amount
of $5,700,000 to finance the acquisition and construction of multifamily housing facilities
designed for occupancy by elderly persons of low and moderate income (the "Project"); and
1.2 Whereas, pursuant to the provisions of Minnesota Statutes, Sections 469.034, the
City assisted in the financing of the Project by authorizing the Authority to pledge the general
obligation credit and taxing powers of the City to the repayment of the 1993 Bonds; and
1.3 Whereas, the Authority desires to issue its Governmental Housing Project
Refunding Bonds (City of Plymouth, Minnesota, General Obligation), Series 2003 (the "Bonds")
to refund certain maturities of the 1993 Bonds; and
1.4 Whereas, the Authority has requested that the City reaffirm its support of the
Project by reaffirming 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 and authorizes the Authority to pledge the full faith, credit and taxing
powers of the City to the repayment of the Bonds. The issuance of the Bonds shall be subject to
final approval of the Board of Commissioners of the Authority.
Section 4. Approval of Documents and Related Matters.
4.1. 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.
4.2 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.
4.3. 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 5. 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.
-2-
Adopted on January 28, 2003 by the Plymouth City Council.
-3-