HomeMy WebLinkAboutCity Council Resolution 2010-323CERTIFICATE 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. 2010-323, 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 November 23, 2010, 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that the Resolution has not as of the date hereof been amended or repealed.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 fi rther certify that upon vote being taken on the Resolution at said meeting, the
following Councilmembers voted in favor thereof: Mayor Slavik, Councilmembers Johnson,
Stein, Black, Willis, and Bildsoe
and the following voted against the same:
and the following abstained from voting thereon or were absent: Councilmember Murdock
WITNESS my hand officially this day of , 2010.
City Clerk
RESOLUTION NO. 2010-323
A 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 Refunding Bonds (City of
Plymouth, Minnesota, General Obligation), Series 2003 (the "2003 Bonds"), dated, as originally
issued, as of March 1, 2003, in the original principal amount of $4,860,000, to refinance the
acquisition and constriction of multifamily housing facilities designed for occupancy by elderly
persons and / or 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 refinancing of the Project by authorizing the Authority to pledge the general
obligation credit and taxing powers of the City to the repayment of the 2003 Bonds; and
1.3 Whereas, the Authority desires to issue its Governmental Housing Project
Refunding Bonds (City of Plymouth, Minnesota, General Obligation), Series 2010 (the "Bonds")
to refund certain maturities of the 2003 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 refinancing 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 Ehlers & Associates, Inc., financial consultant to the Authority, in cooperation with
the City and Authority.
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 for the Bonds, the
officers of the City are hereby authorized and directed to enter into such undertakings and 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.
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.
Adopted on November 23, 2010 by the Plymouth City Council.
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