HomeMy WebLinkAboutResolution 85-33 CITY OF COLUMBIA HEIGHTS
RESOLUTION NO. 85-33
APPROVING THE FOthX~ OF AND AUTHORIZING EXECUTION OF A JOINT POWERS
AGREEMENT PURSUANT TO MINNESOTA STATUTES, SECTION 474.18, SUBD. 4,
AND DESIGNATING AN UNDERWRITER FOR CERTAIN REVENUE BONDS
~EREAS, the City of Columbia Heights (the "City") by Ordinance No. 1104
has given preliminary approval to the issuance of revenue bonds in an amount
not exceeding $7,000,000 to finance a 36,000 square foot office facility
(the "Project") to be developed by Columbia Park Properties (the "Developer")
and
~!EREAS, in order to issue tax exempt revenue bonds to finance the
Project, the City must obtain an allocation to issue private activity bonds
in addition to the City's entitlement allocation of $3,385,4S3 and
~EREAS, pursuant to Minnesota Statutes, Section 474.18, Subd. 4 an
entitlement issuer may enter into an agreement with a local issuer under
which agreement the local issuer may issue bonds pursuant to authority
allocated to the entitlement issuer.
NOW, THEREFORE BE IT RESOLVED BY THE CITY OF COLUMBIA HEIGHTS AS
FOLLOWS:
1. The Joint Powers Agreement prepared pursuant to Minnesota Statutes,
Section 474.18, Subd. 4, with the City of Shoreview is hereby approved in
substantially the form set forth in Exhibit A attached hereto and the Mayor
and City Manager of the City are authorized and directed to execute such
agreement on behalf of the City.
2. Miller and Schroeder Municipals, Inc. is authorized to act as the
underwriter for the bonds to be issued to finance the project.
Passed this 5th day of August , 1985.
Offered by
Seconded by
Roll Call
'Anne Student, C°U~il Secretary
Havland
Peterson ~
CarlsonH'°utand~ ~Petk°ff~~B~ent~Peters°n~,cki,NaW~°Mayor m aYe~