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HomeMy WebLinkAboutResolution 85-26CITY OF COLUMBIA HEIGHTS RESOLUTION N©. 85-26 APPROVING THE FORM OF AND AUTltORIZING EXECUTION OF A JOINT POWERS AGREEMENT PURSUANT TO MINNESOTA STATUTES, SECTION 474.18 SUi~D. 4, AND DESIGNATING AN UNDERWRITER FOR CERTAIN REVENUE BONDS Whereas, 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 (tile "Developer"); and Whereas, in order to issue tax-exempt revenue bonds to finance the Project, the City Tnust obtain an allocation to issue private activity bonds in addition to the City's entitlement allocation of $3,385,453; and Whereas, 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 Silver Bay is i~ereby 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, provided, however that no part of the fee required to be paid to Silver Bay under such agreement shall be paid by the City, but the entire fee shall be paid by the Developer. 2. Miller & Schroeder Municipals, Inc. is authorized to act as the underwriter for the bonds to be issued to finance the Project. Passed this 28th day of May, 1985. Offered by: Hovland Seconded by: Peter,on Roll call: Hovland, Petkoff, :-J~nne Student, Cohn'~il Secretary Peter,on, N,w~aye ~l/J Nawrocki, M~yor