HomeMy WebLinkAboutResolution No. 2007-132RESOLUTION N0.2007-132
RESOLUTION DETERMINING THE NECESSITY TO ENTER INTO A LEASE PURCHASE
AGREEMENT WITH THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT
AUTHORITY AND REQUESTING THE ISSUANCE OF PUBLIC FACILITY LEASE
REVENUE BONDS THEREOF (MUNICIPAL LIQUOR STORES PROJECT}
BE IT RESOLVED by the City Council of Columbia Heights, Anoka County, Minnesota (the
"City") as follows:
Section 1. Recitals.
1.01. It is in the best interests of the City and its residents that the City acquire,
construct and equip two new municipal liquor stores to be located within the
City (the "Project").
1.02. It is necessary and expedient to the sound financial management of the affairs of
the City that the Project be financed through the issuance and sale by the
Columbia Heights Economic Development Authority (the "Authority") of its
approximately $5,040,000 Public Facility Lease Revenue Bonds, Series 2007
(the "Bonds").
1.03. The issuance of the Bonds by the Authority is authorized under Minnesota
Statutes, Chapter 469 and in connection with the issuance and sale of the Bonds,
the City intends to enter into alease-purchase agreement with the Authority
regarding the Project, pursuant to Minnesota Statutes, Section 465.71 (the
"Lease").
1.04. Pursuant to the Lease the City intends to lease the Project from the Authority and
pay lease payments to the Authority in the amount necessary to pay debt service
on the Bonds, subject to the City's right ofnon-appropriation in each fiscal year.
Section 2. Authorization.
2.01. The City Council intends to enter into the Lease with the Authority and requests
that the Authority issues and sells its Bonds to finance the Project.
2.02. The sale of the Bands is expected to occur on August 27, 2007, and the City
Council intends to approve the Lease on that date.
2.03. City staff and consultants are authorized and directed to assist the Authority in
the issuance and sale of the Bonds and the preparation of the Lease.
Passed this 23`a day of July, 2007
Offered by: Diehm
Second: Kelzenberg
Roll Call: Ayes: Peterson, Williams, Dielun, Kelzenberg Nay:... awroc
Attest°
Patricia Muscovitz C
City Clerk
Mayar Gary L. Peterson