HomeMy WebLinkAbout6.e. Resolution Concurring in the Action of the Port Authority in the Issuing of Refunding Bonds
EXECUTIVE SUMMARY
City Council Meeting Date: October 20, 2015
AGENDA ITEM: Resolution Concurring in the Action of
the Port Authority in the Issuing of
Refunding Bonds
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director AGENDA NO. 6.e.
ATTACHMENTS: Resolution APPROVED BY: ddj
RECOMMENDED ACTION: Motion to adopt a Resolution Relating to $3,460,000 General
Obligation Tax Increment Refunding Bonds, Series 2015A Concurring in the Action of the
Rosemount Port Authority in the Issuance and Awarding the Sale thereof and Authorizing
the Execution of a Continuing Disclosure Certificate.
ISSUE
Pass a resolution that concurs with the action that the Port Authority took earlier this evening in awarding
sale of G.O. Tax Increment Refunding Bonds, Series 2015A.
BACKGROUND
Attached for your consideration is a resolution to pass that says the City concurs with the Port Authority’s
action in awarding the sale of their refunding bonds. Because the original debt issued through the Port
Authority required the City to pass an ordinance pledging its support (and the City has passed an
ordinance similar to this for all previous debt issued by the Port Authority) the City is now required to pass
a resolution concurring with the action the Port Authority took in issuing the refunding bonds.
SUMMARY
Recommend the above motion.
RESOLUTION 2015-_____
469296v1 JSB RS125-18
City of Rosemount
Dakota County, Minnesota
Resolution 2015-__
Resolution Relating to $3,460,000
General Obligation Tax Increment Refunding Bonds, Series 2015A
Concurring In The Action of The Rosemount Port Authority
in the Issuance and Awarding the Sale Thereof
and Authorizing the Execution of a
Continuing Disclosure Certificate
BE IT RESOLVED By the City Council of the City of Rosemount, Dakota County, Minnesota
(the “City”) as follows:
1. The Rosemount Port Authority (the “Authority”), by resolution adopted this same date, has
authorized the issuance and sale of its $3,460,000 General Obligation Tax Increment Refunding
Bonds, Series 2015A (the “Bonds”).
2. The City hereby finds, determines and declares that the issuance of the Bonds by the
Authority is necessary and in the best interests of the City and concurs in the action of the Authority
in issuing and awarding the sale of the Bonds.
3. The City and the Authority will enter into a Continuing Disclosure Certificate (the
“Certificate”), dated the date of closing, a form of which is on file with the City Clerk. The Mayor
and City Clerk of the City are hereby authorized to sign the Certificate.
ADOPTED this 20th day of October, 2015, by the City Council of the City of Rosemount.
___________________________________
William H. Droste, Mayor
ATTEST:
_____________________________________
Clarissa Hadler, City Clerk
RESOLUTION 2015-__
469296v1 JSB RS125-18
CERTIFICATE
STATE OF MINNESOTA )
COUNTY OF DAKOTA ) ss
CITY OF ROSEMOUNT )
I, Clarissa Hadler, duly appointed, acting and qualified City Clerk of the City of Rosemount do
hereby certify that I have examined the City of Rosemount records and the Minute Book of said
City for the meeting of the 20th of October, 2015 and that the attached copy of the Resolution
2015-___ RESOLUTION RELATING TO $3,460,000 GENERAL OBLIGATION TAX
INCREMENT REFUNDING BONDS, SERIES 2015A CONCURRING IN THE
ACTION OF THE ROSEMOUNT PORT AUTHORITY IN THE ISSUANCE AND
AWARDING THE SALE THEREOF AND ATHORIZING THE EXECUTION OF A
CONTINUING DISCLOSURE CERTIFICATE was approved and is a true and correct copy
of the City Proceedings relating to said Resolution.
IN WITNESS WHEREOF, I have hereunto set my hand and seal of said City this ____ day of
_________________, 2015.
Clarissa Hadler, City Clerk
City of Rosemount
Dakota County, Minnesota