HomeMy WebLinkAbout6.b. Resolution Concurring in the Action of the Port Authority in the Issuing of Refunding Bonds4ROSEMOUNTEXECUTIVE SUMMARY
CITY COUNCIL
City Council Meeting Date: November 16, 2010
AGENDA ITEM: Resolution Concurring in the Action of
AGENDA SECTION:
the Port Authority in the Issuing of
Consent
Refunding Bonds
PREPARED BY: Jeff May, Finance Director
AGENDA NO. �. f ✓
ATTACHMENTS: Resolution
APPROVED BY: 0 0j
RECOMMENDED ACTION: Motion to adopt a Resolution Relation to $1,350,000 General
Obligation Public Facility Refunding Bonds, Series 2010B 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. Public Facility Refunding Bonds, Series 2010B.
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.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2010-
RESOLUTION RELATING TO $1,350,000
GENERAL OBLIGATION PUBLIC FACILITY REFUNDING BONDS, SERIES 2010B
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 $1,350,000 General Obligation Public Facility Refunding
Bonds, Series 2010B (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 day of , 2010.
William H. Droste, Mayor
ATTEST:
Amy Domeier, City Clerk
376568v1 MMD RS290 -1
CERTIFICATE
STATE OF MINNESOTA )
COUNTY OF DAKOTA ) ss
CITY OF ROSEMOUNT )
I, Amy Domeier, 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 of , 2010 and that the attached copy of the
Resolution 2010 -_ RESOLUTION RELATING TO $1,350,000 GENERAL
OBLIGATION PUBLIC FACILITY REFUNDING BONDS, SERIES 2010B
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
.2010.
Amy Domeier, City Clerk
City of Rosemount
Dakota County, Minnesota
376568v1 MMD RS290 -1