HomeMy WebLinkAbout6.c. Ordinance Pledging City's Full Faith and Credit to Port Authority's 2008 General Obligation Tax Increment (TIF) Bonds ROSEMOUNT EXECUTIVE SUMMARY
CITY COUNCIL
City Council Meeting Date: February 19, 2008
AGENDA ITEM: Ordinance Pledging City's Full Faith and AGENDA SECTION:
Credit to Port Authority's 2008 General Consent
Obligation Tax Increment (TIF) Bonds
PREPARED BY: Jeff May, Finance Director AGENDA NO. 6.C,
ATTACHMENTS: Ordinance APPROVED BY: Er
RECOMMENDED .ACTION: Motion to adopt An Ordinance Authorizing the Rosemount
Port Authority to Issue General Obligation Tax Increment Bonds and the Pledge of the
City's Full Faith Credit to the Payment Thereof.
ISSUE
Pass an ordinance to allow the Port Authority to issue it's debt with the City's G.O. backing.
BACKGROUND
Attached for your consideration is an ordinance to pass that pledges the City's full faith and credit to the
Port Authority's General Obligation Tax Increment Bonds (with principal not to exceed $6,040,000.
These bonds are for the purchase of the Brockway TIF notes and for the purchases of property in the
downtown area of the Downtown /Brockway TIF district Because the debt is issued through the Port
Authority, it is necessary for the City to pass this ordinance pledging its support. The City has passed an
ordinance similar to this for all previous debt issued by the Port Authority.
SUMMARY
Recommend the above motion.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE ROSEMOUNT PORT AUTHORITY
TO ISSUE GENERAL OBLIGATION TAX INCREMENT BONDS AND THE
PLEDGE OF THE CITY'S FULL FAITH CREDIT TO THE PAYMENT THEREOF
THE CITY COUNCIL OF THE CITY OF ROSEMOUNT ORDAIN:
SECTION I. Pursuant to and in accordance with the provisions of this ordinance and Minnesota
Statutes, 5469.048 to 469.068 and 5469.088 and Laws of Minnesota, 1987, Chapter 257, Section 2,
the issuance of general obligation bonds, in one or more series, by the Rosemount Port Authority
(the "Authority in the aggregate principal amount not to exceed $6,040,000 is hereby authorized
and found to be proper; and said bonds shall be issued and sold by the Authority for the purpose of
securing funds as needed, in said aggregate amount, to defray the costs and expenses necessarily
incurred and to be incurred to finance or refinance various public redevelopment costs. The pledge
of the full faith, credit and resources of the City as security for the bonds is hereby authorized.
Additional terms and conditions of the bonds, including interest rate, date, denomination, place of
payment, form and maturity scheduled and provision for the sale thereof shall be determined by the
Board of Commissioners pursuant to resolution.
SECTION II. This ordinance shall take effect and be in force following its passage and
publication.
ADOPTED this 19 day of February, 2008.
William H. Droste, Mayor
Al"1'EST:
Amy Domeier, City Clerk
Published in the Rosemount Town Pages this day of 2008.
2141037v1