HomeMy WebLinkAbout6.g. Ordinance Pledging City's Full Faith and Credit to Port Authority General Obligation Port Authority Bonds, 2002C.*t
CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: June 18, 2002
AGENDA ITEM: Ordinance Pledging City's Full Faith and
AGENDA SECTION:
Credit to Port Authority General Obligation Port Authority
Consent
Bonds, 2002C
PREPARED BY: Jeff May, Finance Director
AGEN
' Te l G
ATTACHMENTS: Ordinance
APPROVED BY:
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Attached for your consideration is an ordinance for the City Council to pass that pledges the City's full
faith and credit to the Port Authority's General Obligation Port Authority Bonds, 2002C. These bonds
are for the Trunk Highway 3 Enhancement Project. 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.
RECOMMENDED ACTION:
Motion to adopt AN ORDINANCE AUTHORIZING THE CITY OF ROSEMOUNT TO PLEDGE THE
FULL FAITH AND CREDIT OF THE CITY TO $1,795,000 GENERAL OBLIGATION PORT
AUTHORITY BONDS, SERIES 2002C OF THE ROSEMOUNT PORT AUTHORITY.
COUNCIL ACTION:
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE CITY OF ROSEMOUNT
TO PLEDGE THE FULL FAITH AND CREDIT OF THE CITY TO
$1,795,000 GENERAL OBLIGATION PORT AUTHORITY BONDS,
SERIES 2002C OF THE ROSEMOUNT PORT AUTHORITY
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, §469.048 to 469.068 and §469.0813 the issuance of general obligation bonds
by the Rosemount Port Authority (the "Authority ") in the aggregate principal amount of
$1,795,000 is hereby authorized and found to be proper; and said bonds shall be issued and sold
for the purpose of securing funds as needed, in said aggregate amount, to finance infrastructure
improvements along Trunk Highway 3. 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
of the Authority pursuant to resolution.
SECTION II. This ordinance shall take effect and be in force following its passage and
publication.
Adopted this 18th day of June, 2002.
Cathy Busho, Mayor
ATTEST:
Linda J. Jentink, City Clerk
Published this day of June, 2002 in the "Rosemount Town Pages"
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