HomeMy WebLinkAbout6.e. Ordinance Pledging City's Full Faith and Credit to Port Authority General Obligation Public Facility Bonds, 2001CCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: August 7, 2001
AGENDA ITEM: Ordinance Pledging City's Full Faith and
AGENDA SECTION:
Credit to Port Authority General Obligation Public Facility
Consent
Bonds, 2001 G
PREPARED BY: Jeff May, Finance Director
AGENDAM m6l
ATTACHMENTS: Ordinance
APPROVED BY:
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 Public Facility Bonds, 2001 C. These bonds
are for the City Hall remodel /expansion. 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 GENERAL OBLIGATION PUBLIC FACILITY
BONDS, SERIES 2001 C 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
GENERAL OBLIGATION PUBLIC FACILITIES BONDS, SERIES 2001C
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 $2,045,000 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 the expansion and remodeling of the existing city hall.
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 7th day of August, 2001.
Cathy Busho, Mayor
ATTEST:
Linda J. Jentink, City Clerk
Published this day of August, 2001 in the "Rosemount Town Pages ".