HomeMy WebLinkAbout4.o. Resolution Levying a Tax for the Rosemount ArmoryJ
CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETIN DATE: OCTOBER 20, 1992
AGENDA ITEM: RESOLUTION
LEVYING A TAX FOR
AGENDA SECTION:
THE
ROSEMOUNT ARMORY
CONSENT
PREPARED BY: STE
HAN JILK
AGENDA ffEM # .40
ATTACHMENTS: LET
ER AND RESOLUTION
AP 0BY
r70,
In order to provide a formal guarantee that the city will levy sufficient
funds for the repayment of the debt it has incurred for its share of ;the
Armory construction, the Minnesota State Armory Building Commission is
asking the city to adopt a resolution so stating its intent.
This resolution has been drafted by the legal bond counsel to the MSABC and
reviewed by our Cit Attorney Mike Miles. It has met Mr. Miles' approval
and is necessary to adopt to formalize our commitment to the Armory
project.
This resolution will commit $92,000 per year of the total to be levied for
the Armory/Community Center project. This allows the use of $3,000 of the
legislatively approved $95,000 special levy, along with the statutorily
approved .000798% of market value (replaced the old 1/3 mill) levy for debt
service in the Commnity Center project.
RECOMMENDED ACTIO
Motion to adopt A
RESOLUTION RELATING TO THE ROSEMOUNT ARMORY; LEVYING
A TAX THEREFOR.
COUNCIL ACTION:
10/06/92 13:51 l�Al 612 340 2644 DORSEY WHITNEY 16002
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Mr. Steven Jilk
City Administra
City of Rosemoi
2875 West 145th
Rosemount,, Miu
Re:
Dear Mr. Jilk:
DORSEY & WHITNEY
A PI..17f1fs� 17CLOf1U0 1•l0767NOIi.Y. COafOY2707f
220 SOUTH SIXTIS STREET
XnM- r&P0L1S, .%fn4NESOT& 53 302-1496
(612) 340-2600:
TZ-1ZX 29-0663
PAX (60)340-99" .
55068
Armory
MAIM A. JAZWE
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October 6,1992
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1501 GZANZ, A=TZ 9900
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(315)960-1000.
BY FAX (423-5203)
Enclosed is a form of resolution to be considered by the City Council at its
meeting on October 20, levying $92,000 for the Rosemount Armory in each of the years
1993 through 2016 collectible in the years 1994 through 2017. I have chosen those years
because the final maturity of the Commission's bonds is February 1, 2018 as such, the
money for the last bond payment will be needed prior to February 1, 2018, should be
collected in 2017, nd should be the levy made for 2016.
On the front end, you have informed me that the City has already made a
$95,000 levy in both 1991 and 1992, collectible in 1992 and 1993. As such, the new
$92,000 levy should start in 1993 with the first collection in 1994.
Could you please run this Resolution by the City Attorney and any other
appropriate officials of the City and let me know if it is appropriate or if we should
make any changes The Commission hopes to close on its bond issue by the end of
October. To meet that schedule, it would be good if the Council could adopt the levy
resolution on the 0th; we could then certify it to the County Auditor prior to closing.
Trtank you very much for your cooperation; if you have any questions,
please call me or my legal assistant, Linda Obidowski (340.5687)
Yours Very Truly,
MAJ:jd
enclosure Mk'A. Jarboe
cc Mr. Terry P liner
Ms. Linda bidowski -
A
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1992 -
UTION RELATING TO THE ROSEMOUNT ARMORY;
LEVYING A TAX THEREFOR
WHEREAS, the Minnesota State Armory Building Commission (the
Commission), acting pursuant to Minnesota Statutes, Chapter 193
(the Act), intends to construct a new national guard armory (the
Armory) within the City of Rosemount to serve the needs of the
National Guard units stationed in the Rosemount area; and
WHEREAS, in order to finance the cost of the Armory the
Commission has contracted for the sale of $2,300,000 principal
amount of its armory building bonds (the Bonds), payable in the
years 1994 through 2018; and
WHEREAS, theount needed by the Commission to pay the principal
of and intere t on the Bonds has finally been determined; and
WHEREAS, the
pursuant to a
of the Act an
Section 59, 1
$95,000 per y
pay the proce
pay part of t
and
WHEREAS, unde
heretofore le
collectable w
Armory;
NOW, THEREFOR]
Rosemount, Mii
Minnesota Sta'
Minnesota, 191.
purpose of pa;
the Bonds iss
Armory, there
of the taxabl,
each of the y
the years 199
$92,000. The
the taxes her
Commission on
through 2017.
amount levied
the Commissio
longer needed
the Bonds.
ommission has requested that the City, acting
d as authorized by Section 193.145, Subdivision 2
Laws of Minnesota, 1990, Chapter 604, Article 3,
vy and valorem taxes in an amount not to exceed
ar for as long as such Bonds are outstanding, and
ds from such taxes to the Commission in order to
e principal and interest requirements of the Bonds;
the foregoing authority, this Council has
ied $95,000 in each of the years 1991 and 1992,
th taxes in the years 1992 and 1993, to support the
�, BE IT RESOLVED by the City Council of the City of
inesota, that pursuant to the authority contained in
.utes, Section 193.145, Subdivision 2 and Laws of
►0, Chapter 604, Article 3, Section 59, and for the
tment of part of the principal of and interest on
ied by the Commission to finance the cost of the
shall be and hereby is irrevocably levied upon all
property in the City of Rosemount, Minnesota, in
:ars 1993 through 2016, collectable with taxes in
L through 2017, respectively, a tax in the amount of
proceeds of such tax, together with the proceeds of
�tofore to the Commission and shall be paid to the
or before December 31 in each of the years 1992
The City hereby reserves the right to reduce the
by this Resolution in any year to the extent that
z certifies to the City that such levies are no
in order to pay the principal of and interest on
ADOPTED this 2
ATTEST:
Susan M. Walsh
)th day of October, 1992.
Motion by:
Voted in favor:
Voted against:
-
City Clerk
RESOLUTION 1992 -
E. B. McMenomy, Mayor
Seconded by:
2