HRA RES 1996-20 - 00001104HRA RESOLUTION N0. 20 - 1996
A RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE
REPAYMENT OF A GENERAL OBLIGATION TAX INCREMENT NOTE,
SERIES 1997, IN THE PRINCIPAL AMOUNT OF $1,500,000
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Issuer"), as follows:
Section l. Statutor� Authori�ation.
1.01. The Issuer and the City of Fridley, Minnesota (the "City") have
heretofore approved the establishment of a Modified Redevelopment Plan
relating to Redevelopment Project No. 1(the "Program") and Tax
Increment Financing Districts Nos. l, 2, 3, 6, 7, 9, 10, 11, 12, 13, and
14 (the "TIF Districts") within the Program, and approved tax increment
financing plans for the purpose of financing certain improvements within
the Program, all pursuant to MinnPSOta StatutP�, Sections 469.001 to
469.047 and Sections 469.174 to 469.179.
1.02. Pursuant to MinnPSOta StatutP�, Section 469.178, subdivision 3, the
Issuer is authorized to issue and sell its bonds for the purpose of
financing a portion of the public redevelopment costs of the Program.
Such bonds are payable from all or any portion of revenues derived from
the TIF Districts and any other revenues or property of the Issuer.
Section 2. Findinas.
2.01. The Issuer hereby finds and determines that it is in the best interests
of the Issuer that it issue and sell its General Obligation Tax
Increment Note, Series 1997 (the "Note") in the principal amount of
$1,500,000 for the purpose of financing certain costs of the Program.
Section 3. TssuancP, SaIP, and TPrms of thP NotP.
3.01. The Note shall be issued in the principal amount of $1,500,000 and shall
be sold to the City (the "Owner") at the price of par. The Note shall
be dated February l, 1997, the date of delivery thereof, shall mature on
February l, 2012, and shall bear interest at the rate of 5.0% per annum
to the earlier of maturity or prepayment.
Section 4. Form of Note.
4.01. The Note shall be in the form attached as Exhibit A to this Resolution.
Section 5. FxPrution and �PlivPrv.
5.01. The Note will be prepared under the direction of the Executive Director
and executed on behalf of the Issuer by the signatures of its Chairman
and its Executive Director.
Page 2-- HRA Resolution No. 20 - 1996
5.02. When the Note has been so prepared and executed the Executive Director
will deliver the same to the City upon receipt from the City of
$1,500,000.
Section 6. SPrurit� Provisions.
6.01. The Note is payable from tax increments ("Tax Increments") received by
the Issuer from the TIF Districts. If any payment of principal or
interest on the Note will become due when there is not sufficient
receipt of Tax Increments in the year the payment is owing to pay the
same, the Issuer's Finance Officer will pay such principal or interest
from the general fund or from any other revenues or property of the
Issuer, and the general fund will be reimbursed for such advances out of
the proceeds of Tax Increments when received.
PASSED AND ADOPTED BY THE FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF FRIDLEY THIS 12TH DAY OF SEPTEMBER, 1996.
LAWRENCE R. COMMERS - CHAIRPERSON
ATTEST:
WILLIAM W. BURNS - EXECUTIVE DIRECTOR
Page 3-- HRA Resolution No. 20 - 1996
EXHIBIT A
, _ 199_
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
HOUSING AND REDEVELOPMENT AUTHORITY
In and For
THE CITY OF FRIDLEY
► :_ �: � �► � ► : u ► ►�
$1,500,000
The Housing and Redevelopment Authority in and for the City of Fridley,
Minnesota (the "Authority"), hereby acknowledges itself to be indebted and, for
value received, promises to pay to the order of the City of Fridley, Minnesota, a
municipal corporation, or its registered assigns (the "Owner") solely from the
source, to the extent and in the manner hereinafter provided, the principal
amount of this Note, being One Million Five Hundred Thousand Dollars
($1,500,000.00) (the "Principal Amount"), together with interest thereon from
February l, 1997 at a rate of five percent (5.0%), on the dates (the "Scheduled
Payment Dates") set forth on the Payment Schedule attached as Exhibit A hereto
and in the amounts stated thereon (the "Scheduled Payments"). This note shall be
payable in semiannual installments commencing on August l, 1997, and on the lst
day of February and August thereafter until and including February l, 2012.
Upon 30 days' prior written notice from the Authority to the Owner, the
Principal Amount is subject to prepayment at the option of the Authority in whole
or in part on any Scheduled Payment Date.
Each payment on this Note is payable in any coin or currency of the United
States of America which on the date of such payment is legal tender for public
and private debts and shall be made by check or draft made payable to the
Registered Owner and mailed to the Registered Owner at its postal address within
the United States which shall be designated from time to time by the Registered
Owner.
The Note is a general obligation of the Authority, which has been issued by
the Authority pursuant to and in full conformity with the Constitution and laws
of the State of Minnesota, including MinnPSOta StatutP�, Section 469.178,
Subdivision 3, to aid in financing a"project", as therein defined, of the
Authority consisting generally of defraying certain public redevelopment costs
incurred and to be incurred by the Authority within and for the benefit of its
Redevelopment Project No. 1 (the "Program").
Page 4-- HRA Resolution No. 20 - 1996
The Note is not a general obligation of the City of Fridley, Minnesota (the
"City") or the State of Minnesota (the "State"), and neither the City, the State
nor any political subdivision thereof shall be liable on the Note, nor shall the
Note be payable out of any funds or properties other than funds and property of
the Authority and from tax increment resulting from increases in taxable
valuation of real property in the Authority's Tax Increment Financing Districts
as set forth in the Resolution, authorizing the issuance of the Note, to which
reference is made for a full statement of rights and powers thereby confined.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things
required by the Constitution and laws of the State of Minnesota to be done, to
have happened, and to be performed precedent to and in the issuance of this Note
have been done, have happened, and have been performed in regular and due form,
time, and manner as required by law; and that this Note, together with all other
indebtedness of the Authority outstanding on the date hereof and on the date of
its actual issuance and delivery, does not cause the indebtedness of the
Authority to exceed any constitutional or statutory limitation thereon.
IN WITNESS WHEREOF, the Authority has caused this Note to be executed by
the manual signatures of its Chairman and Executive Director and has caused this
Note to be dated , 199_.
Chairman Executive Director
This instrument was drafted by:
Casserly Law Office, P.A.
Suite 1100 Southpoint Office Center
1650 West 82nd Street
Minneapolis, MN 55431
Page 5-- HRA Resolution No. 20 - 1996
: � � : :� �►
It is hereby certified that the foregoing Note, as originally issued on
, 199_, was on said date registered in the name of the City of
Fridley, a Minnesota municipal corporation, and that, at the request of said
Owner of this Note, the undersigned has this day registered this Note as to
principal and interest on the Note in the name of such Owner, as indicated in the
registration blank below, on the books kept by the undersigned for such purposes.
Name of Date of Signature of
RPgistPrPd nwnPr RPgistration FxPrutivP �irPrtor
City of Fridley, , 199_
Minnesota
Page 6-- HRA Resolution No. 20 - 1996
[�`T . � � � � u ► � _ '�
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
August l,
February
1997
l, 1998
1998
l, 1999
1999
l, 2000
2000
l, 2001
2001
l, 2002
2002
l, 2003
2003
l, 2004
2004
l, 2005
2005
l, 2006
2006
l, 2007
2007
l, 2008
2008
l, 2009
2009
l, 2010
2010
l, 2011
2011
l, 2012
EXHIBIT A
'_ u ► �. �
[�`T . 1 1 ' � 11 ► `1
$71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46
71,666.46