RES 1983-33 - 00005681.: 62
RESOLUTION NO. 33 — 1983
RESOLUTION RELATING TO THE DEVELOPMENT OF A GENERAL
RESERVE BOND FUND SYSTEM; HOUSING, COMMERCIAL AND
INDUSTRIAL PROGRAMS; AND A COMMERCIAL BUILDING
REHABILITATION IM PROGRAM
IT IS HEREBY RESOLVED by the City Council of the City of Fridley, Anoka ,
County, Minnesota (the "City "), as follows:
1. It is in the best interests of the City, in order to promote the City's
housing, commercial, industrial and other development goals in an orderly,
efficient, and economical manner, that the City investigate the development
of Housing, Commercial and Industrial Programs; a small and medium size
Commercial Building Rehabilitation Loan Program, as authorized by Minnesota
Statutes, 459.31 to 459.34; and a General Reserve System and Bond Fund
Program to provide additional security for bonds issued by the City under
Minnesota Statutes, Chapter 474 (electively, the "Programs ").
2. The City hereby retains as Special Counsil the Minneapolis law firm of
O'Connor & Hannan to develop the Programs and to make recommendations to the
City on the structure, detail, documentation, and adoption of the Programs.
In consideration of such services, the City Council hereby designates
O'Connor & Hannan as Bond Counsel for all general obligation bonds issued by
the City and all bonds issued in the City's tax increment districts within
one (1) year of the date of adoption of this Resolution. In addition, if the
City adopts the General Reserve Program or Programs recommended by O'Connor &
Hannan, and if the General Reserve or Reserves can be initially funded other
than by the issuance of bonds by the City, the City shall pay O'Connor &
Hannan an amount equal to the Bond Counsel fees and related bond issuance
costs that normally would have been incurred had a bond been issued to fund
the Reserve or Reserves.
3. The City further agrees that O'Connor & Hannan shall be Bond Counsel on
'
all bonds issued under any of the Programs adopted by the City and that the
Minneapolis investment banking firm of Piper, Jaffray & Hopwood, Inc., shall
as needed, be Underwriter for all revenue bonds issued under the Programs.
4. The designation of O'Connor & Hannan as General Bond Counsel for the City
and as Special Bond Counsel unde the Programs, and the designation of Piper,
Jaffray & Hopwood, Inc., as Underwriter of bonds issued under the Programs
shall continue until one (1) year following the date of this Resolution, and
shall continue thereafter, subject to termination by any party of its
interest therein upon thirty (30) days written notice.
5. O'Conner and Hannan and Piper, Jaffray and Hopwood, Inc. understand they
would not charge more than customary fees and the City Council would have the
right of review of those fee schedules.
Page 2 — Resolution No. 33 - 1983 63
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 14TH DAY
OF MARCH? 1983.
WILLIAM J. NEE MAYOR
ATTEST:
SIDNEY C. - CITY CLERK
2/2/17/5