RES 1985-50 - 00005166�J
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RESOLUT7IJN NO. 50 - 1985
RESOLUTION APPROVING THE SALE AND ISSUANCE OF $4,070,000
TAX INCREMENT REVENUE BONDS OF 1985 OF THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF FRIDLEY,
MINNESOTA; AND AUTHORIZING EXECUTION AND DELIVERY OF A
BOND PURCHASE AGREEMENT, ESCROW AGREEMENT AND AMENDMENT
AGREEMENT
WHEREAS, the Housing and Redevelognent Authority in and for the City of
Fridley, Minnesota (the "Authority ") has by its Resolution No. BRA 8 -1985 (the
"Bond Resolution ") authorized the issuance and sale of the Authority's Tax
Increment Revenue Bonds of 1985, dated as of May 11 1985 (the "Bonds); and
WHEREAS, the Bond Resolution authorizes the Authority to execute and deliver
an Escrow Agreement, providing for the deposit of proceeds of the Bonds and
other funds to provide full and timely payment of all principal and interest
on certain prior bonds issued by the City of Fridley (the "Escrow Agreement ");
and
WHEREAS, the Bond Resolution authorizes the Authority to execute and deliver a
Bond Purchase Agreement dated as of May 19, 1985 (the "Bond Purchase
Agreement ") among the Authority the City and Miller and Schoeder Municipals,
Inc. (the "Underwriter ") relating to the sale of the Bonds and containing
certain covenants of the City of Fridley (the "City "); and
WHEREAS, the Bond Resolution authorizes the execution and delivery by the
Authority of an Amendment Agreement amending a certain Agreement of
Cooperation between the City and the Authority dated as of September 13, 1979
(the "Amendment Agreement "); and
WHEREAS, the Bonds are proposed to be offered for sale by the Underwriter
pursuant to an Official Statement, dated as of May 9, 1985 (the "Official
Statement ").
NOW, 1HEREFORE, BE IT RESOLVED by the City Council of the City of Fridley as
follows:
1. The City hereby approves and ratifies the issuance and sale of the Bonds
in accordance with the Bond Resolution and the Bond Purchase Agreement.
2. The forms of the Escrow Agreement, the Bond Purchase Agreement and the
Amendment Agreement on file with the City are hereby approved and shall be
executed by the Mayor and City Manager in the name of the City in the forms on
file, with such changes therein not inconsistenet with law as such persons
executing the same may approve, which such approval shall be conclusively
evidenced by the execution thereof.
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Page 2 — Resolution No. 50 — 1985
3. The Underwriter is hereby authorized to prepare a final Official Statement
incorporating the final terms of the Bonds in substantially the same form as
the Official Statement presented to the Council, with all such changes therein
as may be approved by the Authority and the Underwriter is hereby authorized
to distribute the same.
4. The Mayor and City Manager and any other officers and employees of the
City are hereby authorized and directed to furnish the attorneys approving the
Bonds (the "Bond Counsel ") , on behalf of the purchasers of the Bonds,
certified copies of all proceedings and certification as to facts as are shown
by the books and records of the City, to show the proceedings taken in
connection with the Bonds and all certifications required by the Bond Purchase
Agreement or the Bond Counsel. All such certifications shall be deemed made
on behalf of the City. The Mayor and City Manager and any other officers and
employees of the City are further authorized to take such further and
additional actions as shall be deemed necessary or desirable by Bond Counsel
for the purpose of aiding the issuance and sales thereof as contemplated in
the Bond Resolution and the Bond Purchase Agreement.
5. This Resolution shall be effective frcm and after its approval.
PASSED AND ADOPTED BY THE CITY OOUNCIL OF THE CITY OF FRIDLEY THIS 209H DAY OF
MAY, 1985
ATTEST:
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WILLIAM J. NEE YOR