RES 1990-53 - 00003932RESOLUTION NO. 53 - 1990
' RESOLUTION RELATING TO A PROJECT ON BEHALF OF
THE LONG TERM CARE FOUNDATION UNDER THE
MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT
ACT; APPROVING A JOINT POWERS AGREEMENT
RELATING TOTHE ISSUANCE OF BONDS BY THE CITY
AND AUTHORIZING THE EXECUTION OF DOCUMENTS
BE IT RESOLVED by the City Council of the City of Fridley,
Minnesota (the "City "), AS FOLLOWS:
1.01. Authority and Approvals. This Council, acting pursuant to
Minnesota Statutes, Sections 469.152 through 469.165 (the "Act "),
has held a public hearing on, and given preliminary approval to,
the issuance of its revenue bonds in a principal amount up to
$1,150,000 and the loan of the proceeds thereof to The Long Term
Care Foundation, a Tennessee nonprofit corporation (the
"Borrower "), for the purpose of financing the acquisition of an
existing nursing home facility commonly known as Lynwood Healthcare
Center and certain improvements thereto (the "Project ") located at
5700 East River Road in the City.
1.02. Proposed Joint Powers Action. The Borrower has informed
this Council that the Borrower is requesting the cities of Anoka,
Bloomington, Delano, Excelsior, Hopkins, Long Lake, Minneapolis,
New Brighton, Osseo, Roseville, St. Louis Park, St. Paul, and
Stillwater (collectively, the "Other Cities" and, with the City,
the" Participants ") to issue similar bonds in order to finance
similar projects on behalf of the Borrower located in each of the
Other Cities. The Borrower has proposed that the City and each of
the Other Cities enter into a joint powers agreement pursuant to
the Act authorizing one of the Participants to issue revenue bonds
under the Act to finance each of such projects, including the
Project. In particular, the Borrower has proposed that the joint
powers agreement provide that the City of Minneapolis issue the
bonds authorized by each of the Participants in order to finance
each of said projects.
1.03. Joint Powers Authority. Th(
to Section 471.59 and the Act, tc
contracts and agreements with other
may deem proper and feasible for
purchase, acquisition and financing
issues its revenue bonds on behalf
The City is authorized by said Se(
powers agreement proposed by the Bo
1.02 hereof.
City is authorized, pursuant
enter into and perform such
municipalities as this Council
or concerning the planning,
of a project whereby one city
of one or more other cities.
:tion to enter into the joint
=wer as described in Section
r
147
Page 2 -- Resolution No. 53 - 1990
1.04. Documentation. A form of Joint Powers Agreement has been
prepared and submitted to this Council and is hereby directed to
be filed with the City Clerk.
Section 2. Authorization and Approval of the Joint Powers
Agreement. The issuance of bonds by the City of Minneapolis on
behalf of the City and each of the Other Cities for the Purpose of
financing the Project and the other projects described above,
pursuant to the Act and the Joint Powers Agreement, is hereby
approved. The form of the Joint Powers Agreement referred to in
Section 1.04 is approved subject to such modifications as are
deemed appropriate and approved by the City Attorney and the Mayor,
which approval shall be conclusively evidenced by the execution of
the Joint Powers Agreement by the Mayor and the City Manager. The
Mayor and the Manager are hereby authorized and directed to execute
the Joint Powers Agreement. The Mayor and the City Manager are
also authorized and directed to execute such other instruments as
may be required to give effect to the transaction herein
contemplated.
Section 3. Authentication of Proceedings. The Mayor and City
Manager and other officers of the City are authorized and directed
to furnish to the Borrower and the attorneys rendering an opinion
on the issuance of the bonds, certified copies of all proceedings
and records of the City relating to the bonds and such other
affidavits and certificates as may be required to show the facts
relating to the legality and marketability of the bonds as such
facts appear from the books and records in the officer's custody
and control or as otherwise known to them; and all such certified
copies, certificates and affidavits, including any heretofore
furnished, shall constitute representations of the City as to the
truth of all statements contained therein.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
13TH DAY OF AUGUST, 1990.
WILLIAM J. - MAYOR
ATTEST:
SHIRLEY A HAAPALA - CITY CLERK