RES 1992-18 - 0000338555
I. E I"•J :
WHEREAS, pursuant to and in accordance with the provisions of the Municipal
Industrial Development Act, Minnesota Statutes, Sections 469.152 to 469.1651
(including its predecessor, the "Act"), by appropriate action duly taken by the
City Council of the City of Fridley (the "Issuer") , and in furtherance of the
purposes of the Act, the Issuer has issued its $4,000,000 Medical Clinic Revenue
bbon ds, Series 1982 (Columbia Park Properties Project) (the "Series 1982 Bonds ")
to finance the cost of acqumition, construction, improving, and equipping of
certain facilities located within the corporate boundaries of the Issuer (which
facilities together with the lam on which they are located, are hereinafter
referred to as the "Project ") , awned by Columbia Park Properties, a Minnesota
general partnership (the "Company"); and
WHEREAS, the Company has rued that the Issuer issue refunding revenue bands
for the purpose of paying the Series 1982 Bonds in advance of their maturity,
thereby reducing debt service costs to the company; and
WHEREAS, pursuant to the Act, the Issuer is authorized to issue its revenue
bonds to refund bonds previously issued by it under authority of the Act;
' NOW, THEREFORE, BE IT RESOLVED THAT:
1. Time issuance of refunding revenue bonds in the approximate principal
amount of $2,750,000 is hereby given preliminary approval by the Issuer,
subject to the mutual agreement of this body, the Company and the initial
purchaser of the bonds as to the details of the bonds and provisions of
their payment, and subject to compliance by the Company with the Issuer's
Policy and Criteria as to Administrative Fee. In all events, it is
urKlexstood, however, that the bands of the Issuer shall not constitute a
charge, lien or encumbrance legal or equitable upon any property of the
Issuer except the Project, and the bonds, when, as, and if issued, shall
recite in substance that the bonds, including interest thereon, are
payable solely F the revenues received from the Project and property
pledged to the payment thereof, and shall not constitute a debt of the
Issuer.
2. The law firm of Holmes & Graven, Chartered, is authorized to act as Bond
Counsel and to assist in the preparation and review of necessary documents
relating to the bonds. The Mayor and other officers, employees and agents
of the City are hereby authorized to assist Bond Council in the
preparation of such documents.
3. The adoption of this Resolution does not constitute a guarantee or firm
commitment that the Issuer will issue the bonds as requested by the
' Ocnpany. The Issuuer retains the right in its sole discretion to withdraw
form participation and accordingly not to issue the bonds, or issue the
bonds in an amount less than the amount referred to in paragraph 1 hereof,
should the Issuer at any time prior to issuance thereof determine that it
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Page 2 — Resolution No. 18 - 1992
is in the best interest of the Issuer not to issue the Bonds, or to issue
the Bonds in an amount less than the amantt referred to in paragraph 1
hereof, or should the parties to the trarzaction be unable to reach
agreement as to the terms and editions of any of the documents required
for the transaction.
PASSED AND ADOP1ED BY THE CITY COUNCIL OF 7HE CTPY OF FRIDLEY rHU 24rR3 DAY OF
FEBMARY, 1992.
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