6.3. SR 09-19-2011 - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Elk River, Minnesota, was duly held in the City Hall in said City on Monday, September 19, 2011, commencing at 6:30 P.M. The following Councilmembers were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION NO. 11- RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF REVENUE BONDS, SERIES 2011 (EVANS PARK, INC. PROJECT) (a) WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), confers upon cities the powers conferred by the Act, which include the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more combination multifamily housing and health care developments within the boundaries of the city; and (b) WHEREAS, Evans Park, Inc., a Minnesota nonprofit corporation (the "Borrower") has requested that the City of Elk River, Minnesota (the "City") issue its combination multifamily housing and health care revenue bonds to provide financing, in whole or in part, for a Project (as defined below); and (c) WHEREAS, the proposal for the financing of the Project by the issuance of the revenue bonds is described and set forth in a Housing Program (the "Housing Program"); a public hearing on the- Housing Program and Project was held by the City Council on the date hereof, following duly published notice; and (d) WHEREAS, the City's Revenue Bonds, Series 2011 (Evans Park, Inc. Project) will be issued in one or more series in an aggregate principal amount not to exceed $3,800,000, and will include a pledge of, among other things, revenues of the Project (the "Bonds"); and (e) WHEREAS, the Borrower has requested that the Bonds be issued pursuant to a Trust Indenture between the City and Wells Fargo Bank, National Association (the "Trustee"), dated on or after October 1, 2011(the "Indenture"); and (f) WHEREAS, the City, the Borrower, and Northland Securities, Inc. (the "Underwriter") have agreed upon sufficient details of the Bonds and to enable the City to adopt this final bond resolution (the "Resolution") on this date. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: 391851v2 JSB EL185-16