RES 12-34 - Laserfiche WebLink

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hearing on the proposed issuance of the Bonds and the proposal to undertake and finance the Project. (b) As required by the Act and Section 147(f) of the Code the City Council has on this same date held a public hearing on the issuance of the Bonds and the proposal to undertake and finance the portion of the Project located within the jurisdictional limits of the City, at which all those appearing who desired to speak were heard and written comments were accepted. Section 5. Host A proval. The City Council hereby gives the host approval required under Section 147(f) of the Code and, pursuant to Minnesota Statutes §471.656, Subd. 2(2), the City Council hereby consents to the issuance of the Bonds. Section 6. Approval of PILOF Payment. In connection with the approval granted herein to the issuance of the Bonds, and the anticipated exemption of the Facility from property taxes due to the acquisition of the Facility by the Borrower, the City Council hereby accepts, as a condition to the approval granted by this Resolution, payment of $194,276 in accordance with an Agreement for Payment in Lieu of Fees to be executed by the Borrower and the City (the "PILOF Agreement"). Section 7. Authorization to Execute Agreements. The form of the proposed PILOF Agreement is hereby approved in substantially the form presented to the City Council, together with such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City's Bond Counsel prior to the execution of the PILOF Agreement, and the Mayor and City Clerk of the City are authorized to execute the PILOF Agreement in the name of and on behalf of the City and such other documents and certificates as the City's Bond Counsel considers appropriate in connection with the issuance of the Bonds. In the event of the absence or disability of the Mayor or City Clerk such officers of the City as, in the opinion of the City Attorney, may act on their behalf, shall without further act or authorization of the City Council do all things and execute all instruments and documents required to be done or executed by such absent or disabled officers. The execution of any instrument by the appropriate officer or officers of the City herein authorized shall be conclusive evidence of the approval of such documents and certificates in accordance with the terms hereof. Passed and adopted this 16th day of July, 2012. J J ietz, ATTEST: ~__~~ Tina Allard, City Cler • • • 3 404390v2 JSB EL185-19