4.3. SR 04-19-2004 - Laserfiche WebLink

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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE BENTON COUNTY REGIONAL RAILROAD AUTHORITY: The Authority hereby confirms its approval of the plan for financing the project costs of the Northstar Corridor project, including the plan as presently proposed for Anoka County Regional Railroad Authority to initially issue bonds for the purpose of financing the local (non-state) share of the cost of developing Phase One of the Northstar Commuter Rail Project, such bonds to be issued in an amount equal to 16.7% of the total project cost, an estimated $44.2 million. The bonds are intended to be payable from proceeds of taxes levied by the Authority, and from contribution agreements to be entered into between Anoka County Regional Railroad Authority and other participating counties and rail authorities, pursuant to which contribution agreements such other counties and rail authorities will be responsible for payment of a portion of the debt service on the bonds. The share of the debt service to be contributed by this Authority is up to 7.00%. 3. The bonds shall bear a term to maturity of 30 years. The respective share of local (non-state) costs of the participating counties and rail authorities, including the Authority, shall be reduced by the value of any funds or property contributed by such county or rail authority, or any city located within its jurisdiction, in which case the maximum principal amount of the bond, and such county or rail authority's respective share of debt service shall be reduced accordingly. Enhancements to the system requested by a local government unit shall be financed by the local government unit and shall not reduce the county or rail authority's respective share of debt service. The total share of local (non-state) costs of the participating counties and rail authorities, including the Authority, shall be reduced by the value of any funds or property contributed by any public or private entity for the purposes of payment for the Hiawatha LRT connection, in which case the maximum principal amount of the bond shall be reduced accordingly. The agreement of this Authority to contribute to payment of debt service on the bonds to be issued by the Anoka County Regional Railroad Authority is subject to the availability of state and federal funding for the remaining 83.3% of project costs, and to receipt of contribution agreements from the other participating counties and rail authorities in an aggregate amount sufficient to pay the balance of the debt service on the bonds. As previously approved, the terms and conditions contained herein shall also apply to the funding of Phase Two of the Northstar Commuter Rail Project, extending the service to the Greater St. Cloud Area. The percentage share of the debt service of each county may be revised to reflect the most current U.S. Census population data available at the time of the financing of Phase Two.