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I{.P_..;Li. IOi~AL RAILROAD AUTHORITY ]
<br /> Anoka County, Minnesota I
<br />D~TE: March 9, 2004 RESOLI..rrlON g2004-:~
<br />OFFERED BY: Commissioner Dennis D. Berg _ /
<br />
<br />ANOKA COUNTY REGIONAL RAILROAD AUTttORITY
<br />RESOLUTION OF INTENT TO ISSUE BONDS TO FINANCE LOCAL
<br />SHARE OF COMMUTER RAIL PROJECT SUBJECT TO OgRTAIN
<br />CONDITIONS SET FORTH ItEREIN
<br />
<br /> WI--IF, REAS, the Anoka County Regional Railroad Authority (ACRRA) is a regional railroad
<br />authority organized and existing as a political subdivision and local government unit pursuant to
<br />Minnesota Statutes, Section 398A.03; and,
<br />
<br /> WI-~REAS, the ACRRA has entered into a Joint Powers Agreement with various other counties,
<br />county regional railroad authorities, cities, and towns for the purpose of addressing transportation needs
<br />along the Northstar Corridor, and such joint powers entity is known as thc Northstar Corridor
<br />Development Authority (NCDA): and,
<br />
<br /> WI-ZEREAS, by Resolution #1999-4, adopted August 24, 1999. the ACRRA approved a funding
<br />plan for the Northstar Corridor including an agreement to contribute a share of the debt service costs on
<br />bonds to be issued to finance project costs; and,
<br />
<br /> WHF.,RF. AS, on January 8, 2004, the NCDA approved the concept of undertaking thcNorthstar
<br />Corridor project in two phases, by adoption of Resolution 2004-1 Approving Ph~e One of the Northstar
<br />Commuter Rail Project that includes the portion of the corridor between Big Lake and Minneapolis with
<br />stations in Big Lake, Elk River, Anoka, Coon Rapids - RiverdaIe, Fridley, and downtown Minneapolis;
<br />and, -
<br />
<br /> WI-I~RBAS, Northstar Phase One includes the connection to the Hiawatha Light Rail Transit
<br />(I.,RT) corridor in downtown Minneapolis; and,
<br />
<br /> WIqF2~A$, on January 13, 2004, Governor Pawlenty announced his support for Northstar Phase
<br />One; and,
<br />
<br /> WHEREAS, Governor Pawlenty is proposing that thc SI.ate of Minnesota contribute an amount
<br />equal to 333% of the total Phase One project cost, an estimated $88.3 million, and that thc Northstar
<br />Capital Punding Panners (I-Iennepin, Anoka, Sherburne, and Benton Counties or county regional railroad
<br />authorities) contribute an amount equal to 16.7% of the total Phase One project cost, an estimated $44.2
<br />million; and.
<br />
<br /> WHEREAS, the ACRRA is authorized to issue bonds for the purpose of financing the
<br />acquisition, development, construction, and equipment of railroads and railroad f~ilities including but
<br />not limited to terminal building, roadways, crossings, bridges, causeways, tunnels, equipment, and
<br />rolling stock:
<br />
<br /> NOW, THERP_PORE, BE 1T RESOLVED BY THt~ BOARD OF COMMISSIONERS OFTHE
<br />ANOKA COUNTY I:~OlONAL RAILROAD AUTHORITY:
<br />
<br />The ACRRA hereby confirms its approval of the plan for financing the project costs of the
<br />Northstar Corridor project, and further expresses its in tent to initially issue bonds for thc purpose
<br />of financing the local (non-stale) share of thc cost of developing Phase One of the Northstar
<br />Commuter Rail Project, such bonds to be issued in an amount equal to 16.7% oft. he total project
<br />cost, an estimated $44.2 million.
<br />
<br />The bonds are intended to be payablc from proceeds of taxes levied by the ACRRA, and from
<br />contribution agreements to be entered into with other participating counties and rail authorities,
<br />pursuant to which contribution agn:cmen~s such other counties and rail authorities will be
<br />responsible for payment of at least 36.5ot, of debt service on the bonds. The share of thc debt
<br />service to be contributed by ttais ACRRA is up to 63.5%.
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