4.4. SR 09-20-1999 - Laserfiche WebLink

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REGIONAL RAILROAD AUTHORITY ANOKA COUNTY. MINNESOTA DATE: August 24.1999 RESOLUTION #99-4 . OFFERED BY Commissioner: Paul McCarron RESOLUTION NO. 99-4 ANOKA COUNTY REGIONAL RAILROAD AUTHORITY RESOLUTION INTENT TO ISSUE BONDS TO FINANCE LOCAL SHARE OF COMMUTER RAIL PROJECT SUBJECT TO CERTAIN CONDITIONS SET FORTH HEREIN. WHEREAS, the Anoka County Regional Railroad Authority (the "Authority") is a regional railroad authority organized and existing as a political subdivision and local government unit pursuant to Minnesota Statutes, Section 398A.03; and WHEREAS, the Authority has entered into a Joint Powers Agreement with various other counties, county regional railroad authorities, cities and towns for the purpose of addressing transportation needs along the Northstar Corridor, and such joint powers entity is known as the Northstar Corridor Development Authority; and WHEREAS, the Northstar Corridor Development Authority has determined to undertake a project consisting of the development of commuter rail along the Northstar Corridor; and WHEREAS, the Northstar Corridor Development Authority will apply for federal and state funding of the project, and certain of its members will contribute an amount equal to 10% of the total project cost, not to exceed $18 million, as a local (non-state) share; and . WHEREAS, the Authority is authorized to issue bonds for the purpose of financing the acquisition, development, construction and equipment of railroads and railroad facilities including but not limited to terminal buildings, roadways, crossings, bridges, causeways, tunnels, equipment and rolling stock; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE ANOKA COUNTY REGIONAL RAILROAD AUTHORITY: 1. The Authority hereby expresses its intent to issue bonds for the purpose of financing the local (non-state) share of the cost of developing the commuter rail component of the Northstar Corridor, such bonds to be issued In an amount equal to 10% of the total project cost, not to exceed $18 million. 2. The bonds are intended to be payable from proceeds of taxes levied by the Authority, and from contribution agreements to be entered into with other participating counties and rail authorities, pursuant to which contribution agreements such other counties and rail authorities will be responsible for payment of at least 35% of debt service on the bonds. The share of the debt service to be contributed by this Authority is up to 65%. 3. The bonds shall bear a term to maturity of 30 years. 4. 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. . 5. The issuance of the bonds by the Authority Is subject to the availability of state and federal funding for the remaining 90% of project costs, and to receipt of contribution agreements from the other participating counties and rail authorities In an aggregate amount sufficient to pay 35% of debt service on the bonds.