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<br />~AU I!-Z;~ <br /> <br />James A. Tralle, Mayor <br /> <br /> <br />e <br /> <br />WHEREAS, more than ninety-five percent (95%) of the net proceeds of the Bonds <br />used to finance a facility that will be used for local governmental <br />activities of the City, and the City is a governmental unit the <br />jurisdiction of which is entirely within the jurisdiction of the <br />AuthoritYi and, <br /> <br />WHEREAS, the aggregate face amount of tax-exempt bonds (other than private <br />activity bonds) the City and the Authority reasonably expect to issue <br />during calendar year 1991 does not exceed $5,000,000 (the Annual <br />Limitation)i and, <br /> <br />WHEREAS, no bonds (other than private activity bonds) have been previously <br />issued by the City or the Authority during calendar year 1991, so that <br />the entire Annual Limitation of $5,000,000 is currently available for <br />use by the City or allocation to the AuthoritYi and, <br /> <br />WHEREAS, Section 148(f)(4)(D)(iv) of the Code requires the City, prior to the <br />issuance of the Bonds, to irrevocably allocate to the Authority, as <br />issuer of the Bonds, a portion of the Annual Limitation bearing a <br />reasonable relationship to the benefits received by the City from the <br />issuance of the Bonds; and, <br /> <br />WHEREAS, the City is benefiting from the issuance of the Bonds in at least the <br />aggregate face amount of the Bonds ($2,740,000) because the cost of <br />constructing, furnishing and equipping the Facility is expected to <br />exceed $2,740,000. <br /> <br />e <br /> <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Elk River <br />does hereby authorize the approval of the Lease substantially in the <br />form attached hereto, with such additions, modifications, and <br />omissions as are deemed appropriate by the authorized representatives <br />of the City, as evidenced by their signatures thereto. <br /> <br />BE IT FURTHER RESOLVED that for purposes of the small issuer exception to <br />rebate, the City irrevocably allocates to the Authority a portion of <br />its Annual Limitation of bond issuance for 1991, in the amount of <br />$2,740,000. <br /> <br />Passed and adopted by the City Council of the City of Elk River this 7th day of <br />October, 1991. <br /> <br />ATTEST: <br /> <br />-- <br /> <br />