5.3.A & B SR 10-15-2007 - Laserfiche WebLink

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ORDINANCE NO. 07- CITY OF ELK RIVER AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $12,000,000 GENERAL OBLIGATION BONDS BY THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA; PROVIDING FOR THE FORM AND DETAILS THEREOF; AND AUTHORIZING THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA, TO PLEDGE THE FULL FAITH, CREDIT AND RESOURCES OF THE CITY OF ELK RIVER, MINNESOTA, FOR THE SECURITY AND PAYMENT OF THE BONDS THE CITY OF ELK RIVER, MINNESOTA, DOES ORDAIN SECTION 1. Recitals. The Economic Development Authority far the City of Elk River (the "EDA") has the powers described in Minnesota Statutes, Section 469.101, including the powers of a housing and redevelopment authority under Minnesota Statutes, Sections 469.001 through 469.047, and the powers of an economic development authority pursuant to Minnesota Statutes, Section 469.090 to 469.108. The EDA proposes to undertake the acquisition and betterment of a recreational facility to be owned by the EDA and leased to The Young Men's Christian Association of Metropolitan Minneapolis (the "Project") in the exercise of its legal powers and in furtherance of its goals and purposes, and requires financing for the Project. The City and the EDA believe that it is desirable and necessary that there be issued general obligation bonds to provide funds to assist the EDA in financing the Project. SECTION 2. Bonding Authorization. Pursuant to and in accordance with the provisions of this Ordinance and the provisions of Minnesota Statutes, Section 469.102 and Chapter 475, the consent of the City Council is hereby given to the EDA to issue and sell the EDA's general obligation bond ox bonds to which the full faith, credit and resources of the City may and shall be pledged as payment and security therefor, in one or more series, in fully registered form, and in the aggregate principal amount not to exceed $12,000,000 (the "Bonds"), fox the purpose of providing funds to assist in financing the Project, together with such costs of issuance and related costs as may be incidental to the issuance of the Bonds. The EDA shall set the date, denominations, place of payment, form, content, interest rates and details of the Bonds, and the City Council hereby consents to the issuance and details of the Bonds, as so determined by the EDA. The City Counci3 hereby gives specific consent to the pledge of the City's full faith, credit, and resources to the payment and security of the Bonds. SECTION 3. Publication. This Ordinance, as adopted on the date hereof, shall be published in the official newspaper of the City and the EDA. SECTION 4. Effective Date. The effective date of this Ordinance shall be the date of its adoption. 2084389v1