96-045 RES - Laserfiche WebLink

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(b) It is therefore determined to be necessary and expedient that the City issue its $2,100,000 General Obligation Ice Arena Bo!%~!£e~ies 1996C (the "Bonds"), pursuant to Minnesota Statutes, Chapter 475 (including particularly Section 475.58, Subdivision 3, thereof), to provide financing for the Ice Arena. (c) The Ice Arena and its financing (i) have been approved by a certain resolution adopted on March 25, 1996, by the School Board of the Elk River School District (Independent School District No. 728), and the Ice Arena would be located within the School District, and (ii) are hereby approved by this resolution of the City Council. (d) The Bcnds will be and hereby are secured by a pledge of and first lien on the gross revenues of the Ice Arena. (e) The City Council hereby finds, based on analyses provided by Marquette Partners, that the Ice Arena's gross revenues and other available money will be sufficient to pay the Bonds, without reliance on a property tax levy or the City's genezal purpose state aid. (f) On June 3, 1996, the City Council held a public hearing on the question of the issuance of the Bonds to finance the Ice Arena. Notice of that public hearing was published in the City's official newspaper on May 22 and May 29, 1996, and all persQns who attended the public hearing were given an opportunity to provide their oral and/or written comments on 'these issues. (g) At no time on or before the date hereof has the City received any petition signed by registered voters equal to 10% of the votes cast in the last general election in the City requesting that a vote be held on the issuance of the Bonds for the Ice Arena. (h) The City has retained Springsted Incorporated, St. Paul, Minnesota, as its independent financing advisor for the Bonds and is therefore authorized to issue and sell the Bonds by private negotiation in accordance with Minnesota Statutes, Section 4'75.60, Subdivision 2(9). 324502.1