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ORD 07-013
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ORD 07-013
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10/24/2013 9:41:39 AM
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10/24/2007 8:26:26 AM
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City Government
type
ORD
date
10/15/2007
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• ORDINANCE NO. 07-~ <br />CITY OF ELK RIVER <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED <br />$ 12,000,000 GENERAL OBLIGATION BONDS BY THE ECONOMIC <br />DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA; <br />PROVIDING FOR THE FORM AND DETAILS THEREOF; AND AUTHORIZING <br />THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, <br />MINNESOTA, TO PLEDGE THE FULL FAITH, CREDIT AND RESOURCES OF <br />THE CITY OF ELK RIVER, MINNESOTA, FOR THE SECURITY AND PAYMENT <br />OF THE BONDS <br />THE CITY OF ELK RIVER, MINNESOTA, DOES ORDAIN: <br />SECTION 1. Recitals. The Economic Development Authority for the City of Elk River <br />(the "EDA") has the powers described in Minnesota Statutes, Section 469.101, including the powers <br />of a housing and redevelopment authority under Minnesota Statutes, Sections 469.001 through <br />469.047, and the powers of an economic development authority pursuant to Minnesota Statutes, <br />Section 469.090 to 469.108. The EDA proposes to undertake the acquisition and betterment of a <br />recreational facility to be owned by the EDA and leased to The Young Men's Christian Association <br />of Metropolitan Minneapolis (the "Project") in the exercise of its legal powers and in furtherance of <br />its goals and purposes, and requires financing for the Project. The City and the EDA believe that it <br />is desirable and necessary that there be issued general obligation bonds to provide funds to assist the <br />EDA in financing the Project. <br />SECTION 2. Bonding Authorization. Pursuant to and in accordance with the provisions of <br />this Ordinance and the provisions of Minnesota Statutes, Section 469.102 and Chapter 475, the <br />consent of the City Council is hereby given to the EDA to issue and sell the EDA's general <br />obligation bond or bonds to which the full faith, credit and resources of the City may and shall be <br />pledged as payment and security therefor, in one or more series, in fully registered form, and in the <br />aggregate principal amount not to exceed $12,000,000 (the "Bonds"), for the purpose of providing <br />funds to assist in financing the Project, together with such costs of issuance and related costs as may <br />be incidental to the issuance of the Bonds. The EDA shall set the date, denominations, place of <br />payment, form, content, interest rates and details of the Bonds, and the City Council hereby <br />consents to the issuance and details of the Bonds, as so determined by the EDA. The City Council <br />hereby gives specific consent to the pledge of the City's full faith, credit, and resources to the <br />payment and security of the Bonds. <br />SECTION 3. Publication. This Ordinance, as adopted on the date hereof, shall be <br />published in the official newspaper of the City and the EDA. <br />SECTION 4. Effective Date. The effective date of this Ordinance shall be the date of its <br />adoption. <br />r <br />~_J <br />2084389x1 <br />
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