85-080 - 09-18 Approve Agreement Industrial Bonding Entitlement AllocationResolution 85-80
September 18, 1985
Member Stockman introduced the following resolution and moved its adoption:
RESOLUTION APPROVING JOINT POWERS AGREEMENT
WITH THE CITY OF PLYMOUTH RESPECTING INDUSTRIAL
BONDING ENTITLEMENT ALLOCATION
WHEREAS, the City Council of the City of Plymouth (the "City Council") has
given its preliminary approval to a certain commercial or industrial development
project and its related financing (the "Project") within the City of Plymouth
(the "City") at a public hearing conducted on September 9, 1985;
WHEREAS, the City has indicated to the City of Golden Valley its desire to
issue its bonds, notes, or other obligations in the estimated amount of up to
$2,500,000 pursuant to Minnesota Statutes, Chapter 474, to assist the financing
of the above-mentioned Project;
WHEREAS, the City needs $1,834,041 of additional industrial development
revenue bonding authority so that, when combined with its own approximate
$1,700,000 of unused 1985 entitlement bonding authority, the City may finance
the Project;
WHEREAS, the City of Golden Valley does not intend to use its remaining 1985
entitlement allocation of industrial development revenue bonding authority; and
WHEREAS, the City of Golden Valley and the City of Plymouth desire to enter
into an agreement whereby the City of Golden Valley would allocate the necessary
amount of its 1985 entitlement allocation to the City of Plymouth so that the
City of Plymouth may fund the above-mentioned Project;
NOW, THEREFORE, BE IT RESOLVED by the City Council (the "City Council") of
the City of Golden Valley, Minnesota (the "City"), as follows:
1. The City Council hereby approves the Joint Powers Agreement which is
attached to and made a part of this resolution and authorizes the Mayor and the
City Manager, in their discretion, to execute the same, substantially in the
form as attached hereto, but with such additions and amendments as the Mayor
and City Manager may deem necessary or desirable, as evidenced by their
signatures on said agreement. If and when such agreement is executed by such
officers and by the officers of the City of Plymouth, the officers of the City
are further authorized and directed to take such actions as may be necessary to
abide by and fulfill the terms of said agreement.
Mary E. An rson, Mayor
ATTEST:
u y Nal Jy, Deputy City Clerk
Resolution 85-80 - Continued
September 18, 1985
The motion for the adoption of the foregoing resolution was seconded by Member
Johnson and upon a vote being taken thereon, the following voted in favor
thereof: Anderson, Bakken, Johnson and Stockman; and the following was
absent: Thompson; and the following voted against the same: none, whereupon
said resolution was declared duly passed and adopted, signed by the Mayor and
her signature attested by the Deputy City Clerk.