10-27 - 05-04 - call for public hearing - revenue bonds - LOGIS - 5/18/10
Resolution 10-27
May 4,2010
Member Pentel introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE PUBLICATION OF A NOTICE OF PUBLIC
HEARING AND ESTABLISHING THE DATE FOR A PUBLIC HEARING TO BE HELD
ON BEHALF OF LOCAL GOVERNMENT INFORMATION SYSTEMS (LOGIS)
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the
"City"), as follows:
Section 1. Recitals.
1.01. The Local Government Information Systems Association ("LOGIS") intends
on issuing its Capital Equipment Revenue Bonds, Series 2010 in the amount of $1 ,710,000
(the "Bonds") in May, 2010 to purchase new hardware and software for its Public Safety
System. LOGIS has the authority to issue bonds on its own behalf pursuant to Laws of
Minnesota 1980, Chapter 569, sections 2 through 11 (the "Act"), and Minnesota Statutes,
Chapter 475, as amended.
1.02. LOGIS proposes to issue the Bonds as "qualified 501 (c)(3) bonds" pursuant
to Section 145 of the Internal Revenue Code of 1986, as amended (the "Code"). In order to
issue qualified 501 (c)(3) bonds, LOGIS has requested that the City hold a public hearing on
the behalf of LOGIS, as required by Section 147(f) of the Code.
1.03. Section 147(f) of the Code, and regulations promulgated thereunder, requires
that prior to the issuance of the Bonds, a public hearing must be held on behalf of LOGIS
by a member of LOG IS.
Section 2. Public Hearing.
2.01. The City Council shall meet at or after 6:30 p.m. on Tuesday, May 18, 2010,
to conduct a public hearing on the issuance of the Bonds as requested by LOG IS.
2.02. The City Finance Director is authorized and directed to publish notice of the
hearing in substantially the form attached hereto as EXHIBIT A in the Star Tribune as well
as the City's official newspaper. All costs related to the publication of the hearing notice
shall be paid by LOG IS.
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Linda R. Loomis, Mayor
ATTEST:
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Resolution 10-27 - Continued
May 4, 2010
The motion for the adoption of the foregoing resolution was seconded by Member Scanlon
and upon a vote being taken thereon, the following voted in favor thereof: Freiberg, Loomis,
Pentel and Scanlon; and the following was absent: Shaffer; 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 City Clerk.
Resolution 10-27 - Continued
May 4,2010
EXHIBIT A
CITY OF GOLDEN VALLEY, MINNESOTA
NOTICE OF PUBLIC HEARING
LOGIS REVENUE BONDS
NOTICE IS HEREBY GIVEN that the City Council of the City of Golden Valley, Minnesota
(the "City") will hold a public hearing on Tuesday, May 18, 2010, at or after 6:30 p.m., at
City Hall, 7800 Golden Valley Road, in the City on behalf of the Local Government
Information Systems Association ("LOGIS"), a Minnesota joint powers entity and nonprofit
corporation. LOGIS intends to issue revenue bonds to finance certain equipment related to
its public safety system (the "Project"). The Project will be located at 5750 Duluth Street in
Golden Valley and will be owned and operated by LOGIS.
Following the public hearing, the City Council will consider adoption of a resolution
approving the issuance of the Bonds by LOGIS. The aggregate face amount of the Bonds
proposed to be issued to finance the Project is presently estimated not to exceed
$1,710,000. The Bonds will be issued by LOGIS and will be payable solely from the
revenues expressly pledged to the payment thereof. The Bonds will not be a general or
moral obligation of the City and will not be secured by the taxing power of the City or any
assets or property of the City.
All interested persons may appear and be heard at the time and place set forth above.
If you require auxiliary aids or services to participate or communicate in this meeting,
please contact Judy Nally at 763-593-3991 (TTY: 763-593-3968) 48 hours before the
meeting time to make a request. Examples of auxiliary aids or services may include sign
language interpreter, assistive listening device, accessible meeting location, etc.
BY ORDER OF THE CITY COUNCIL
Susan M. Virnig, City Clerk