10-29 - 05-18 - approve revenue bonds - LOGIS
Resolution 10-29
May 18, 2010
Member Pentel introduced the following resolution and moved its adoption:
RESOLUTION APPROVING REVENUE BONDS TO BE ISSUED BY
LOCAL GOVERNMENT INFORMATION SYSTEMS ASSOCIATION (LOG IS)
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 the Bonds as qualified 501 (c)(3) bonds, a public hearing is required by Section 147(f)
of the Code. LOGIS has requested that the City hold a public hearing on the behalf of
LOGIS.
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 LOGIS. A notice of public hearing was published in the Star Tribune and
the New Hope & Golden Valley Sun Post, the City's official newspaper prior to the public
hearing.
1.04. On the date hereof, the City Council held a public hearing on behalf of
LOGIS, at which a reasonable opportunity was provided for interested individuals to
express their views, both orally and in writing, with respect to the proposed issuance of the
Bonds by LOG IS.
Section 2. Approval of the Issuance of the Bonds bv LOG IS.
2.01. The City hereby approves the issuance of the Bonds by LOGIS in the
principal amount of $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
issued by the City, 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.
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Linda R. Loomis, Mayor
Resolution 10-29 - Continued
May 18, 2010
ATTEST:
The motion for the adoption of the foregoing resolution was seconded by Member Freiberg
and upon a vote being taken thereon, the following voted in favor thereof: Freiberg, Loomis,
Pentel, Scanlon and 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.