HomeMy WebLinkAboutResolution No. 180-13•
RESOLUTION
BE IT RESOLVED by the Common Council of the City of Rochester that the Common
Council concurs in the resolution of the Rochester Public Utility Board appended hereto, which
resolution requests approval for the City, through issuance of electric utility revenue bonds,
series 2013B, to finance a portion of RPU's percentage interest in the CapX 2020 Southwest
Metro to Rochester to La Crosse transmission line project.
The amount is not to exceed $46,000,000.
The Mayor and the City Clerk are authorized and directed to execute said agreement on
behalf of the City.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS /Jr?fl D OF , 2013.
ACTING PRE IDENT O AID
COMMON NCIL
ATTEST:
CITY tLERK
APPROVED THIS lbw DAY OF /'C , 2013.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
res.pu\CapkElecUtilBond.2013
is
• Resolution No. 16
Resolution Approving and Consenting to
the Issuance of Electric Utility Revenue Bonds, Series 2013B
by the City of Rochester
BE IT RESOLVED By the Public Utility Board (the "Board") of Rochester Public Utilities
("RPU") as follows:
1. Recitals.
(a) The Board, in cooperation with the Rochester Common Council (the
"Council"), has determined that it is in the best interests of RPU for the
City to issue its Electric Utility Revenue Bonds, Series 2013B (the
"Bonds") to provide funds to finance a portion. of RPU'-s percentage
interest in the CapX 2020 Southwest Metro to Rochester to La Crosse
transmission line project (the "Improvements");
(b) On the date hereof, the Council will consider a Resolution Authorizing the
Sale of the City's Electric Utility Revenue Bonds, Series 2013B and
Providing for Their Issuance (the "Resolution") to finance the
Improvements to the City's municipal electric utility (the "Electric
• Utility"); . d
(c) The Resolution would, upon its adoption, authorize the issuance of
Electric Utility Revenue Bonds, Series 2013B in an aggregate principal
amount not to exceed $46,000,000 (the "Bonds"), delegate to a pricing
committee the authority to negotiate with Barclays Capital Inc., as
representative of the participating underwriter(s) the maturity schedule,
rates of interest, redemption provisions and other details of the Bonds
within specified parameters, pledge the Net Revenues of the Electric
Utility for the payment of the Bonds, and set forth other covenants and
obligations of the City relating to the Electric Utility; and
(d) The Resolution, in the form actually adopted, is hereby incorporated into
this Resolution to the same extent as though set forth in full herein, and
each capitalized term which is used in this Resolution but not otherwise
defined herein shall have the meaning given to that term in the Resolution.
2. Consent and Approval.
(a) The Board hereby consents to and approves the issuance of the Bonds, and
determines that the issuance of the Bonds by the City is necessary and
desirable and that the issuance of the Bonds is appropriate for the purposes
• for which the Bonds are issued and hereby authorizes and requests that City
issue the Bonds.
421771v2 JSB RC110-37
• (b) The Board hereby concurs in the award, issuance and sale of the Bonds
and joins in and concurs in the adoption of the Resolution, and adopts all
of the covenants and agreements contained therein with the same force and
effect as if said Resolution had been adopted by the Board.
•
ID
(c) The approval hereby given to the Resolution includes approval of such
additional details therein as may be necessary and appropriate and such
modifications thereof, deletions therefrom and additions thereto as may be
necessary and appropriate and approved by the Pricing Committee
described therein.
(d) The Board hereby covenants and pledges to cooperate with the Council
(and to take such actions, or refrain from acting, as the case may be, as
may be necessary) in order to fully effectuate the intent, purposes and
obligations of the City under the Resolution.
Passed by the Public Utility Board of the City of Rochester, Minnesota, this 15th day of
April, 2013.
Secretary
The foregoing Resolution was introduced by Boardmember i.Jo'a: who moved its
adoption. The motion for the adoption of the foregoing Resolution was duly seconded by
Boardmember i and upon a vote being taken thereon the following Boardmembers
voted in favor thereof: W ', l I tnn 5+c�h l �c a n; e; c r+, U 7 0� c: k
and the following voted against the same:
Whereupon said Resolution was declared duly passed and adopted.
2
421771v2 JSB RC110-37
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f 0
•
STATE OF MINNESOTA
CITY OF ROCHESTER
PUBLIC UTILITY BOARD
I, the undersigned, being the duly qualified and acting Secretary of the Public Utility
Board of the City of Rochester, Minnesota, DO HEREBY CERTIFY that I have carefully
compared the attached and foregoing extract of minutes with the original minutes of a meeting of
the Board duly called and held on the date therein indicated, which are on file and of record in
my office, and the same is a full, true and complete transcript therefrom approving the issuance
and sale by the City of Rochester of its Electric Utility Revenue Bonds, Series 2013B.
WITNESS my hand as such Secretary this 15'h day of April, 2013.
ri
421771v2 JSB RM 10-37
Secretary
Rochester Public Utility Board
M