HomeMy WebLinkAboutResolution No. 572-06 • RESOLUTION NO.
RESOLUTION RELATING TO A PROJECT ON BEHALF OF YMCA OF
ROCHESTER, INC., AND THE ISSUANCE OF A REVENUE NOTE BY THE
CITY OF PLAINVIEW, MINNESOTA TO FINANCE THE COSTS THEREOF
UNDER MINNESOTA STATUTES, SECTIONS 469.152-469.165, AS AMENDED;
GRANTING APPROVAL THERETO
BE IT RESOLVED by the Common Council (the "Common Council") of the City of Rochester,
Minnesota(the "City"), as follows:
Section 1. Recitals.
1.01. The City is a home rule city duly organized and existing under its Charter and the
Constitution and laws of the State of Minnesota.
1.02. Pursuant to Minnesota Statutes, Sections 469.152 - 469.165, as amended (the"Act"), the
City is authorized to carry out the public purposes described in the Act by providing for the issuance of
revenue obligations to provide funds to finance revenue-producing enterprises located within the City.
Pursuant to the Act and Minnesota Statues, Section 471.656, as amended, the City is required to consent
to the issuance by another municipality of revenue obligations to finance a facility located in the City.
• 1.03. YMCA of Rochester, Inc. (the "Company"), a Minnesota nonprofit corporation, has
proposed that the City,pursuant to the Act and Minnesota Statutes, Section 471.656, as amended, approve
the issuance by the City of Plainview, Minnesota (the "Issuer"), of a revenue note or obligation of the
Issuer in the approximate aggregate principal amount not to exceed $3,100,000 (the"Note"),the proceeds
of which will be loaned by the Issuer to the Company to be applied by the Company to finance a portion
of the costs of(i) the acquisition, construction and improvement of an approximately 9,800 square foot
expansion (the "Facility") of the Corporation's existing 77,000 square foot facility and (ii) the financing
of certain costs of issuance of the Note (collectively, the "Project"). The Facility will be owned and
operated by the Company and located at 709 First Avenue Southwest,Rochester,Minnesota, 55902-3396.
1.04. Under Section 147(f) of the Internal Revenue Code of 1986, as amended (the"Code"),
prior to the issuance of the Note by the Issuer, a public hearing, duly noticed, must be held by the
Common Council. A public hearing was held on November 6,2006, after publication of notice on
October 14, 2006, in the Rochester Post-Bulletin, the official newspaper and a newspaper.circulating
generally in the City, with respect to: (i)the required public hearing under Section 147(f) of the Code;
and(ii)the approval of the issuance of the Note.
Section 2. Approval. The Common Council hereby consents to the issuance of the Note by
the Issuer in the approximate aggregate principal amount not to exceed $3,100,000 to finance all or a
portion of the costs of the Project.
Section 3. Costs. The Company will pay the administrative fees of the City and pay, or,
upon demand, reimburse the City for payment of, any and all costs incurred by the City or bond counsel
to the City in connection with the Project and the issuance of the Note by the Issuer, whether or not the
• Note is issued.
Section 4. Effective Date. This Resolution shall be in full force and effect from and after its
• adoption.
Adopted by the Common Council of the City of Rochester,Minnesota,this 6th day of November,
2006.
President of the Common Council
Attest:
City Clerk
Approved the R41 day of ,2006.
Mayor
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