13-10760r RESOLUTION NO. 10760
RESOLUTION AUTHORIZING THE CITY TO ENTER INTO A CREDIT ENHANCEMENT
PROGRAM AGREEMENT WITH THE MINNESOTA PUBLIC FACILITIES AUTHORITY
A. WHEREAS, the City Council of the City of Richfield, Minnesota (the "City") proposes to
issue its General Obligation Improvement Bonds (the "Bonds"), the proceeds of which
will be used to finance the costs of construction, improvement or rehabilitation of water,
sanitary sewer, and storm sewer facilities; and
B. WHEREAS, the City Council hereby determines it is in the best interests of the City to
apply to the Minnesota Public Facilities Authority (the "Authority") for credit
enhancement of the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows:
1. Approval of the Authority's Credit Enhancement Program Agreement. The Authority's
Credit Enhancement Program Agreement (the "Agreement") is hereby approved, the
same being before the City Council and made a part of this resolution by reference.
2. Authorization to Sign Agreement and Related Forms. The City Manager and the Mayor
are authorized to sign the Agreement on the City's behalf and to execute any other
related forms prescribed by the Authority with respect to the Agreement.
3. Agreement to Comply with Minnesota Statutes, Section 446A.086. The City is entering
into the Agreement with the Authority pursuant to Minnesota Statutes, Section
446A.086 (the "Act") and the City hereby agrees to comply with and be bound by the
provisions of the Act.
4. Submission of the Agreement. The City Manager and the Mayor are hereby authorized
to submit, on the City's behalf, the Agreement to the Authority, together with the
nonrefundable application fee in the amount of$500.
Adopted by the City Council of the City of Richfield, Minnesota this 12th day of February,
2013.
, , ,
Debbie Goettel, Mayor
ATTEST:
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Nancy Gibbs Q'ty Clerk