86-053 RES
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CERTIFICATION OF MINUTES RELATING TO
LEASE WITH OPTION TO PURCHASE OF A
PUBLIC WORKS GARAGE
Issuer:
City of Elk River, Minnesota
Governing body: City Council
Kind, date, time and place of meeting: A
meeting, held on August 11, 1986, at 7:30
at the City Hall.
regular
o I c 1 oc k P. M. ,
Members present: Mayor Hinkle, Council Members Engstrom, Gunkel
and Williams
Members absent: Councilmember Schuldt
Documents attached:
Minutes of said meeting (including):
RESOLUTION NO. 86-53
RESOLUTION RELATING TO THE LEASE WITH OPTION
TO PURCHASE OF A PUBLIC WORKS GARAGE; GIVING
APPROVAL THEREOF AND AUTHORIZING THE EXECUTION
OF DOCUMENTS RELATING THERETO
I, the undersigned, being the duly qualified and
acting recording officer of the public corporation issuing
the obligations referred to in the title of this certificate,
certify that the documents attached hereto, as described
above, have been carefully compared with the original records
of said corporation in my legal custody, from which they
have been transcribed; that said documents are a correct
and complete transcript of the minutes of a meeting of the
governing body of said corporation, and correct and complete
copies of all resolutions and other actions taken and of
all documents approved by the governing body at said meeting,
so far as they relate to said obligations; and that said
meeting was duly held by the governing body at the time and
place and was attended throughout by the members indicated
above, pursuant to call and notice of such meeting given
as required by law.
WITNESS my hand officially as such recording officer
this ~ day of August, 1986.
l2t'~l)g~
Slgnature
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.....
Patrick D. Klaers, City Administrator
Name and Tltle
(c:~nL)
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Councilmernber
introduced
Gunkel
the following resolution and moved its adoption:
RESOLUTION NO. 86-53
RESOLUTION RELATING TO THE LEASE WITH OPTION
TO PURCHASE OF A PUBLIC WORKS GARAGE; GIVING
APPROVAL THEREOF AND AUTHORIZING THE EXECUT~ON
OF DOCUMENTS RELATING THERETO
BE IT RESOLVED by the City Council (the Council)
of the City of Elk River, Minnesota (the City), as follows:
Section 1. Recitals. This Council has determined
that on the basis of information given to the City, it appears
necessary and desirable for the City to proceed with the
financing of construction of a public works garage in the
City, such financing to be accomplished by the leasing of
land to Dougherty Dawkins Lease Group, Inc., of Minneapolis,
Minnesota, and by the lease-back of such land with the new
facilities under a lease with option to purchase agreement.
Section 2. Approval of Documents. Pursuant to
the foregoing, there have been prepared and presented to
this Council copies of the following documents, all of which
are now, or shall be, placed on file in the office of the
City Administrator:
(a) Ground Lease Agreement dated as of August
1, 1986, between the City and Dougherty Dawkins Lease
Group, Inc.;
(b) Lease with Option to Purchase Agreement dated
as of August 1, 1986, between Dougherty Dawkins Lease
Group, Inc. and the City;
(c) Assignment Agreement dated as of August 1,
1986, between Dougherty Dawkins Lease Group, Inc. and
; and
(d) Escrow Agreement dated as of August 1, 1986,
between the Bank of Elk River, the City and Dougherty
Dawkins Lease Group, Inc.
The forms of the documents listed In (a) through (d) above
are approved, with such variations, insertions and additions
as are deemed appropriate by the parties and the City Attorney.
Section 3. Approval and Authorization of Financing.
It is hereby found, determined and declared that it is necessary
and desirable for the City to acquire a public works garage
and to finance the acquisition of such facility pursuant
.
to the procedure contemplated by the documents described
in Section 2 hereof. Approval for such financing is hereby
granted, and the appropriate officers of the City are hereby
authorized to execute on behalf of the City the contracts
listed in (a), (b) and (d) of Section 2 and such other documents,
instruments and certificates relating thereto as shall be
required by the parties to the financing and as are approved
by the City Attorney, and all certifications, recitals and
representations therein shall constitute the certifications,
recitals and representations of the City. Execution of any
instrument or document by one or more appropriate officers
of the City shall constitute, and shall be deemed the conclusive
evidence of, the approval and authorization by the City and
this Council of the instrument or document so executed.
Section 4. Designation of Lease as Qualified
Tax-Exempt Obligation. The Lease is hereby designated as
a "qualified tax-exempt obligation" within the meaning of
H.R. 3838 as passed by the United States House of Representatives
on December 17, 1985 (the Tax Reform Bill). The City hereby
covenants and agrees with Lessor under the Lease and its
assignees that the City will not designate more than $10,000,000
of obligations as "qualified tax-exempt obligations" within
the meaning of the Tax Reform Bill for this calendar year.
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Adopted this 11th day of August, 1986.
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Mayor '
Attest:
A~ . 1/- .. /,1
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/,--2. ~} ~,e:'1/'d-"
City Administrator
The motion for the adoption of the foregoing resolution
was duly seconded by Councilmember Williams
and, upon vote being taken thereon, the following voted In
favor thereof: Mayor Hinkle, Council Members Engstrom,
Williams and Gunkel
and the following voted against the same:
None
whereupon the resolution was declared duly passed and adopted
and was signed by the Mayor, which signature was attested
.
by the City Administrator.
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I
EXTRACT OF MINUTES OF MEETING OF
CITY COUNCIL OF THE CITY OF
ELK RIVER, MINNESOTA
Pursuant to due call and notice thereof, a Regular
meeting
of the City Council of the City of Elk River, Minnesota, was held at
the city Hall in the City of the 18th day of August, 1986, at 7:30
o'clock p.m.
The following members were present: Mayor Hinkle, Councilmembers
Gunkel, Schuldt, Williams, and Engstrom
and the following members were absent:
Councilmember
Gunkel
introduced the following
resolution and moved its adoption: