CCP 11-09-2010 - Laserfiche WebLink

Home Browse Search

General Obligation Bond Proceeds Grant Agreement - Construction Grant for the Northwest Quadrant Redevelopment III Project THIS AGREEMENT shall be effective as of June 1, 2010, and is between City of New Brighton, a statutory city (the "Public Entity"), and the MN Dept. of Employment & Economic Development (the "State Entity"). RECITALS A. Under the provisions contained in M.S: 444.075, the Public Entity has been given the authority to make sanitary sewer and storm water improvements; and B. Under the provisions contained in 2006 MN Statutes, Chapter 258, Section 49, (the "GO Bonding Legislation") the State of Minnesota has allocated $581;502.70 (the "Grant"), which is to be given to the Public Entity as a grant to assist it in making sanitary sewer and storm water improvements in the Northwest Quadrant as authorized by such legislation; and C. Under the provisions contained in M.S. 444.075, the Public Entity has been given the authority to operate sanitary sewer and storm water systems (the "Governmental Program"); and D. The monies allocated to fund the grant to the Public Entity are proceeds of state general obligation bonds authorized to be issued under Article XI, § 5(a) of the Minnesota Constitution; and E. The Public Entity's receipt and use of the Grant to acquire and/or improve real property (the "Real Property") and, if applicable, structures situated thereon (the "Facility") will cause all of such real property and structures to become "state bond financed property", as such term is used in Minn. Stat. § 16A.695 (the "G.O. Compliance Legislation") and in that certain "Order Amending Order of the Commissioner of Finance Relating to Use and Sale of State Bond Financed Property" executed by the then Commissioner of Finance on July 20, 1995 (the "Commissioner's Order"), even though such funds may only be a portion of the funds being used to acquire and/or improve the Real Property and, if applicable, Facility and that such funds may be used to only acquire and/or improve a part of the Real Property and/or, if applicable, Facility. F. The Public Entity and the State Entity desire to set forth herein the provisions relating to the granting of such monies and the disbursement thereof to the Public Entity, and the operation of the Real Property and, if applicable, Facility. IN CONSIDERATION of the grant described and other provisions in this Agreement, the parties to this Agreement agree as follows.