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<br />-/' <br /> <br />",' <br /> <br />. ..... <br /> <br /><lo. <br /> <br />; ~ <br /> <br />i <br /> <br />..... <br />"110..-__ <br /> <br />RESOLUTION NO. 96-078 <br /> <br />"C <br /> <br />CITY OF NEW BRIGHTON <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION APPROVING PARTICIPATION IN FINANCING, CONSTRUCTION, AND <br />OPERATION OF A FOUR SHEET ICE FACILITY. <br /> <br />WHEREAS <br /> <br />WHEREAS <br /> <br />1\ <br /> <br />WHEREAS <br /> <br />WHEREAS <br /> <br />WHEREAS <br /> <br />\i <br /> <br />WHEREAS <br /> <br />WHEREAS <br /> <br />WHEREAS <br /> <br />WHEREAS <br /> <br />:i <br /> <br />i; <br />! <br />!l <br /> <br />the City of New Brighton ("City") has determined a need to provide its residents with <br />access to an indoor ice arena intended to be used predominantly for youth athletic <br />activities; and <br /> <br />the Minnesota Amateur Sports Commission ("MASC") proposes to construct and <br />operate a facility consisting of four Olympic sized sheets and related facilities (the <br />"Facility") on the property of the National Sports Center located in Blaine, Minnesota; <br />and <br /> <br />the City has been offered the opportunity to participate in the construction of and <br />operation of the Facility, thereby obtaining a priority right to schedule ice time with <br />respect to the ice surfaces of the Facility; and <br /> <br />the financing of the Facility will be undertaken by the issuance of revenue bonds of the <br />Anoka County Housing and Redevelopment Authority (the "HRA"), the proceeds of <br />which will be used to acquire a general obligation bond of Anoka County, Minnesota <br />(the "County"); and <br /> <br />the County is required, as a condition to issuance of its general obligation bonds, to <br />receive an analysis provided by a professional experienced in finance, supporting a <br />finding that the Facility's revenues and other available money will be sufficient to pay <br />debt service with respect to bonds; and <br /> <br />the County, the HRA, and MASC will enter into an agreement pursuant to which the <br />Facility will be financed and constructed, and MASC will pledge revenues ofthe Facility <br />to the repayment of the bonds; and <br /> <br />MASC has proposed that there will be an agreement to be entered into among MASC, <br />the City, and other participating cities setting forth the respective rights and obligations <br />of the parties with respect to the Facility; and <br /> <br />Ramsey County has included $500,000 in their 1997 tax levy to participate in the project <br />by funding the initial capital contribution requirement; and <br /> <br />the City is authorized by Minnesota Statutes, Chapter 475, to enter into an agreement <br />with respect to financing the Facility; and is further authorized by Minnesota Statutes, <br />Section 471.191, to secure its obligations pursuant to the agreement by a first charge on <br />the gross revenues of the Facility and to provide for a levy oftaxes for the payment of <br />operating costs of the Facility to the extent that revenues are insufficient therefor. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NEW <br />BRIGHTON: <br /> <br />1. The City hereby determines and agrees to participate in the financing, construction, operation and <br />