10-24-11 Council Agenda & Packet

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WHEREAS, the Applicant will, subsequent to the adoption of this Resolution and before sale of the Bonds, seek the approval of the Commission and request the Commission to issue its report regarding the Project as required by Section 23 of Chapter 12 of the Act; and WHEREAS, it appears that the Project will not have an adverse competitive effect on any similar facility already constructed or operating in the City; NOW THEREFORE, BE IT RESOLVED, by the Common Council (the "Common Council") of the City as follows, based upon the application received by the Commission and the evidence submitted and presentations made by the Applicant, its agents and counsel as required by the Act: SECTION I. The Common Council finds, determines, ratifies and confines that the creation and retention of opportunities for gainful employment, the creation of business opportunities and the providing of secondary education to be achieved by the Project in the City will be of benefit to the health and general welfare of the citizens of the City;and that it is in the public interest that this Common Council take such action as it lawfully may to encourage the creation or retention of opportunities for gainful employment and the creation of business opportunities in and near said City. SECTION 11. The Common Council further finds, determines, ratifies and confirms that the issuance and sale of the Bonds of the City under the Act in an amount not to exceed $1,500,000 for the Project and the loan of the proceeds of the Bonds to the Applicant will serve the public purposes referred to above, in accordance with the Act. SECTION III. In order to induce the Applicant to proceed with the Project, the Common Council hereby finds, determines, ratifies and confirms that: (i) It will take or cause to be taken such actions pursuant to the Act as may be reasonably required to implement the aforesaid financing, or as it may deem reasonably appropriate in pursuance thereof; provided that all of the foregoing shall be mutually acceptable to the City and the Applicant; and (ii) It will adopt such ordinances and resolutions and authorize the execution and delivery of such instruments and the taking of such action as may be reasonably necessary and advisable for the authorization, issuance and sale of said Bonds, provided that all of the foregoing shall be mutually acceptable to the City and the Applicant. SECTION IV. All costs of the Project, including but not limited to, costs incurred for planning, engineering, interest paid during construction, underwriting expenses, attorney and bond counsel fees, and the acquisition, construction, installation and equipping of the Project, including reimbursement or repayment to the Applicant of moneys expended after the date which is sixty (60) days prior to the date of adoption by the Applicant's Board of Directors of its Reimbursement Resolution will be permitted to be included as part of the costs of the Project to be financed out of the loan of the proceeds from the sale of the Bonds to the extent permitted by -2-