Details for City of FF - Ord 16, 8th Series

(First Publication Date: August 7, 2021)
CHARTER
ORDINANCE NO. 16, EIGHTH SERIES
AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $3,000,000
GENERAL OBLIGATION BONDS BY THE FERGUS FALLS PORT AUTHORITY;
PROVIDING FOR THE FORM AND DETAILS THEREOF; AND AUTHORIZING THE
FERGUS FALLS PORT AUTHORITY TO PLEDGE THE FULL FAITH, CREDIT AND
RESOURCES OF THE CITY OF FERGUS FALLS FOR THE SECURITY AND PAYMENT OF SAID BONDS.
THE CITY OF FERGUS FALLS DOES ORDAIN:
Section 1. Recitals.
(a) the Fergus Falls Port Authority (the “Port Authority”) has the powers described
in Minnesota Statutes, Section 469.075, including the powers of a housing and
redevelopment authority under Minnesota Statutes, Sections 469.001 through
469.047, or other law, and the powers of a port authority pursuant to Minnesota
Statutes, Section 469.049, or other law; and
(b) the Port Authority proposes to finance projects related to the construction of
a downtown riverfront corridor improvement project to include a river market,
public arts space, interactive water components, and related publicly owned
infrastructure and amenities, in addition to the construction of trails and plaza
areas (the “Downtown Riverfront Project”) in the exercise of its legal powers and
in furtherance of its goals and purposes, and requires financing for the Project;
and
(c) the City and the Port Authority believe that it is desirable and necessary that
general obligation bonds be issued to provide funds to assist in the financing of
the Downtown Riverfront Project.

Section 2. Bonding Authorization. Pursuant to and in accordance with the provisions of this Ordinance and the provisions of Minnesota Statutes, Sections 469.060
and 469.075 and Chapter 475, the consent of the City Council is hereby given to the
Port Authority to issue and sell the Port Authority’s general obligation bond or bonds
to which the full faith, credit and resources of the City may and shall be pledged as
payment and security therefor, in one or more series, in fully registered form, and
in the aggregate principal amount not to exceed $3,000,000 (the “Bonds”), for the
purpose of providing funds to assist in financing the Downtown Riverfront Project,
together with such costs of issuance and related costs as may be incidental to the
issuance of the Bonds. The Port Authority shall set the date, denominations, place of
payment, form, and details of the Bonds, and the City Council hereby consents to the
issuance and details of said Bonds, as so determined by the Port Authority. The City
Council hereby gives specific consent to the pledge of the City’s full faith, credit, and
resources to the payment and security of the Bonds. The issuance of the Bonds shall
be further subject to the consent and approval of the City Council by resolution as to
the form, content, and specific details of the Bonds and their rate or rates of interest.
Section 3. Effective Date. The effective date of this Ordinance shall be the 22nd
day of August, 2021 following the date of its publication in the official newspaper of the
City and Port Authority.
THIS ORDINANCE was introduced on the 19th day of July, 2021, and adopted by the
City Council of the City of Fergus Falls, Minnesota, on the 2nd day of August, 2021,
by the following vote:
AYES:
Kvamme, Rufer, Thompson, Arneson, Gustafson, Hicks, Fish, Hagberg
NAYS:
None
ATTEST:
APPROVED:
Andrew Bremseth
Ben Schierer
City Administrator
Mayor
Publication Dates: August 7, 2021

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