2012-04RESOLUTION NO. 2012 - 4
COUNCILMEMBER STEWART INTRODUCED THE FOLLOWING RESOLUTION:
A RESOLUTION GRANTING PRELIMINARY APPROVAL FOR THE ISSUANCE BY THE
CITY OF BLAIR, NEBRASKA, OF NOT TO EXCEED $25,000,000 OF DEVELOPMENT
REVENUE BONDS TO FINANCE THE PLANNING, DESIGNING, ENGINEERING,
DEVELOPING, ACQUIRING, CONSTRUCTING, RETROFITTING, FURNISHING,
EQUIPPING AND OPENING OF THE FORMER DANA COLLEGE CAMPUS AND TO LEND
THE PROCEEDS OF SUCH BONDS TO A BORROWER TO BE DESIGNATED, BY
SOLARQUEST, LLC; AND AUTHORIZING A PUBLIC HEARING ON THE PROPOSAL TO
ISSUE SUCH BONDS
WHEREAS, The City of Blair, Nebraska, (hereinafter referred to as the "City"), is a duly
organized and existing City and political subdivision of the State of Nebraska under the laws and
constitution of the State of Nebraska, and is authorized and empowered by Sections 13 -1101 to
13 -1110, inclusive, Reissue Revised Statutes of Nebraska, 2007, as amended, (hereinafter referred to
as the "Act "), to issue revenue bonds and to pay the costs of any "project" within the meaning of such
term as used in the Act;
WHEREAS, the City has been requested by SolarQuest, LLC, (the "Requesting Sponsor ") to
authorize and issue its development revenue bonds, in an amount to be determined by the Requesting
Sponsor or its designee as borrower (the "Borrower ") but not to exceed $25,000,000 pursuant to the
provisions of the Act for the purpose of paying the costs of the planning, designing, engineering,
developing, acquiring, constructing, retrofitting, furnishing, equipping and opening of part or all of
the former Dana College Campus and the construction of additions and improvements and the
providing of furnishings and equipment for an educational facility (the "Project ");
WHEREAS, the development revenue bonds, whether one or more, if issued, shall be limited
obligations of the City and shall not constitute nor give rise to pecuniary liability of the City or a
charge against its general credit and taxing powers; and the principal of and interest on the
development revenue bonds shall be payable solely out of the revenues derived from the Project to be
financed by said development revenue bonds; and
WHEREAS, before said development revenue bonds may be issued, it is necessary to
conduct a public hearing on the proposal to issue such bonds,
NOW, THEREFORE, be it resolved by the Mayor and Council of the City of Blair, Nebraska,
as follows:
Section 1. That said bonds in a total amount not exceeding $25,000,000 as determined by the
Borrower shall be issued in one or more series by the City when the documents relating thereto have
been submitted to the City Attorney and approved by the Mayor and Council of the City, and when
the Borrower has paid all expense of the City relative to the issuance of said bonds.
Section 2. That issuance of the bonds shall be pursuant to the Act, and neither the passage of
this Resolution, nor the issuance of said bonds shall obligate the City or constitute an indebtedness of
the City within the meaning of any state constitutional provision or statutory limitation, and shall not
constitute or give rise to any pecuniary liability or charge against the general credit or taxing powers
of the City and said bonds, when issued, shall be payable solely out of the revenues derived from the
Project to be financed by the bonds.
Section 3. That the City Clerk, without any further action or authorization from the Mayor
and Council, is hereby authorized to call a public hearing on the proposal to issue such bonds, upon
the request of the Requesting Sponsor, at such time as the City Clerk and Requesting Sponsor deem
advisable and the City Clerk is hereby authorized to cause notice of any such public hearing to be
given and published in such method and manner as the City Clerk and the Borrower shall deem
reasonable and necessary.
Section 4. That this resolution shall stand as a statement of the official intent of the City under
Regulation Section 1.150 -2 and for such purpose the following information is hereby given:
A. A general functional description of the project for which expenditures may
be made and reimbursement from bond proceeds provided is: the planning, designing,
engineering, developing, acquiring, constructing, retrofitting, furnishing, equipping
and opening of an existing college campus, including but not limited to the
rehabilitation, refurbishing, reconstruction, furnishing and equipping of existing
buildings and structures and construction, furnishing and equipping of such new
facilities, additions and improvements for such campus as shall be determined by the
Requesting Sponsor or the Borrower.
B. The maximum principal amount of debt expected to be issued for such
project is $25,000,000.
Section 5. The adoption of this resolution shall not in any way be construed as a commitment,
contractual or otherwise, on the part of the City to provide any funding related to the Project or to
issue any such bonds and the Mayor and Council shall retain full discretion to determine when and
whether to issue any such bonds as requested.
Section 6. All resolutions and orders or parts thereof in conflict herewith are, to the extent of
such conflict, hereby repealed, and this resolution shall be in full force and effect immediately upon
its adoption.
COUNCILMEMBER STEWART MOVED THAT THE RESOLUTION BE ADOPTED AS
READ, WHICH SAID MOTION WAS SECONDED BY COUNCILMEMBER
CHRISTIANSEN. UPON ROLL CALL, COUNCILMEMBERS SHEPARD, STEWART,
KEPHART, RYAN, CHRISTIANSEN, HALL AND WOLFF VOTING "AYE" AND
COUNCILMEMBERS JENSEN VOTING "NAY", THE MAYOR DECLARED THE
FOREGOING RESOLUTION WAS PASSED AND APPROVED THIS 14TH DAY OF
FEBRUARY, 2012.
01
CITY OF BLAIR, NEBRASKA
ATTEST:
fi�%A j L
BRENDA WHEELER, CITY CLERK
(SEAL)
STATE OF NEBRASKA )
)ss
WASHINGTON COUNTY )
JA S EALPH, MAYOR
a�
BRENDA WHEELER hereby certifies that she is the duly appointed, qualified and acting City
Clerk of the City of Blair, Nebraska, and that the above and foregoing Resolution was passed at a
regular meeting of the Mayor and City Council of said City held on the 14th day of February, 2012.
BRENDA WHEELER, CITY CLERK