96-030
.
.
.
RESOLUTION NO.
-96 - 30
A RESOLUTION APPROVING FINANCING FOR THE SENIOR
COMMUNITY CENTER AND AUTHORIZING THE EXECUTION OF
LEASE DOCUMENTS
WHEREAS, the City of Shorewood has entered into a cooperative agreement
with the Cities of Deephaven, Excelsior, Greenwood and Tonka Bay to construct a Senior
Community Center; and,
WHEREAS, the City has considered options for financing its share of the
construction cost from external sources; and,
WHEREAS, the City has received a proposal from Norwest Investment Services
for a Non-Appropriation Lease-Purchase Agreement; and,
WHEREAS, the City finds the terms of the agreement to be consistent with its
financing needs and its long-term interest in the Senior Community Center.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Shorewood as follows:
1. That the Non-Appropriation Lease Purchase Agreement with Norwest
Investment Services, attached hereto, is hereby approved, such agreement to be
for a term of 12 years at an interest rate not to exceed 6.32 percent per annum.
2. That the Mayor and City Administrator are hereby authorized to execute such
agreement, subject to the review of legal counsel.
ADOPTED by the City Council of the City of Shorewood this 8th day of April,
1996.
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Robert B. Bean, Mayor
ATTEST:
James C.
(