Item Description:
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Reauthorization of a twenty-five-year commercial paper program; authorizing the issuance from time to time of tax-exempt or taxable commercial paper in an amount not to exceed $400 million; and providing for the execution and delivery thereof
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Resolution:
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BE IT RESOLVED, by the Board of Commissioners of Hennepin County, Minnesota, as follows:
1. By Resolution No. 10-0524, dated November 30, 2010, this Board established a commercial paper program for cash flow management purposes (the "Original Commercial Paper Program," or as amended, the "Commercial Paper Program"), which authorized the issuance by the County of its general obligation indebtedness in the form of commercial paper certificates in anticipation of the collection of taxes levied for any fund and not yet collected in accordance with Minnesota Statutes, Section 383B.117. The maximum principal amount of such commercial paper certificates was limited to $150,000,000 in aggregate outstanding at any time, and the Original Commercial Paper Program was set to expire on September 30, 2014.
2. By Resolution No. 12-0493, dated November 27, 2012, this Board increased the maximum principal amount of commercial paper certificates available for cash flow management purposes to $200,000,000 and extended the duration of the Original Commercial Paper Program to December 31, 2017, by amending and restating the Original Commercial Paper Program.
3. By Resolution No. 16-0395, dated November 1, 2016, this Board increased the maximum principal amount of commercial paper certificates available for cash flow management purposes to $250,000,000 and extended the duration of the Commercial Paper Program to December 31, 2021, by amending and restating the Commercial Paper Program.
4. By Resolution No. 20-0405, dated November 3, 2020, this Board extended the duration of the Commercial Paper Program to December 31, 2025, by amending and restating the Commercial Paper Program.
5. The Board...
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