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RESOLUTION AUTHORIZING THE ISSUANCE OF $1,500,000 <br />PUBLIC PROJECT REVENUE BONDS, SERIES 1990 <br />(CITY OF LITTLE CANADA INSTALLMENT CONTRACT OBLIGATIONS) <br />AND THE EXECUTION AND DELIVERY OF AN INSTALLMENT PURCHASE <br />CONTRACT IN CONNECTION THEREWITH <br />WHEREAS, Minnesota Statutes, Section 469.090 to <br />469.108 (the "Act") authorizes the Economic Development <br />Authority of the City of Little Canada, Minnesota (the <br />"Authority ") to issue revenue bonds, in anticipation of the <br />collection of revenues of a project, to finance, in whole or <br />in part, the cost of acquisition, construction, <br />reconstruction, improvement, betterment or extension of a <br />project; <br />WHEREAS, the Authority proposes to finance the costs <br />of acquisition and construction of a fire hall and related <br />facilities in the City, an authorized project under the Act <br />(the "Project ") and to provide funds for such purposes by the <br />issuance of its revenue bonds pursuant to the Indenture, as <br />hereinafter defined; <br />WHEREAS, all bonds issued under the Indenture will <br />be secured by a pledge and assignment certain rights of the <br />Authority under the Installment Purchase Contract (as <br />hereinafter defined), and of the revenues derived by the <br />Authority from the Project, and said bonds and the interest <br />thereon shall be payable solely from the revenue pledged <br />therefor and no such bonds shall constitute a debt of the <br />Authority within the meaning of any constitutional or <br />statutory limitation nor shall they constitute nor give rise <br />to a pecuniary liability of the Issuer or a charge against its <br />general credit or taxing powers and shall not constitute a <br />charge, lien, or encumbrance, legal or equitable, upon any <br />property of the Authority other than its interest in said <br />Project; <br />WHEREAS, the City of Little Canada, Minnesota (the <br />"City ") proposes to transfer the premises upon which the <br />Project will be located to the Authority pursuant to a quit <br />claim deed, and the Authority will sell the premises and the <br />Project to be constructed thereon to the City pursuant to an <br />installment purchase contract; <br />WHEREAS, under the installment purchase contract the <br />City is to pay to the Authority sufficient monies each year to <br />pay the principal of, premium, if any, and interest on the <br />Page 13 <br />