01-24-1990 Council Agenda - Laserfiche WebLink

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RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A QUIT CLAIM DEED AND INSTALLMENT PURCHASE CONTRACT BE IT RESOLVED by the Council of the City of Little Canada, Minnesota (the "City "), as follows: 1. Authority. The City is authorized pursuant to Minnesota Statutes, Section 465.71, to enter into an install- ment purchase contract with the Economic Development Authority of the City of Little Canada, Minnesota (the "Authority "), a body corporate and politic organized under the laws of the State of Minnesota, to finance the costs of acquisition and construction of a fire hall and related facilities in the City (the "Project "). 2. Authorization of Bonds; Documents Presented. The Authority proposes to issue its $1,500,000 Public Project Revenue Bonds, Series 1990 (City of Little Canada Installment Contract Obligations) (the "Bonds ") payable from installment payments to be made under the Contract. Forms of the following documents relating to the Bonds and the Project have been submitted to the City Council and are now on file in the office of the Clerk- Treasurer: (a) a Quit Claim Deed dated as of the date of delivery (the "Quit Claim Deed ") executed by the City pursuant to which the City transfers the premises on which the Project is to be constructed to the Authority; (b) an Installment Purchase Contract dated as of February 1, 1990 (the "Contract "), between the Authority and the City which, among other things, provides for the construction and installation of the Project and pursuant to which the City is required to pay installment payments sufficient to pay the principal and interest on the Bonds when due; and (c) a Trust Indenture dated as of February 1, 1990 (the "Indenture ") between the Authority and American National Bank and Trust Company as Trustee, setting forth the form and details of the Bonds and their issuance, and pledging the installment payments derived from the Contract to the payment of the Bonds. Page 22