Resolution No. 15-01 EDA - Laserfiche WebLink

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RESOLUTION NO. 15-01 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF LEASE REVENUE BONDS, SERIES 2015A, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $4,885,000, SUBJECT TO CERTAIN PARAMETERS; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the Board of Commissioners (the "Board") of the Lino Lakes Economic Development Authority, Anoka County, Minnesota (the "Authority") as follows: 1. Authority. (a) The City of Lino Lakes, Minnesota (the "City") and the Authority have determined that it is in the best interests of the City and its residents that the City undertake the acquisition, construction, and equipping of a new fire hall (the "Facility") to be located in the City (the "Project"). (b) It is necessary and expedient to the sound financial management of the affairs of the City and the Authority that the Project be financed through the issuance and sale by the Authority of its Lease Revenue Bonds, Series 2015A (the "Bonds"), in the maximum aggregate principal amount of $4,885,000. (c) The issuance of the Bonds by the Authority is authorized under Minnesota Statutes, Section 469.103, and in connection with the issuance and sale of the Bonds, the City intends to enter into a ground lease between the City, as lessor, and the Authority, as lessee, regarding the real property on which the Facility is located (the "Ground Lease"), and a lease -purchase agreement between the Authority, as lessor, and the City, as lessee (the "Lease"), all pursuant to Minnesota Statutes, Section 465.71, as amended. (d) Pursuant to the Lease, the City intends to lease the Facility from the Authority and pay lease payments to the Authority in the amount necessary to pay debt service on the Bonds, subject to the City's right of non -appropriation in each fiscal year. (e) Under Minnesota Statutes, Section 469.103, subdivision 3, the Authority may sell the Bonds in the manner and for the price that the Authority determines to be in the best interests of the Authority. 1.02. Pricing Committee. The Authority hereby establishes a pricing committee with respect to the Bonds comprised of the Mayor of the City, Director of Finance, and the City Administrator (the "Pricing Committee"). The Pricing Committee is authorized and directed, with the advice of the Authority's municipal advisor, Springsted Incorporated, to review proposals for the sale of the Bonds and award the sale of the Bonds to the prospective purchaser (the "Purchaser") based on the following parameters: (i) the Bonds shall have a maturity of twenty (20) years; (ii) the principal amount shall not exceed $4,885,000; and (iii) the interest rate on the Bonds shall not exceed 5.0% per annum. The Authority hereby approves the sale of the Bonds to the Purchaser, at the price, maturity schedule, and rates to be determined by the Pricing Committee based on the true interest cost and required covenants, including but not limited to reserve requirements. 2 458639v1 JAE LN140-112