Resolution No. 06-02 EDA - Laserfiche WebLink

Home Search

LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 06-02 WHEREAS, the Lino Lakes Economic Development Authority ("Authority") issued its $5,350,000 Lino Lakes Economic Development Authority Lease Revenue Bonds, Series 1998A (City of Lino Lakes, Minnesota Lease Obligation), dated August 1, 1998 (the "Series 1998A Bonds"), the proceeds of which were used to finance the construction of a City administration building, police station and early childhood learning center (the "Facilities"); and WHEREAS, in connection with issuance of the Series 1998A Bonds, the Authority and City of Lino Lakes ("City") entered into a Lease -Purchase Agreement dated August 1, 1998 (the "Lease"), under which the City leased the Facilities from the Authority; and WHEREAS, the lease payments made by the City to the Authority are pledged to payment of the Series 1998A Bonds; and WHEREAS, by resolution approved October 23, 2006 (the "Refunding Bond Resolution") the City has awarded sale of its $3,025,000 General Obligation Capital Improvement Plan Refunding Bonds, Series 2006E (the "Refunding Bonds") to refund a portion of the outstanding principal amount of the Series 1998A Bonds; and WHEREAS, in connection with the partial refunding of the Series 1998A Bonds, the Authority and City have determined to amend the Lease in order to adjust the lease payments made by the City to reflect principal and interest payments remaining on the Series 1998A Bonds after partial redemption thereof. NOW THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Lino Lakes as follows: 1. The President and Executive Director are authorized to execute the First Amendment to Lease -Purchase Agreement between the City and Authority (the "First Amendment") in substantially the form on file with the City, subject to modifications approved by those officials, provided that execution of the document by those officials will be conclusive evidence of their approval. 2. Authority staff are authorized and directed to take any other actions necessary to carry out the intent of the First Amendment and otherwise facilitate partial redemption of the Series 1998A Bonds as described in the Refunding Bond Resolution. 299625v1 SJB LN140-96 -5-