Resolution No. 97-18 EDA - Laserfiche WebLink

Home Search

.-0\ RESOLUTION NO. 9 7 -18 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $3,500,000 LEASE REVENUE BONDS, SERIES 1997 (CITY OF LINO LAKES, MINNESOTA LEASE OBLIGATION) BE IT RESOLVED By the Board of Commissioners of the Lino Lakes Economic Development Authority, Anoka County, Minnesota (the "Authority") as follows: 1. It has been proposed to the Authority that the Authority assist in the financing of the acquisition and construction of a site and facilities to be used by the City of Lino Lakes, Minnesota (the "City"). Under the proposal, the City and the Authority will enter into a Ground Lease Agreement (the "Ground Lease"), whereby the City will lease to the Authority certain land in the City (the "Site"). The Authority will lease to the City the Site and the facilities to be constructed thereon by the City (the "Facilities"), pursuant to a Lease -Purchase Agreement (the "Lease"). Pursuant to a Trust Indenture (the "Indenture") between the Authority and a corporate trustee (the "Trustee"), the Authority will issue $3,500,000 aggregate principal amount of Lease Revenue Bonds, Series 1997 (City of Lino Lakes, Minnesota Lease Obligation) (the "Bonds"), the proceeds of which will be used to finance the acquisition and construction of the Site and the Facilities. The Authority will enter into an Assignment and Security Agreement (the "Assignment") with the Trustee, whereby the Authority will assign to the Trustee, as security for the Bonds, all of the Authority's right, title and interest in and to the Ground Lease, the Lease and the Lease Payments to be made by the City under the Lease (other than certain rights to indemnification and payment of the Authority's expenses). The Bonds will be payable solely from Lease Payments received from the City under the Lease and moneys realized by the Trustee from re-leasing the Site and the Facilities following default or termination of the Lease, and the Authority shall have no liability with respect to the Bonds. 2. To provide financing for the acquisition and construction of the Site and the Facilities, including costs of issuance and the establishment of a Reserve Fund for the Bonds under the Indenture, the Authority will issue and sell the Bonds in the amount of $3,500,000. The Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of Proposal, which are hereby approved: BMB131417 LN140-60