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Resolution No. 99-63 EDA
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Resolution No. 99-63 EDA
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9/25/2019 11:07:16 AM
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EDA
EDA Document Type
EDA Resolution
Meeting Date
08/24/1999
Resolution #
99-63
Resolution Title
Authorizing the Execution and Delivery of First Amendment to Installment Purchase Contract, and Approving and Authorizing Issuance of Public Project Revenue Refunding Bonds Series 1999C
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Economic Development Authority resolution E99-01-- <br />CITY OF LINO LAKES <br />RESOLUTION NO. 99-63 <br />RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF FIRST <br />AMENDMENT TO INSTALLMENT PURCHASE CONTRACT, AND APPROVING AND <br />AUTHORIZING ISSUANCE OF PUBLIC PROJECT REVENUE REFUNDING BONDS, <br />SERIES 1999C (CITY OF LINO LAKES INSTALLMENT CONTRACT OBLIGATIONS) <br />AND EXECUTION OF RELATED DOCUMENTS <br />BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota, as follows: <br />Section 1. Recitals. <br />1.01. The City is authorized by Minnesota Statutes, Section 465.71, as amended, to <br />acquire property under installment purchase agreements. <br />1.02. Pursuant to an Installment Purchase Contract dated as of June 28, 1990 (as amended <br />and supplemented by the First Amendment to Installment Purchase Contract described herein, the <br />"Installment Purchase Contract"), between the City and the Lino Lakes Economic Development <br />Authority (the "Authority"), the City is acquiring the Authority's interest in certain real property <br />described in the Installment Purchase Contract, together with certain buildings, structures and <br />improvements located thereon, and certain equipment contained therein (the "Project"). <br />1.03. To finance the acquisition and construction of the Project, the Authority issued its <br />Lino Lakes Economic Development Authority Public Project Revenue Bonds, Series 1990A (City <br />of Lino Lakes Installment Purchase Obligations) (the "1990 Bonds"), in the original aggregate <br />principal amount of $1,115,000, pursuant to an Indenture of Trust dated as of September 1, 1990 <br />(the "Original Indenture"), between the Authority and First Trust National Association (now U.S. <br />Bank Trust National Association), as Trustee (the "Trustee"). <br />1.04. Pursuant to a Bond Resolution adopted August 24, 1999 (the "Bond Resolution"), <br />and a First Supplemental Indenture of Trust, the Authority will issue its Public Project Revenue <br />Refunding Bonds, Series 1999C (City of Lino Lakes Installment Contract Obligations) (the <br />"Bonds") in an aggregate principal amount of $ 980,000 , to refund the 1990 Bonds. <br />1.06. In connection with the issuance of the Bonds, forms of a First Amendment to <br />Installment Purchase Contract and a First Supplemental Indenture of Trust, each dated as of <br />September 1, 1999, and the Official Statement for the Bonds have been prepared and submitted to <br />this Council and are on file with the City. <br />Section 2. Findings. On the basis of information given the City to date, it is hereby <br />found, determined and declared that the terms of the Bonds, the First Amendment to Installment <br />Purchase Contract and the First Supplemental Indenture of Trust are found to be advantageous to <br />the City and the form and terms thereof are hereby approved. <br />BMB-167653 <br />LN140-68 <br />
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