11-13-2006 EDA Packet - Laserfiche WebLink

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FIRST AMENDMENT TO LEASE -PURCHASE AGREEMENT THIS FIRST AMENDMENT TO LEASE-P of November 1, 2006,URCHASE AGREEMENT dated as DEVELOPMENT AUTHORITY and between the LINO LAKES ECONOMIC subdivision of the State of Minnesota, as le body corporate and politic and political LINO LAKES, a home rule charter cityr (the "Authority"), and the CITY OF Minnesota (the "City"), and political subdivision of the State of as lessee; WITNESSETH: WHEREAS, the City and Authority entered into a Lease Purchase Agreement dated as of August 1, 1998 (the "Lease") property to the City used for a Citya "Lease"), under which the Authorityleased cerl childhood administration building, certain real learning center (the "Facilities"); and police station and early WHEREAS, in order to finance construction of the Facilities, the Authority its $5,350,000 Lino Lakes Economic Development Authority Lease Revenue Series 1998A (City of Lino Lakes, issued Bonds;" and Minnesota Lease Obligation), referred to as thee°Bor "Series WHEREAS, the Series 1998A Bonds were issued pursuant to a Trust between the Authority and U.S. Bank National Association (the "Trustee" Indenture 1998 (the "Indenture"), and were secured b an )dated August 1 Lease to the Trustee pursuant to Y assignment of the Authority's interest in the Authorityan Assignment and Security Agreement between the and the Trustee dated August 1, 1998; and WHEREAS, the City has proposed to issue its $3,025,000 General Ob Capital Improvement Plan Refunding Bonds, Series 2006E (the "Series 2006Eligation in order to prepay a portion of the lease a Bonds") portion of the outstanding principal P Yments due under the Lease and refund a amount of the Series 1998A Bonds; and WHEREAS, on December 1, 2006 (the "Redemption Date"), the Authority redeem $3,345,000 in aggregate will representing: $(a)g principal amount of the Series 1998A Bonds, the 2013 through 2019 maturities of the Series 1998A Bonds, and(b) of the Term Bonds ma a mandatory sinkingmaturing on February 1, 2011, such portion being equal to the fund installment due on February 1 2011 the mandatory sinking fund installment due on Febru ($290,000) and $55,000 of ary1,2010;and WHEREAS, after the Redemption Date, the outstanding principal amount Series 1998A Bonds will be $865,000, representing the 2007 and 2008 mat of the outstanding principal balance of the 2011 Term Bond (being the mandatory i� and the 3' g fund 299583v1 SJB LN140-96 -7-