26-38 - Resolution - PW Facility - Auth Lease Revenue Bonds 2026A by EDA

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CITY OF LINO LAKES, MINNESOTA RESOLUTION NO.26-38 RESOLUTION APPROVING THE ISSUANCE OF LEASE REVENUE BONDS (CITY OF LINO LAKES, MINNESOTA PUBLIC WORKS FACILITY LEASE), SERIES 2026A, BY THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY IN THE PROPOSED AGGREGATE PRINCIPAL AMOUNT OF $27,440,000 BE IT RESOLVED By the City Council of the City of Lino Lakes, Minnesota (the "City") as follows: 1. Authorization. (a) The Lino Lakes Economic Development Authority (the "Authority") is an economic development authority formed by resolution of the City Council of the City of Lino Lakes, Minnesota (the "City") under the provisions of Minnesota Statutes, Sections 469.090 through 469.1082, as amended (the "EDA Act"). The Authority is authorized to issue revenue bonds pursuant to Section 469.103 of the EDA Act and Minnesota Statutes, Chapter 475, as amended (collectively, the "Financing Act"). (b) 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 public works building (the "Facilities") to be located in the City (the "Project"). (c) The Authority has proposed to finance the Project through the issuance and sale by the Authority of its Lease Revenue Bonds (City of Lino Lakes, Minnesota Public Works Facility Lease), Series 2026A (the "Bonds"), in the proposed aggregate principal amount of $27,440,000, pursuant to the Act and Minnesota Statutes, Section 465.71, as amended (collectively, the "Act"). (d) 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 Facilities are located (the "Ground Lease"), and a lease -purchase agreement between the Authority, as lessor, and the City, as lessee (the "Lease"), all pursuant to Section 465.71 of the Act. (e) Pursuant to the Lease, the City intends to lease the Facilities 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. 2. Approvals. (a) The City hereby approves the issuance by the Authority of the Bonds in accordance with the terms to be approved by the Board of Commissioners of the Authority 4905-3962-9203.1