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OPTIONS I <br />• <br />• <br />AGENDA ITEM 3 <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE November 13, 2006 <br />TOPIC Resolution 06 -02, First Amendment to Lease - Purchase Agreement <br />Between Lino Lakes EDA and the City of Lino Lakes <br />Simple Majority <br />VOTE REQUIRED <br />'.BACKGROUND) <br />The City's bond counsel has advised that we will need to amend the Lease - Purchase <br />Agreement for the outstanding EDA bonds Series 1998A because the lease payments will be <br />reduced to the amount needed to pay the small amount of bonds that will remain outstanding. <br />The City Council has approved the amended agreement in its resolution awarding the sale of the <br />G.O. CIP Refunding bonds 2006E. The EDA must also approve the amended agreement. <br />Staff recommends the approval of Resolution 06 -02 amending the Lease - Purchase Agreement <br />for the outstanding EDA bonds Series 1998A. <br />1. Approve Resolution 06 -02. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 06 -02. <br />RECOMMENDATION <br />Option 1 <br />A -3 <br />-4- <br />