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11/13/2006 Council Packet
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11/13/2006 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
11/13/2006
Council Meeting Type
Regular
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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />• RESOLUTION NO. 06 -02 <br />• <br />• <br />WHEREAS, the Lino Lakes Economic Development Authority ( "Authority ") <br />issued its $5,350,000 Lino Lakes Economic Development Authority Lease Revenue <br />Bonds, Series 1998A (City of Lino Lakes, Minnesota Lease Obligation), dated August 1, <br />1998 (the "Series 1998A Bonds "), the proceeds of which were used to finance the <br />construction of a City administration building, police station and early childhood learning <br />center (the "Facilities "); and <br />WHEREAS, in connection with issuance of the Series 1998A Bonds, the <br />Authority and City of Lino Lakes ( "City ") entered into a Lease - Purchase Agreement <br />dated August 1, 1998 (the "Lease "), under which the City leased the Facilities from the <br />Authority; and <br />WHEREAS, the lease payments made by the City to the Authority are pledged to <br />payment of the Series 1998A Bonds; and <br />WHEREAS, by resolution approved October 23, 2006 (the "Refunding Bond <br />Resolution ") the City has awarded sale of its $3,025,000 General Obligation Capital <br />Improvement Plan Refunding Bonds, Series 2006E (the "Refunding Bonds ") to refund a <br />portion of the outstanding principal amount of the Series 1998A Bonds; and <br />WHEREAS, in connection with the partial refunding of the Series 1998A Bonds, the <br />Authority and City have determined to amend the Lease in order to adjust the lease <br />payments made by the City to reflect principal and interest payments remaining on the <br />Series 1998A Bonds after partial redemption thereof. <br />NOW THEREFORE, BE IT RESOLVED by the Economic Development <br />Authority of the City of Lino Lakes as follows: <br />1. The President and Executive Director are authorized to execute the First <br />Amendment to Lease - Purchase Agreement between the City and Authority <br />(the "First Amendment ") in substantially the form on file with the City, <br />subject to modifications approved by those officials, provided that execution <br />of the document by those officials will be conclusive evidence of their <br />approval. <br />2. Authority staff are authorized and directed to take any other actions necessary <br />to carry out the intent of the First Amendment and otherwise facilitate partial <br />redemption of the Series 1998A Bonds as described in the Refunding Bond <br />Resolution. <br />299625v1 SJB LN140 -96 <br />-5- <br />
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