11/13/2006 Council Packet - Laserfiche WebLink

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• • • FIRST AMENDMENT TO LEASE - PURCHASE AGREEMENT THIS FIRST AMENDMENT TO LEASE - PURCHASE AGREEMENT of November 1, 2006, by dated as DEVELOPMENT AUTHORITY and between the LINO LAKES subdivision of the State of Minnesota, lessor y (the and politic and LINO political LAKES, a home rule charter city ( Authority "), and the CITY OF Minnesota (the "City"), y and political subdivision of the State of y ), as lessee; WITNESSETH: WHEREAS, the City and Authority entered into a Lease Purchase A dated as of August 1, 1998 (the "Lease" , under which the Authority leased certain real property to the City used for a City administration buildin greement childhood learning center (the "Facilities "); and g, police station and early WHEREAS, in order to finance construction of the Facilities, the Authority $5,350,000 Lino Lakes Economic Development Authority Lease Revenu e Bonds, Series as the "Series 199 1998A (City of Lino Lakes, Minnesota Lease Obligation), referred to a y issued A Bonds;" and WHEREAS, the Series 1998A Bonds were issued pursuant to a Trust In between the Authority and U.S. Bank National Association (the "Trustee") (the "Indenture ") denture and were secured by an assignment of the Authority's dated interest in the Lease to the Trustee pursuant to an Assignment and Securi Authority and the Trustee dated August 1, 1998; and' Agreement between the WHEREAS, the City has proposed to issue its $3,025,000 General Ob Capital Improvement Plan Refunding Bonds, Series 2006E (the "Series 2 legation 006E in order to prepay a portion of the lease payments due under the Lease Bonds") portion of the outstanding principal amount of the Series 1998A Bonds; and and refund a WHEREAS, on December 1, 2006 (the "Redemption Date "), the Authority $3,345,000 in aggregate principal TetY will representing: (a) the 2013 through 2019 maturities of the Series 1998A Bonds, Bob) a portion of the Term Bonds maturing on February 1, 2011, such portion being and (b) a mandatory sinking fund installment due on February 1 2011 g equal to the the mandatory sinking fund installment due on February 1, 201(0? and 00) and $55,000 of WHEREAS, after the Redemption Date, the outstanding principal amount Series 1998A Bonds will be $865,000, representing the 2007 and 2008 ma of the u outstanding principal balance of the 2011 Term Bond (being the mandatory sinking tand the Y fund 299583v1 SJB LN140 -96 -7-