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05/26/1998 Council Packet
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05/26/1998 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
05/26/1998
Council Meeting Type
Regular
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RESOLUTION NO. 9 8 - 01 <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />$5,350,000 LEASE REVENUE BONDS, SERIES 1998A <br />(CITY OF LINO LAKES, MINNESOTA <br />LEASE OBLIGATION) <br />BE IT RESOLVED By the Board of Commissioners of the Lino Lakes Economic <br />Development Authority, Anoka County, Minnesota (the "Authority ") as follows: <br />1. It has been proposed to the Authority that the Authority assist in the financing of the <br />acquisition and construction of a site and facilities to be used by the City of Lino Lakes, Minnesota <br />(the "City "). Under the proposal, the City and the Authority will enter into a Ground Lease <br />Agreement (the "Ground Lease "), whereby the City will lease to the Authority certain land in the <br />City (the "Site "). The Authority will lease to the City the Site and the facilities to be constructed <br />thereon by the City (the "Facilities "), pursuant to a Lease- Purchase Agreement (the "Lease "). <br />Pursuant to a Trust Indenture (the "Indenture ") between the Authority and a corporate trustee (the <br />"Trustee "), the Authority will issue $5,350,000 aggregate principal amount of Lease Revenue <br />Bonds, Series 1998A (City of Lino Lakes, Minnesota Lease Obligation) (the "Bonds "), the proceeds <br />of which will be used to finance the acquisition and construction of the Site and the Facilities. The <br />Authority will enter into an Assignment and Security Agreement (the "Assignment ") with the <br />Trustee, whereby the Authority will assign to the Trustee, as security for the Bonds, all of the <br />Authority's right, title and interest in and to the Ground Lease, the Lease and the Lease Payments to <br />be made by the City under the Lease (other than certain rights to indemnification and payment of the <br />Authority's expenses). The Bonds will be payable solely from Lease Payments received from the <br />City under the Lease and moneys realized by the Trustee from re- leasing the Site and the Facilities <br />following default or termination of the Lease, and the Authority shall have no liability with respect <br />to the Bonds. <br />2. To provide financing for the acquisition and construction of the Site and the <br />Facilities, including costs of issuance and the establishment of a Reserve Fund for the Bonds under <br />the Indenture, the Authority will issue and sell the Bonds in the amount of $5,350,000. The Bonds <br />will be issued, sold and delivered in accordance with the terms of the following Terms of Proposal, <br />which are hereby approved: <br />BMB131417 <br />LN14 0-60 <br />
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