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<br />Council Member 5tv(tz introduced the following resolution and moved its adoption:
<br />CITY OF LINO LAKES, MINNESOTA
<br />RESOLUTION NO. 06 -50
<br />AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF A REVENUE
<br />NOTE (YMCA PROJECT), SERIES 2006A AND A REVENUE NOTE (YMCA
<br />PROJECT), SERIES 2006B, IN THE AGGREGATE PRINCIPAL AMOUNT OF
<br />$4,000,000, FOR THE BENEFIT OF YMCA OF GREATER SAINT PAUL;
<br />PAYABLE SOLELY FROM REVENUES PLEDGED PURSUANT TO THE
<br />LOAN AGREEMENT AND FURTHER SECURED BY A MORTGAGE;
<br />APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND
<br />DELIVERY OF THE NOTES, LOAN AGREEMENT, AND RELATED
<br />DOCUMENTS; AND PROVIDING FOR THE SECURITY, RIGHTS, AND
<br />REMEDIES WITH RESPECT TO THE NOTES
<br />WHEREAS, the City of Lino Lakes, Minnesota (the "Issuer" or the "City"), is a municipal
<br />corporation and political subdivision duly organized and existing under its Charter and the
<br />Constitution and laws of the State of Minnesota; and
<br />WHEREAS, pursuant to Minnesota Statutes, Sections 469.152- 469.165, as amended
<br />(the "Act "), the Issuer is authorized to issue revenue obligations to finance improvements to land
<br />and buildings and capital equipment for the benefit of a revenue producing enterprise to be
<br />owned by a contracting party (as defined in the Act); and
<br />WHEREAS, the YMCA of Greater Saint Paul, a Minnesota nonprofit corporation (the
<br />"Borrower "), submitted an application to the Issuer requesting the issuance by the Issuer of
<br />revenue obligations pursuant to the Act, in the aggregate principal amount not to exceed
<br />$4,000,000, to finance the construction and equipping of an approximately 45,000 square foot
<br />recreational facility, which will include a teen center, gym, indoor lap swimming pool, leisure
<br />style zero -depth pool, cardiovascular /strength training area, aerobic studio, family program
<br />space, women's, men's and family locker rooms, and Kids Stuff childcare (the "Project ") to be
<br />constructed on land in the City, and to pay certain financing and issuance costs related to the
<br />revenue obligations; and
<br />WHEREAS, following the publication of a notice (the "Public Notice ") of a public hearing
<br />(in which a general, functional description of the Project was provided, as well as the maximum
<br />aggregate face amount of the obligations to be issued for the purposes referenced above, the
<br />identity of the initial owner, operator, or manager of the Project, and the location of the Project)
<br />in a newspaper circulating generally in the City, at least fourteen (14) days before a meeting of
<br />the Council of the Issuer on March 13, 2006, the Council of the Issuer conducted a public
<br />hearing at which a reasonable opportunity was provided for interested individuals to express
<br />their views, both orally and in writing, on the Project and the proposed issuance of such revenue
<br />obligations; and
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