2006-147 Council Resolution - Laserfiche WebLink

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• Council Member O'Donnell introduced the following resolution and moved its adoption: • CITY OF LINO LAKES COUNTY OF ANOKA RESOLUTION NO. 06 -147 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF APPROXIMATELY $3,025,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2006E BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (City) as follows: 1. It is hereby determined that: (a) The Lino Lakes Economic Development Authority (the "Authority ") previously issued its $5,350,000 Lino Lakes Economic Development Authority Lease Revenue Bonds, Series 1998A (City of Lino Lakes, Minnesota Lease Obligation) dated August 1, 1998 (the "Series 1998A Bonds "), the proceeds of which were used to finance the acquisition and construction of a civic center complex including the city hall, police station and an early childhood education facility currently leased to Independent School District No. 11 (together, the "Complex "). (b) The Series 1998A Bonds are secured by lease payments by the City pursuant to a Lease - Purchase Agreement between the Authority and the City dated August 1, 1998 (the "Lease). (c) Under the Lease, the City has the option to prepay lease payments in whole or in part, and thereby redeem the outstanding Series 1998A Bonds in whole or in part. (d) The City is authorized by Minnesota Statutes, section 475.521 (the "Act ") to finance certain capital improvements under an approved capital improvement plan by the issuance of general obligation bonds of the City payable from ad valorem taxes. Capital improvements include (among other things) acquisition or betterment of public lands, buildings or other improvements for the purpose of a city hall and public safety facility. (e) The city hall and police station portions of the Complex (such portions together referred to as the "Facilities ") make up more than 79.5 percent of the total • square footage of the Complex. The Facilities are "capital improvements" within the meaning of the Act.