06/22/1998 Council Minutes - Laserfiche WebLink

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RESOLUTION NO. 98-100 RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A GROUND LEASE AND A LEASE -PURCHASE AGREEMENT, AND APPROVING AND AUTHORIZING ISSUANCE OF LEASE REVENUE BONDS AND EXECUTION OF RELATED DOCUMENTS BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota, as follows: Section 1. Recitals. 1.01. The City is authorized by Minnesota Statutes, Section 465.71, as amended, to acquire real and personal property under lease -purchase agreements. 1.02. The City has agreed with the Lino Lakes Economic Development Authority (the "Authority") that pursuant to a Ground Lease dated as of August 1, 1998 (the "Ground Lease"), the Authority will acquire certain property from the City, and the Authority will lease such property, together with the buildings, structures or improvements now or hereafter located thereon, to the City pursuant to a Lease -Purchase Agreement dated as of August 1, 1998 (the "Lease"). 1.03. Pursuant to a Trust Indenture dated as of August 1, 1998 (the "Indenture") between the Authority and U.S. Bank Trust National Association, as trustee (the "Trustee"), the Authority will issue its Lease Revenue Bonds, Series 1998A (City of Lino Lakes, Minnesota Lease Obligation) (the "Series 1998A Bonds") in an aggregate principal amount of $5,350,000. 1.04. Under the Indenture, proceeds of the Series 1998A Bonds will be used to establish a Debt Service Reserve Fund to secure the Series 1998A Bonds and to pay costs of acquisition, construction and equipping of the Facilities described in the Lease, pursuant to a Disbursing Agreement dated as of August 1, 1998 (the "Disbursing Agreement"), among the Authority, the City, the Trustee and Chicago Title Insurance Company. 1.05. Pursuant to an Assignment and Security Agreement dated as of August 1, 1998 (the "Assignment"), the Authority will assign to the Trustee all of the Authority's right, title and interest in and to the Ground Lease, the Lease and the Lease Payments to be made by the City thereunder (other than certain rights to indemnification and payment of expenses) as security for the Series 1998A Bonds. 1.06. Forms of the Ground Lease, the Lease, the Indenture, the Disbursing Agreement, the Assignment, the Official Statement for the Series 1998A Bonds and a Continuing Disclosure Agreement of the City dated as of August 1, 1998, have been prepared and submitted to this Council and are on file with the City. Section 2. Findings. On the basis of information given the City to date, it is hereby found, determined and declared that: BMB145001 LN140-60 1 • •