Resolution No. 15-02 EDA - Laserfiche WebLink

Home Search

LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 1 5 — 0 2 RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A GROUND LEASE, LEASE -PURCHASE AGREEMENT, AND RELATED DOCUMENTS BE IT RESOLVED By the Board of Commissioners (the "Board") of the Lino Lakes Economic Development Authority (the "Authority") as follows: 1. Background; Authorizations. (a) The City of Lino Lakes, Minnesota (the "City") and the Authority have determined that it is in the best interests of the City and its residents that the City undertake the acquisition, construction, and equipping of a new fire hall (the "Facility") to be located on certain land (the "Site") in the City (the "Project"). (b) The Board has previously authorized the issuance and sale of its Lease Revenue Bonds, Series 2015 (City of Lino Lakes, Minnesota Lease Obligation) (the "Bonds"), subject to certain parameters set forth in a resolution adopted by the Board on March 23, 2015 (the "Parameters Resolution"). (c) Forms of the following lease documents have been presented before the Board: (i) a Ground Lease, to be dated on or after June 1, 2015 (the "Ground Lease"), between the City, as lessor, and the Authority, as lessee, pursuant to which the Authority will lease the Site from the City; and (ii) a Lease -Purchase Agreement, to be dated on or after June 1, 2015 (the "Lease"), between the Authority, as lessor, and the City, as lessee, pursuant to which the City will lease the Site and the Facility to be constructed thereon from the Authority. (d) A form of Bond Purchase Agreement, to be dated after the date hereof (the "Bond Purchase Agreement"), between the Authority, the City, and Piper Jaffray & Co. (the "Underwriter"), has been presented before the Board, setting forth the terms and conditions of the purchase of the Bonds by the Underwriter. (e) An Official Statement (the "Official Statement") has been prepared by Springsted Incorporated with respect to the Bonds and has been presented before the Board. 2. Payment of Lease Payments. Pursuant to a resolution adopted by the City Council of the City on the date hereof, the City has agreed to pay to the registrar for the Bonds, promptly when due, all of the lease payments due under the Lease (the "Lease Payments") and other amounts required by the Lease. To provide moneys to make such payments, the City will include in its annual budget, for each fiscal year (the "Fiscal Year") during the term of the Lease, commencing with the Fiscal Year ending on December 31, 2016, moneys sufficient to pay and for the purpose of paying all Lease Payments, a reasonable estimate of additional Lease Payments, and other amounts payable under the Lease. The City will approve its annual budget no less than three months prior to any Lease Payment paid with a tax levy or other moneys included in that annual budget. The agreement of the City in this section is subject to the City's right to terminate the Lease at the end of any Fiscal Year, as set forth in Section 5.6 of the Lease. 460962v3 JAE LN140-112