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• • • RESOLUTION NO. 15-32 RESOLUTION APPROVING THE ISSUANCE OF LEASE REVENUE BONDS, SERIES 2015A, BY THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $4,885,000 BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the `'City") as follows: 1. Background; Authorization. (a) The City and the Lino Lakes Economic Development Authority (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 in the City (the "Project"). (b) The Authority has proposed to finance the Project through the issuance and sale by the Authority of its Lease Revenue Bonds, Series 2015A (the "Bonds"), in the maximum aggregate principal amount of $4,885,000. (c) The issuance of the Bonds by the Authority is authorized under Minnesota Statutes, Section 469.103, and in connection with the issuance and sale of the Bonds, the City intends to enter into a ground lease between the City, as lessor, and the Authority, as lessee, regarding the real property on which the Facility is located (the "Ground Lease"), and a lease -purchase agreement between the Authority, as lessor, and the City, as lessee (the "Lease"), all pursuant to Minnesota Statutes, Section 465.71, as amended. (d) Pursuant to the Lease, the City intends to lease the Facility from the Authority and pay lease payments to the Authority in the amount necessary to pay debt service on the Bonds, subject to the City's right of non -appropriation in each fiscal year. 2. Approvals. (a) The City hereby approves the issuance by the Authority of the Bonds based on the parameters set forth in the resolution entitled "Resolution Providing for the Issuance and Sale of Lease Revenue Bonds, Series 2015A, in the Maximum Aggregate Principal Amount of $5,400,000, Subject to Certain Parameters; Fixing Their Form and Specifications; Directing Their Execution and Delivery; and Providing for Their Payment," approved by the Board of Commissioners of the Authority on the date hereof. The Bonds are hereby authorized by the City to be issued by the Authority in the maximum aggregate principal amount of $4,885,000. (b) The City Council shall meet on April 27, 2015 to consider for approval the forms of the Lease, the Ground Lease, and any other documents deemed necessary for the issuance of the Bonds, which documents will be drafted by the City's and the Authority's bond counsel, Kennedy & Graven, Chartered. 458673v1 JAE LN140-112