2015-051 Council Resolution - Laserfiche WebLink

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• • • CITY OF LINO LAKES, MINNESOTA RESOLUTION NO. 15-51 RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A GROUND LEASE, LEASE -PURCHASE AGREEMENT, AND RELATED DOCUMENTS BE IT RESOLVED By the City Council (the "City Council") of the City of Lino Lakes, Anoka County, Minnesota (the "City") as follows: 1. Background; Authorizations. (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 on certain land (the "Site") 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 2015 (City of Lino Lakes, Minnesota Lease Obligation) (the "Bonds"), and on March 23, 2015, the City Council approved the issuance of the Bonds by the Authority. (c) Forms of the following lease documents have been presented before the City Council: (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) An Official Statement (the "Official Statement") has been prepared by Springsted Incorporated with respect to the Bonds and has been presented before the City Council, 2. Payment of Lease Payments. The City will 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. 3. Continuing Disclosure. (a) "Continuing Disclosure Certificate" means that certain Continuing Disclosure Certificate to be executed by the Mayor and City Administrator of the City and dated as of the date of issuance of the Bonds, as originally executed and as it may be amended from time to time in accordance with the terms thereof. 460729v1 JAE LN140-112