1999-063 Council Resolution - Laserfiche WebLink

Home Search

Economic Development Authority resolution E99-01 CITY OF LINO LAKES RESOLUTION NO. 99-63 RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF FIRST AMENDMENT TO INSTALLMENT PURCHASE CONTRACT, AND APPROVING AND AUTHORIZING ISSUANCE OF PUBLIC PROJECT REVENUE REFUNDING BONDS, SERIES 1999C (CITY OF LINO LAKES INSTALLMENT CONTRACT OBLIGATIONS) 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 property under installment purchase agreements. 1.02. Pursuant to an Installment Purchase Contract dated as of June 28, 1990 (as amended and supplemented by the First Amendment to Installment Purchase Contract described herein, the "Installment Purchase Contract"), between the City and the Lino Lakes Economic Development Authority (the "Authority"), the City is acquiring the Authority's interest in certain real property described in the Installment Purchase Contract, together with certain buildings, structures and improvements located thereon, and certain equipment contained therein (the "Project"). 1.03. To finance the acquisition and construction of the Project, the Authority issued its Lino Lakes Economic Development Authority Public Project Revenue Bonds, Series 1990A (City of Lino Lakes Installment Purchase Obligations) (the "1990 Bonds"), in the original aggregate principal amount of $1,115,000, pursuant to an Indenture of Trust dated as of September 1, 1990 (the "Original Indenture"), between the Authority and First Trust National Association (now U.S. Bank Trust National Association), as Trustee (the "Trustee"). 1.04. Pursuant to a Bond Resolution adopted August 24, 1999 (the "Bond Resolution"), and a First Supplemental Indenture of Trust, the Authority will issue its Public Project Revenue Refunding Bonds, Series 1999C (City of Lino Lakes Installment Contract Obligations) (the "Bonds") in an aggregate principal amount of $ 980,000 , to refund the 1990 Bonds. 1.06. In connection with the issuance of the Bonds, forms of a First Amendment to Installment Purchase Contract and a First Supplemental Indenture of Trust, each dated as of September 1, 1999, and the Official Statement for the Bonds 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 the terms of the Bonds, the First Amendment to Installment Purchase Contract and the First Supplemental Indenture of Trust are found to be advantageous to the City and the form and terms thereof are hereby approved. BMB-167653 LN140-68