HomeMy WebLinkAboutResolution No. 06-02 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 06-02
WHEREAS, the Lino Lakes Economic Development Authority ("Authority")
issued its $5,350,000 Lino Lakes Economic Development Authority Lease Revenue
Bonds, Series 1998A (City of Lino Lakes, Minnesota Lease Obligation), dated August 1,
1998 (the "Series 1998A Bonds"), the proceeds of which were used to finance the
construction of a City administration building, police station and early childhood learning
center (the "Facilities"); and
WHEREAS, in connection with issuance of the Series 1998A Bonds, the
Authority and City of Lino Lakes ("City") entered into a Lease -Purchase Agreement
dated August 1, 1998 (the "Lease"), under which the City leased the Facilities from the
Authority; and
WHEREAS, the lease payments made by the City to the Authority are pledged to
payment of the Series 1998A Bonds; and
WHEREAS, by resolution approved October 23, 2006 (the "Refunding Bond
Resolution") the City has awarded sale of its $3,025,000 General Obligation Capital
Improvement Plan Refunding Bonds, Series 2006E (the "Refunding Bonds") to refund a
portion of the outstanding principal amount of the Series 1998A Bonds; and
WHEREAS, in connection with the partial refunding of the Series 1998A Bonds, the
Authority and City have determined to amend the Lease in order to adjust the lease
payments made by the City to reflect principal and interest payments remaining on the
Series 1998A Bonds after partial redemption thereof.
NOW THEREFORE, BE IT RESOLVED by the Economic Development
Authority of the City of Lino Lakes as follows:
1. The President and Executive Director are authorized to execute the First
Amendment to Lease -Purchase Agreement between the City and Authority
(the "First Amendment") in substantially the form on file with the City,
subject to modifications approved by those officials, provided that execution
of the document by those officials will be conclusive evidence of their
approval.
2. Authority staff are authorized and directed to take any other actions necessary
to carry out the intent of the First Amendment and otherwise facilitate partial
redemption of the Series 1998A Bonds as described in the Refunding Bond
Resolution.
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DA 1ED: November 13, 2006
President
ATTEST:
Secretary
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