HomeMy WebLinkAboutResolution No. 98-01 EDARESOLUTION NO. 9 8 — 01
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
$5,350,000 LEASE REVENUE BONDS, SERIES 1998A
(CITY OF LINO LAKES, MINNESOTA
LEASE OBLIGATION)
BE IT RESOLVED By the Board of Commissioners of the Lino Lakes Economic
Development Authority, Anoka County, Minnesota (the "Authority") as follows:
1. It has been proposed to the Authority that the Authority assist in the financing of the
acquisition and construction of a site and facilities to be used by the City of Lino Lakes, Minnesota
(the "City"). Under the proposal, the City and the Authority will enter into a Ground Lease
Agreement (the "Ground Lease"), whereby the City will lease to the Authority certain land in the
City (the "Site"). The Authority will lease to the City the Site and the facilities to be constructed
thereon by the City (the "Facilities"), pursuant to a Lease -Purchase Agreement (the "Lease").
Pursuant to a Trust Indenture (the "Indenture") between the Authority and a corporate trustee (the
"Trustee"), the Authority will issue $5,350,000 aggregate principal amount of Lease Revenue
Bonds, Series 1998A (City of Lino Lakes, Minnesota Lease Obligation) (the "Bonds"), the proceeds
of which will be used to finance the acquisition and construction of the Site and the Facilities. The
Authority will enter into an Assignment and Security Agreement (the "Assignment") with the
Trustee, whereby the Authority will assign to the Trustee, as security for the Bonds, all of the
Authority's right, title and interest in and to the Ground Lease, the Lease and the Lease Payments to
be made by the City under the Lease (other than certain rights to indemnification and payment of the
Authority's expenses). The Bonds will be payable solely from Lease Payments received from the
City under the Lease and moneys realized by the Trustee from re -leasing the Site and the Facilities
following default or termination of the Lease, and the Authority shall have no liability with respect
to the Bonds.
2. To provide financing for the acquisition and construction of the Site and the
Facilities, including costs of issuance and the establishment of a Reserve Fund for the Bonds under
the Indenture, the Authority will issue and sell the Bonds in the amount of $5,350,000. The Bonds
will be issued, sold and delivered in accordance with the terms of the following Terms of Proposal,
which are hereby approved:
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3. Springsted Incorporated is authorized and directed to negotiate the Bonds in
accordance with the foregoing Terms of Proposal. The Board of Commissioners will meet at 6:00
o'clock P.M. on Monday, June 22, 1998, to consider proposals on the Bonds and take any other
appropriate action with respect to the Bonds.
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
, and upon vote being taken thereon the following members voted in favor of the
motion:
and the following voted against:
whereupon the resolution was declared duly passed and adopted.
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STATE OF MINNESOTA
COUNTY OF ANOKA
I, the undersigned, being the duly qualified and acting Executive Director of the Lino Lakes
Economic Development Authority, hereby certify that I have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the Board of Commissioners of the Authority
held on Tuesday, May 26, 1998, with the original minutes on file in my office and the extract is a
full, true and correct copy of the minutes, insofar as they relate to the issuance and sale of
$5,350,000 Lease Revenue Bonds, Series 1998A (City of Lino Lakes, Minnesota Lease Obligation)
of the Authority.
WITNESS My hand this day of August, 1998.
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Executive Director