26-1 - EDA Resolution - Providing for Issuance and Sale of Lease Rev Bonds 2026A

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO.26-1 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF LEASE REVENUE BONDS (CITY OF LINO LAKES, MINNESOTA PUBLIC WORKS FACILITY LEASE), SERIES 2026A, IN THE PROPOSED AGGREGATE PRINCIPAL AMOUNT OF $27,440,000 BE IT RESOLVED By the Board of Commissioners (the "Board") of the Lino Lakes Economic Development Authority (the "Authority") as follows: 1. Authorization. (a) The Authority is an economic development authority formed by resolution of the City Council of the City of Lino Lakes, Minnesota (the "City") under the provisions of Minnesota Statutes, Sections 469.090 through 469.1082, as amended (the "EDA Act"). The Authority is authorized to issue revenue bonds pursuant to Section 469.103 of the EDA Act and Minnesota Statutes, Chapter 475, as amended (collectively, the "Financing Act"). (b) The City and 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 public works building (the "Facilities") to be located in the City (the "Project"). (c) The Authority has proposed to finance the Project through the issuance and sale by the Authority of its Lease Revenue Bonds (City of Lino Lakes, Minnesota Public Works Facility Lease), Series 2026A (the "Bonds"), in the proposed aggregate principal amount of $27,440,000, pursuant to the Financing Act and Minnesota Statutes, Section 465.71, as amended (collectively, the "Act"). (d) In connection with the issuance and sale of the Bonds, the Authority intends to enter into a ground lease between the City, as lessor, and the Authority, as lessee, regarding the real property on which the Facilities are located (the "Ground Lease"), and a Lease -purchase agreement between the Authority, as lessor, and the City, as lessee (the "Lease"), all pursuant to Section 465.71 of the Act. (e) Pursuant to the Lease, the City intends to lease the Facilities 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. (f) It is necessary and expedient to the sound financial management of the affairs of the City and the Authority that the Project be financed through the issuance and sale of the Bonds by the Authority in accordance with the Act. 4929-9302-7988.1