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Commissioner Roth introduced the following resolution and moved its adoption, which motion was seconded by Commissioner Stille: RESOLUTION RELATED TO PUBLIC FACILITIES LEASE REVENUE BONDS, SERIES 2003 (CITY OF ST. ANTHONY ANNUAL APPROPRIATION LEASE OBLIGATIONS); APPROVING THE REDEMPTION THEREOF AND THE EXECUTION OF AN ESCROW AGREEMENT WITH RESPECT THERETO BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of St. Anthony (the "Authority"), as follows: Section 1. Recitals. The Authority has issued its $5,530,000 Public Facilities Lease Revenue Bonds, Series 2003 (City of St. Anthony Annual Appropriation Lease Obligations) dated, as originally issued, as of July 1, 2003 (the "Series 2003 Bonds"), to finance the construction of the public works facility and fire station (the "Facilities") which are leased by the Authority to the City of St. Anthony(the "City"), pursuant to a Lease Agreement, dated July 1, 2003 (the "Lease"),between the Authority, as lessor, and the City, as lessee. The City is issuing its General Obligation Bonds, Series 2012A (the "Series 2012 Bonds"), and upon the issuance of the Series 2012 Bonds will purchase the Facilities from the Authority as provided in the Lease. The purchase price of the Facilities received by the Authority will be applied to pay all principal and interest due on the Series 2003 Bonds to and including February 1, 2013 (the "Redemption Date"), and to pay and redeem all Series 2003 Bonds maturing on or after February 1, 2013 on the Redemption Date. Section 2. Payment and Redemption of Series 2003 Bonds. Upon receipt by the Authority of the purchase price of the Facilities from the City, the Authority shall deposit the purchase price of the Facilities in accordance with the Escrow Agreement (the "Escrow Agreement"), between the City, the Authority and U.S. Bank National Association, as escrow agent (the "Escrow Agent"). The funds deposited shall be invested in securities authorized for such purpose by Minnesota Statutes, Section 475.67, subdivision 8, maturing on such dates and bearing interest at such rates as are required to provide funds sufficient, with cash retained in the escrow account, to pay all principal and interest to become due on the Series 2003 Bonds to and including the Redemption Date and to pay and redeem the outstanding principal of the Series 2003 Bonds maturing on or after February 1, 2013 on the Redemption Date. The redemption of the Series 2003 Bonds maturing after February 1, 2013 on the Redemption Date is hereby approved. The Chair and Executive Director are hereby authorized to enter into the Escrow Agreement with the City and the Escrow Agent. Upon vote being taken thereon, the following voted in favor thereof: Faust, Gray, Jenson, Roth, Stille and the following voted against the same: None whereupon the Resolution was declared duly passed and adopted.