2001.08.20 RESO 2001-0041 - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE BOARD OF COMMISSIONERS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF HUGO, MINNESOTA HELD.: August 20, 2001 Pursuant to due call and notice thereof, a regular or special meeting of the Board of Commissioners of the Economic Development Authority of the City of Hugo, Minnesota wash duly called and held at the City Hall in the City of Hugo, Minnesota on, August 20, 2001 at P.M. The following members were present: Mike Granger, Becky Petryk, Frank Puleo, Fran Miron and the following were absent: Chuck Haas Member Becky Petryk introduced the following resolution and moved its adoption: RESOLUTION 2001-41 RESOLUTION AUTHORIZING THE ISSUANCE OF $1,870,000 PUBLIC FACILITY LEASE REVENUE BONDS, SERIES 2001 (CITY OF HUGO, MINNESOTA LEASE OBLIGATION) AND THE EXECUTION AND DELIVERY OF A GROUND LEASE AGREEMENT, A LEASE AGREEMENT AND A MORTGAGE AND SECURITY AGREEMENT AND INDENTURE OF TRUST IN CONNECTION THEREWITH WHEREAS, Minnesota Statutes, Section 469.012, Subdivision 1, clause 15 (the "Act") authorizes the Economic Development Authority of the City of Hugo, Minnesota (the "Authority") to issue revenue bonds, in anticipation of the collection of revenues of a project, to finance, in whole or in part, the cost of acquisition, construction, reconstruction, improvement, betterment or extension of a project; WHEREAS, the Authority proposes to finance the construction of a city hall in the City (the "Project"), an authorized project under the Act to be used by the City of Hugo, Minnesota (the "City") and to provide funds for such purposes by the issuance of its revenue bonds pursuant to the Indenture, as hereinafter defined; WHEREAS, the bonds issued under the Indenture will be secured by a pledge and assignment of certain rights of the Authority under the Lease Agreement (as hereinafter defined); and of the revenues derived by the Authority from the Project and whereby the Authority grants to the Trustee (as hereinafter defined) a mortgage interest in the Project with certain reservations, and said bonds and the interest thereon shall be payable solely from the revenue pledged therefor and the bonds shall not constitute a debt of the Authority within the meaning of any constitutional or statutory limitation nor shall they constitute nor give rise to a pecuniary liability of the Authority or a charge against its general credit or taxing powers and shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the Authority, other than its interest in said Project; and ii99466v l