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CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br />DATE: Monday, June 22, 1998 <br />MEMBERS <br />PRESENT: C. Lyden, C. Dahl, K. Sullivan <br />MEMBERS <br />ABSENT: J. Bergeson, A. Neal <br />OTHERS <br />PRESENT: Brian Wessel, Mary Divine, Jerry Shannon <br />CONSIDERATION OF MINUTES <br />EDA Member Lyden moved to approve the minutes from the June 8, 1998 EDA meeting. EDA <br />Member Dahl seconded the motion. Motion passed unanimously. <br />CONSIDERATION OF RESOLUTION NO. 98-02 AWARDING THE SALE OF $5,350,000 <br />LEASE REVENUE BONDS, SERIES 1998A (CIVIC COMPLEX) <br />Mr. Jerry Shannon from Springsted, Inc. explained to the Authority that this resolution awarded <br />the sale of the bonds for the Civic Complex to the successful bidder, Cronin and Company, Inc. at <br />a net effective rate of 5.26%. The resolution also authorizes the execution of lease agreements <br />with the city and all related documents. <br />He added that Moody's rating of the EDA moved upward from Baa to Baal, and the city's rating <br />from Baal to A3. The favorable interest rate on the bonds was due to the rating increase and a <br />good market. EDA Member Lyden asked if it were possible to pay the bonds off early without <br />penalty. Mr. Shannon said in the future it would be possible to refinance the bonds. <br />Mr. Shannon said that the city will lease the site to the EDA until the bonds are repaid, and when <br />all the required lease payments are made, the land and the building will be owned by the city. <br />EDA Member Lyden moved to approve Resolution No. 98-02. EDA Member Dahl seconded the <br />motion. Motion passed unanimously. <br />ADJOURNMENT <br />EDA Member Dahl moved to adjourn at 6:15 p.m. EDA Member Lyden seconded the motion. <br />Motion passed unanimously. <br />