Resolution No. 99-64A EDAC - Laserfiche WebLink

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Economic Development Authority resolution E99-02. RESOLUTION NO. 99-64A A RESOLUTION AWARDING THE SALE OF $980 , 000 PUBLIC PROJECT REVENUE REFUNDING BONDS, SERIES 1999C (CITY OF LINO LAKES INSTALLMENT CONTRACT OBLIGATIONS); FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the Lino Lakes Economic Development Authority (the "Authority") as follows: Section 1. Sale of Bonds. 1.01. The City of Lino Lakes (the "City") is authorized by law to acquire such items of real and personal property as are needed to carry out its governmental and proprietary functions, and to acquire such real and personal property by entering into installment purchase contracts. Pursuant to an Installment Purchase Contract dated as of June 28, 1990 (as amended and supplemented by the First Amendment to Installment Purchase Contract described herein, the "Installment Purchase Contract"), the City is acquiring the Authority's interest in certain real property described in the Installment Purchase Contract, together with certain buildings, structures and improvements located thereon, and certain equipment contained therein (the "Project"). To finance the acquisition and construction of the Project, the Authority issued its Lino Lakes Economic Development Authority Public Project Revenue Bonds, Series 1990A (City of Lino Lakes Installment Purchase Obligations) (the "1990 Bonds"), in the original aggregate principal amount of $1,115,000, pursuant to an Indenture of Trust dated as of September 1, 1990 (the "Original Indenture"), between the Authority and First Trust National Association (now U.S. Bank Trust National Association), as Trustee (the "Trustee"). The Authority has determined to refund the 1990 Bonds through the issuance of its $ 980, 000Public Project Revenue Refunding Bonds, Series 1999C (City of Lino Lakes Installment Contract Obligations) (the `Bonds"). The Bonds are to be issued as additional bonds under the Original Indenture, as amended and supplemented by a First Supplemental Indenture of Trust dated as of September 1, 1999 (the "First Supplemental Indenture"), between the Authority and the Trustee. (The Original Indenture, as amended and supplemented by the First Supplemental Indenture, is hereinafter referred to as the "Indenture.") 1.02. The proposal of Dougherty Summit Securities Inc. (the "Purchaser") to purchase the Bonds is hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of $ 970, 204.73 plus accrued interest to date of delivery, for Bonds bearing interest as follows: BMB-167652 LNI40-68