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I <br />COUNCIL MEETING <br />REQUEST FOR COUNCIL ACTION <br />DATE: Novenbcr 22,200S <br />ITEM NO: ^ <br />NOV 282005 <br />CTTYOFORONO <br />DcpartacBt Approval: <br />Naac Ronald J. Moorse <br />TMe City Administrator <br />Admiaistrator Reviewed:Agenda Section: <br />City Administrator’s Report <br />Item DeKription : Rcsointioa Approving the Sale of SI,900,000 Public Project Revenue <br />Bands, Scries 2005, and Authorizing the Execution and Delivery of a Lease and Purchase <br />Option Agreensent and Related Docunients <br />The financing for the purchase of the Big Island Veterans Camp property includes the City’s <br />execution of a Lease and Purchase Option Agreement relating to the issuance by Orono Housing <br />and Redevelopment Authority of its Public Project Revenue Bonds, Series 2005. The City will <br />lease the property from the HRA for the duration of the bonds; at which time the lease will <br />terminate, and the City will have title to the property unencumbered by any HRA interest. A <br />dndl resolution ^iproving the sale of $1,900,000 Public Project Revenue Bonds, Series 2005, <br />and authorizing the execution and delivery of a Lease and Purchase Option Agrwment and <br />related documents is attached for the Council ’s consideration. The final resolution, reflecting the <br />bond sale recommendation of the city ’s bond consultant, will be provided at the Council <br />meeting. <br />COUNCIL ACTION REQUESTED <br />Motion to adopt a resolution approving the sale of $1,900,000 Public Project Revenue Bonds, <br />Series 2005, and authorizing tte execution and delivery of a Lease and Purchase Option <br />Agreement and related documents <br />Wt <br />■ r. <br />Hi ^.. <br />• ■ ■ <br />2. <br />f <br />1