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III I I <br />RESOLUTION APPROVING SALE <br />PUBLIC PROJECT REVENUE BONDS, SERIES 2005 ANDOF$l, <br />AUTHORIZING THE EXECUTION AND DELIVERY OF LEASE AND <br />PURCHASE OPTION AGREEMENT AND <br />CERTAIN DOCUMENTS RELATED THERETO <br />WHEREAS, this Council has detennined that it is necessary and expedient that the City <br />finance the acquisition of land for conservation and park purposes and demolition of the <br />buildings therein (the “Project") under a Lease and Purchase Option Agreement (the “Lease") to <br />be entered into between the City and the Orono Housing and Redevelopment Authority (the <br />“Authority”); <br />WHEREAS, the Authority is to have a leasehold interest in the land upon which the <br />Project is to be located pursuant to a Ground Lease between the City and the Authority (the <br />“Ground Lease”); <br />WHEREAS, there has been presented to this Council an Official Statement relating to <br />the offering of the Bonds for sale, the Lease, the Ground Lease and a Trust Indenture between the <br />City and U.S. Bank National Association (the ‘Trust Indenture”). <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Orono, <br />Minnesota, as follows: <br />1. The Mortgage Trust Indenture and the financing of the Project by the issuance of <br />the Bonds described therein are approved. The offer of______________(tfie “Underwriter”) <br />to purchase the Bonds as hereinafter described is hereby found and determined to be the best <br />proposal received and acceptance of such offer by the Authority is approved. <br />2. The Lease and the Ground Lease (the “City Documents”) are hereby af^roved, <br />and the Mayw and the City Clerk are authorized to execute and deliver the City D^uments on <br />behalf of the City, in substantially the forms on file, but with all such changes therein, not <br />inconsistent with applicable law, as may be ^>proved by the officials executing the same, which <br />execution shall constitute conclusive evidaice of the approval thereof <br />3. The City Administrator, City Clerk and Finance Director are authorized and <br />directed to prepare and Aindsli to the purchaser and to the attorneys approving the Bonds <br />certified copies of all proceedings and records relating to the City Documents and to the right, <br />power and authority of the City and its officers to execute and deliver the same, and said certified <br />♦Page 1 of2 <br />n <br />■ fi>i