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--------- <br />REQUEST FOR COUNCIL ACTION <br />WAV 2 7 2005 <br />C'tvoforono <br />DATE: May 23,2003 <br />ITEM NO: 25 <br />Department Approval: <br />Name RonMoorse <br />Title City Administrator <br />Administrator Reviewed:Agenda Section: <br />City Administnaors <br />Report <br />Item Description: Consider Execution of a Ground Lease and a Lcasc/Purchase Agreement <br />relating to the Issuance by the Orono HRA of its Public Facility Revenue <br />BondS'Rcsolution <br />The Navarre Neighborhood Fire Station is proposed to be financed through a lease/purchase <br />agreement with the HRA, in which the HRA sells bonds and the City agrees to pay lease payments <br />to the HRA in an amount sufficient to pay the debt service on the bonds. At the May 27 Council <br />meeting, Carolyn Drude, the City ’s Bond Consultant, will provide a resolution setting out the City ’s <br />agreement to enter into a ground lease and lease/purchase agreement with the HRA. <br />Council Action Requested: <br />Motion to adopt a resolution setting out the City ’s agreement to enter into a ground lease and a <br />lease/purchase agreement with the HRA to finance the construction of the Navarre Fire Station.