05-27-2003 Council Packet - Laserfiche WebLink

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RESOLUTION APPROVING THE ISSUANCE AND SALE BY THE ORONO HOUSING AND REDEVELOPMENT AUTHORITY OF $2,500,000 OF ITS PUBLIC FACILIFY LEASE REVENUE BONDS, SERIES 2003A (FIRE HALL/EQUIPMENT) AND AUTHORIZING THE EXECUTION AND DELIVERY OF A GROUND LEASE AND A LEASE PURCHASE AGREEMENT AND CERTAIN DOCUMENTS RELATED THERETO WHEREAS, the City Council (the “Council") has determined that it is necessary and expedient that City of Orono, Minnesota (the “City”) finance the construction of a new fire hall and acquisition of fire equipment (the “Project"), under a Lease Purchase Agreement dated as of July 1. 2003 (the “Lease ”), to be entered Into between the City and the Orono Housing and Redevelopment Authority (the “Authority"); and WHI-RI* AS. the Authority Is to have a leasehold interest in the property upon which the Project is to be developed pursuant to a Ground Lease Agreement, dated as of July I, 2003 (the “Ground Lease"), between the City and the Authority: and WHEREAS, there has been presented to this Council an Ofilcial Statement relating to the oiYering of the Bonds, the Lease, the Ground Lease, and a Mortgage Trust Indenture, dated as of July I. 2003 (the “Indenture"), between the Authority and U.S. Bank National Association, as the trustee thereunder. NOW niEREFORE. BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as follows: 1. The Indenture and the financing of a portion of the costs of the Project by the issuance of the Bonds described therein are approved. The offer of______________(the “Purchaser ”) to purchase the Bonds is hereby found and determined to be the be.st proposal received and acceptance of such otTcr by the Authority is approved. 2. 'fhe Lease and the Ground Lease (the “City Documents") are hereby approved, and the Mayor and the City Clerk or other appropriate officer are authorized to execute and deliver the City Documents on behalf of the City, in substantially the forms on file, but w ith all such changes therein, not inconsistent with applicable law, as may be approved by the oBlcials executing the same, w hich execution shall constitute conclusive evidence of the approval thereof. 3. The City Clerk and City Administrator are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds certified copies of all proceedings and records relating to the City D(Kuments and to the right, power and authority of the City and its ofilcers to execute and deliver the same, and said certified copies and certificates shall be deemed the representations of the City as to all matters stated therein. -2- J