10-14-1991 HRA Minutes and Meeting (2)

Home Browse Search

Commissioner its adoption; Callahan introduced the foiiowing resolution and moved RESOLUTION NO.__ RESOLUTION RELATING TO PUBLIC FACILITIES REVENUE BONDS. SERIES 1991; AUTHORIZING THE ISSUANCE THEREOF BE IT RESOLVED by the Board of Commissioners of the Housino and Redevelopment Authority in and for the City of Orono, Minnesota {the "Authority"), as follows: 1. Authorization of Bonds . Pursuant to the authority granted by Sections 469.034 and 469.035 of the Housirig and Redevelopment Act, Minnesota Statutes. Sections 469.001 to 469.047, as amended, (the "Act"), and Minnesota Statutes. Chapter 475. as amended, the Authority Is authorized to issue from time to time Its revenue bonds for any of its authorized corporate purposes. The Authority hereby determines that it would be in the best interests of the Authority arnl In furtherance of the purposes and policies of the Act for the ^thority to issue Its revenue bonds In the aggregate principal amount of $4,000,000 (the "Bonds^ to finance the costs of a Project, consisting of the acquisition and construction of a new city hall, and facilities to house the police and public works departments of the City (collectively, the "Facilities"), and to lease and agree to sell the Facilities to the City of Orono (the City ) pursuant to and in accordance with a lease-purchase contract. The Authority Is authorized to undertake the Project under Minnesota Statutes, Section 469.012, Subdivision 1(7). The Bonds would be special, limited obligations of the Authority payable solely from the amounts received from the City pursuant to the lease-purchase contract, except from proceeds of the Bonds, Investment Income and the proceeds of any Insurance claim or condemnation award with respect to the Facilities. newspaper of the City, and in Northwestern Financial Review , once riot less than ten days before the date of said meeting, in substantially the following form;