11-25-1991 HRA Meeting - Laserfiche WebLink

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wi V-r- • E.'- J- 'h: K“‘; V'"- It E r. I- - r E--t- iv r: I' I" fm- 'V ICommissioner_ introduced the following resolution and moved its adoption: RESOLUTION NO. RESOLUTION RELATING TO $4,000,000 PUBLIC FACILITIES REVENUE BONDS, SERIES 1991; AUTHORIZING THE ISSUANCE, AWARDING THE SALE AND PRESCRIBING THE FORM THEREOF AND AUTHORIZING THE EXECUTION OF AN INDENTURE OF TRUST AND A LEASE-PURCHASE CONTRACT WHEREAS, the Authority is considering a project (the "Project**)# to be undertaken pursuant to Minnesota Statutes, Section 469.012, Subdivision 1(7), consisting of the acquisition of certain real property (the "Land") in the City of Orono, Minnesota (the "City") and the construction of a new city hall and facilities to house the police and public works departments of the City (collectively, the "Facilities"); WHEREAS, there is a need for providing the public facilities comprising the Project and it is desirable and in the best interest of the Authority to encourage and assist in the Project; and WHEREAS, it is proposed that the Authority issue its revenue bonds pursuant to Minnesota Statutes, Sections 469.034 and 469.035, and Chapter 475, as amended, and pursuant to a Trust Indenture, dated as of December 1, 1991 (the "Indenture"), between the Authority and American National Bank and Trust Company, as Trustee (the "Trustee"), to provide funds to finance the Project, and lease and agree to sell the Project so acquired and constructed to the City, pursuant to a Lease-Purchase Contract, dated as of Dece^iJOer 1, 1991 (the "Lease"), between the Authority, as lessor, and City, as lessee; WHEREAS, all bonds issued under the Indenture will be secured by a pledge and assignment of the Lease and of the revenues derived by the Authority from the Project, and the bonds and the interest thereon shall be payable solely from the revenues pledged thereto and no bonds shall constitute a debt of the Authority within the meaning of any constitutional or statutory limitation nor shall the full faith, credit and taxing powers of the Authority be pledged thereto; and WHEREAS, under the Lease, the City is to pay to the Authority sufficient money each year to pay the principal of, premium, if any, and interest on the bonds Issued to finance the Project, and City is to provide the cost of maintaining the Project in good repair, the cost of keeping the Project properly insured, and any payments required for taxes and any expenses incurred by the Authority in connection with the Project; and