11-25-1991 HRA Meeting - Laserfiche WebLink

Home Browse Search

r. WHEREAS, by resolution adopted October 14, 1991, this Board authorized the issuance of such bonds and directed that an Official Statement be prepared to be used in the sale of the bonds; and WHEREAS, forms of the Lease and the Agreement and a form of the Official Statement, dated November 15, 1991, have been presented to this Board and are hereby ordered to be placed on file In the office of the Secretary. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Orono, Minnesota (the "Authority”), as follows: Section 1. This Board hereby finds that the Project is an undertalcing of the Authority authorized under Section 469.012, Subdivision 1(7), and that no buildings or improvements are now located on the Land. h ;■■ ■ Section 2. This Board aclcnowledges, finds, determines and declares that It is in the best interests of the Authority to finance the Project by the acquisition and construction thereof by the Authority and lease thereof to the City since the Project will provide needed public facilities and Is consistent with the Plan. Section 3. For the purpose of paying certain cf the costs of the acquisition and construction of the Project, there is hereby authorized the Issuance of Public Facilities Revenue Bonds, Series 1991 of the Authority in the aggregate principal amount of $4,000,000 (the "Bonds"). The Bonds shall be issued in fully registered form, shall be in such denominations, shall be payable on the dates and In the principal amounts and shall be payable from the sources and In the manner provided in the Indenture. The Bonds shall bear Interest at the rates set forth in Section 7. This Board hereby authorizes and directs the Chairman to execute and the Secretary to attest under the corporate seal of the Authority the Indenture In the name and on behalf of the Authority and to deliver to the Trustee the Indenture, and does hereby authorize and direct the execution of the Bonds in accordance with the provisions of the Indenture. All of the provisions of the Indenture, when executed as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as If Incorporated herein. The Indenture shall be substantially In the form on file In the office of the Secretary with such necessary and appropriate variations, oodsslons and Insertions as the Chairman shall determine to be necessary or appropriate, and the execution thereof by the Chairman shall be conclusive evidence of such determination. -2-