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After some discussion, Councilmember introduced <br />the following resolution and moved its i ioption: <br />RESOLUTION NO. <br />i <br />f.- <br />i <br />RESOLUTION RELATING TO A PROJECT AND CERTAIN <br />REVENUE BONDS OF THE HOUSING AND REDEVELOPMENT <br />AUTHORITY IN AND FOR THE CITY OF ORONO; <br />AUTHORIZING THE EXECUTION AND DELIVERY OF A <br />LEASE-PURCHASE CONTRACT <br />WHEREAS, the Housing and Redevelopment Authority in and for <br />the City of Orono (the "Authority") proposes to undertake a <br />project under the Housing and Redevelopment Act, Minnesota <br />Statutes, Sections 469.001 through 469.047 (the "Act"), with <br />respect to certain property located within the City comprising the <br />property described on Exhibit hereto (the "Project"), for the <br />purpose of providing necessary public facilities, including, <br />without limitation, a new city ha’I and facilities to house the <br />police and public works departments of the City (the "Project"), <br />and to lease and agree to sell the Project to the City pursuant to <br />the terms and conditions of a Lease-Purchase Contract, dated as of <br />December 1, 1991 (the "Lease"), between the Authority, <br />and the City,- as lessee; and <br />as lessor. <br />WHEREAS, the Authority has the power to lease and agree to <br />sell the Project to City and enter into the Lease pursuant to <br />Minnesota Statutes, Section 465.035 and Section 471.64, <br />Subdivision 1 and City has the power to lease and agree to <br />purchase the Project and enter into the Lease pursuant to <br />Minnesota Statutes, Section 471.64, Subdivision 1 and Section <br />465.71; and <br />WHEREAS, the Authority proposes to issue its Public <br />Facilities Revenue Bonds, Series 19^1, in the aggregate principal <br />amount of $4,000,000 (the "Series 1991 Bonds"), pursuant to <br />Minnesota Statutes, Section 469.034 and 469.035, and an Indenture <br />of Trust, dated as of December 1, 1991 (the "Indenture"),between <br />the Authority and American National Ban)r and Trust Company, In <br />St. Paul, Minnesota; the Series 1991 ”'*nds are payable solely from <br />payments to be made by the City pursuant to the Lease and from the <br />net proceeds of any Insurance claims or condemnation awards made <br />with respect to the Project; and <br />WHEREAS, the Authority has offered the Series 1991 Bonds for <br />sale by means of an Official Statement, dated November 15, 1991 <br />(the "Official Statement"); and <br />WHEREAS, a form of the Lease and a form of the Official <br />StatesMnt have been presented to this Council and are hereby <br />ordered to be placed on file in the office of the City Clerk.