03-23-1998 Council Packet - Laserfiche WebLink

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RESOLUTION RELATING TO PUBLIC FACILITIES REVENUE REFUNDING BONDS, SERIES 1998, OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ORONO; AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST AMENDMENT TO LEASE-PURCHASE CONTRACT WHEREAS, the Housing and Redevelopment Authority in and for the City of Orono, Minnesota, has undertaken a redevelopment project under the Housing and Redevelopment Act, Minnesota Statutes, Sections 469.001 through 469.047 (the ”Act"), consisting of the construction of a new city hall and facilities to house the police and public works departments (the ’’Project ”) and has financed the cost thereof by the issuance of its revenue bonds denominated Public Facilities Revenue Bonds, Series 1991, dated as of December 1,1991 (the "Series 1991 Bonds"); WHEREAS, the Authority proposes to issue an additional series of revenue bonds pursuant to the Act, to be denominated Public Facilities Revenue Refimding Bonds, Series 1998 (the ’’Bonds ”) for purposes of refunding in advance of maturity the 2002 through 2008 maturities of the Series 1991 Bonds (the ’’Refunded Bonds"), such refunding constituting a "crossover refunding ” as defined in Minnesota Statutes, Section 475.67, subd. 13; and WHEREAS, the Bonds will be issued pursuant to a Trust Indenture, dated as of December 1,1991, as amended and supplemented by a First Supplemental Indenture, dated as of April 1,1998 (as so amended and supplemented, the "Indenture"), by and between the Authority and Firstar ^ank of Miimesota, N. A., successor to American National Bank and Trust Company, as Trustcw (the "Trustee"); and WHEREAS, all bonds issued under the Indenture will be secured by a pledge and assignment of the Lease-Purchase Contract, dated as of December 1,1991 (the "Original Lease"), as supplemented and amended by a First Amendment to Lease-Purchase Contract, dated as of April 1,1998 (the "First Amendment to Lease"; the Original Lease, as so supplemented and amended, is hereinafter referred to as the "Lease"), by and between the Authority and the City of Orono, Minnesota, 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 Page 1 of 7