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RESOLUTION RELATING TO PUBLIC FACILITIES REVENUE REFUNDING <br />BONDS, SERIES 1998; AUTHORIZING THE ISSUANCE, AWARDING THE SALE <br />AND PRESCRIBING THE FORM THEREOF AND AUTHORIZING THE <br />EXECUTION OF A FIRST SUPPLEMENTAL INDENTURE AND A <br />FIRST AMENDMENT TO LEASE- PURCHASE CONTRACT <br />WHEREAS, the Housing and Redevelopment Authority in and for the City of <br />Orono, Minnesota (the "Authority") is authorized, pursuant to Minnesota Statutes, Chapter 469 (the <br />"Act"), to issue bonds to finance or refinance a redevelopment project and the principal and interest <br />on the bonds may be payable exclusively from its income and revenues of the project financed or <br />refinanced with the proceeds of the bonds; and <br />WHEREAS, the Act further authorized the Authority to make any of its land in a <br />redevelopment project available for use by public agencies by sale, lease or otherwise; and <br />WHEREAS, the Authority has undertaken a redevelopment project consisting of the <br />construction of a new city hall and facilities to house the police and public works departments of the <br />city as an authorized project under the Act, and has finemced the cost thereof by the issuance of its <br />revenue bonds denominated Public Facilities Revenue Bonds, Series 1991, dated as of December <br />1, 1991 (the "Series 1991 Bonds"); and <br />WHEREAS, it is proposed that the Authority issue an additional series of revenue <br />bonds pursuant to the Act, to be denominated Public Facilities Revenue Refunding Bonds, Series <br />1998 (the "Bonds") for the purpose of refunding in advance of maturity the 2002 through 2008 <br />maturities of the Series 1991 Bonds, aggregating $2,335,000 in principal amount (the "Refimded <br />Bonds"), such refunding constituting a "crossover refunding" as defined in Minnesota Statutes, <br />Section 475.67, subd. 13; and <br />WHEREAS, the Bonds will be issued pursuant to a Trust Indenture, dated as of <br />December 1,1991 (the "Original Indenture"), as supplemented and amended by a First Supplemental <br />Indenture, dated as of April 1, 1998 (the "First Supplemental Indenture"; the Original Indenture, as <br />so supplemented and amended, is hereinafter referred to as the "Indenture") all by and between the <br />Authority and Firstar Bank of Minnesota, N. A., as successor to American National Bank and Trust <br />Company, as Trustee (the "Trustee"); and <br />Page 1 of 7