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Gc�. ; ' <br /> --'�_ ! <br /> O� <br /> I � <br /> I � O � O <br /> � C ITY of ORONO <br /> ,� -- , � <br /> , ti <br /> � RESOLUTION OF THE CITY COUNCIL <br /> ti <br /> ��`9kESi'i�g'�G NO. �� � � � <br /> RESOLUTION APPROVING THE ISSUANCE AND SALE <br /> BY THE ORONO HOUSING AND REDEVELOPMENT <br /> AUTHORITY OF$2,500,000 OF ITS PUBLIC FACILITY <br /> � LEASE REVENUE BONDS, SERIES 2003A(FIRE � <br /> HALL/EQUIPMENT)AND AUTHORIZING THE <br /> � EXECUTION AND DELIVERY OF A GROUND LEASE <br /> AND A LEASE PURCHASE AGREEMENT AND CERTAIN <br /> DOCUMENTS RELATED THERETO <br /> - I , WHEREAS,the City Council (the"Council")has determined that it is necessary and <br /> iexpedient that Crty of Orono,Minnesota(the"City")finance the construction of a new fire hall <br /> � and acquisition of fire equipment(the"Project"),under a Lease Purchase Agreement dated as of <br /> kJuly 1, 2003 (the"Lease"),to be entered into between the City and the Orono Housing and � , <br /> Redevelopment Authority(the"Authority"); and <br /> • � '°`°�` � <br /> � `ta� WHEREAS,the Authority is to have a leasehold interest in the property upon which the <br /> Project is to be developed pursuant to a Ground Lease Agreement, dated as of July 1, 2003 (the <br /> 4 "Ground Lease"),between the City and the Authority; and <br /> � <br /> � WHEREAS, there has been presented to this Council an Official Statement relating to the <br /> offering of the Bonds,the Lease, the Ground Lease, and a Mortgage Trust Indenture, dated as of <br /> I July 1, 2003 (the"Indenture"),between the Authority and U.S. Bank National Association, as the <br /> � trustee thereunder. <br /> A' <br /> i NOW THEREFORE,BE IT RESOLVED by the City Council of the City of Orono, <br /> Minnesota, as follows: <br /> � <br /> Lini, 1. The Indenture and the financing of a portion of the costs of the Project by the � <br /> � issuance of the Bonds described therein are approved. The offer of Harris Trust& Savings Bank <br /> (the"Purchaser")to purchase the Bonds is hereby found and determined to be the best proposal <br /> received and acceptance of such offer by the Authority is approved. <br /> . 2. The Lease and the Ground Lease(the"City Documents") are hereby approved, <br /> � and the Mayor and the City Clerk or other appropriate officer are authorized to execute and <br /> i deliver the City Documents on behalf of the City, in substantially the forms on file,but with all <br /> such changes therein, not inconsistent with applicable law, as may be approved by the officials <br /> executing the same,which execution shall constitute conclusive evidence of the approval thereof. <br /> � �: <br /> � Page 1 of 2 <br /> � <br /> ; <br /> I <br />