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• • RESOLUTION #3048 After some discussion, Councilmember Callahan introduced the following resolution and moved its adoption: RESOLUTION RELATING TO A PROJECT AND CERTAIN REVENUE BONDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ORONO; AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE -PURCHASE CONTRACT WHEREAS, the Housing and Redevelopment Authority in and for the City of Orono (the "Authority") proposes to undertake a project under the Housing and Redevelopment Act, Minnesota Statutes, Sections 469.001 through 469.047 (the "Act"), with respect to certain property located within the City comprising the property described on Exhibit A hereto (the "Project"), for the purpose of providing necessary public facilities, including, without limitation, a new city hall and facilities to house the police and public works departments of the City (the "Project"), and to lease and agree to sell the Project to the City pursuant to the terms and conditions of a Lease -Purchase Contract, dated as of December 1, 1991 (the "Lease"), between the Authority, as lessor, and the City, as lessee; and WHEREAS, the Authority has the power to lease and agree to sell the Project to City and enter into the Lease pursuant to Minnesota Statutes, Section 465.035 and Section 471.64, Subdivision 1 and City has the power to lease and agree to purchase the Project and enter into the Lease pursuant to Minnesota Statutes, Section 471.64, Subdivision 1 and Section 465.71; and WHEREAS, the Authority proposes to issue its Public Facilities Revenue Bonds, Series 1991, in the aggregate principal amount of $4,000,000 (the "Series 1991 Bonds"), pursuant to Minnesota Statutes, Section 469.034 and 469.035, and an Indenture of Trust, dated as of December 1, 1991 (the "Indenture"),between the Authority and American National Bank and Trust Company, in St. Paul, Minnesota; the Series 1991 Bonds are payable solely from payments to be made by the City pursuant to the Lease and from the net proceeds of any insurance claims or condemnation awards made with respect to the Project; and WHEREAS, the Authority has offered the Series 1991 Bonds for sale by means of an Official Statement, dated November 15, 1991 (the "Official Statement"); and WHEREAS, a form of the Lease and a form of the Official Statement have been presented to this Council and are hereby ordered to be placed on file in the office of the City Clerk.