HomeMy WebLinkAboutResolution 54021.�
CITY of ORONO
RESOLUTION OF THE CITY COUNCIL
NO. 5402
RESOLUTION APPROVING SALE
OFS1,900,000 PUBLIC PROJECT REVENUE BONDS, SERIES 2005 AND
AUTHORIZING THE EXECUTION AND DELIVERY OF LEASE AND
PURCHASE OPTION AGREEMENT AND
CERTAIN DOCUMENTS RELATED THERETO
WHEREAS, this Council has determined that it is necessary and expedient that the City
finance the acquisition of land for conservation and park purposes and demolition of the
buildings therein (the "Project") under a Lease and Purchase Option Agreement (the "Lease" y to
be entered into between the City and the Orono Housing and Redevelopment Authority (the
"Authority");
WHEREAS, the Authority is to have a leasehold interest in the land upon which the
Project is to be located pursuant to a Ground Lease between the City and the Authority (the
"Ground Lease");
WHEREAS, there has been presented to this Council an Official Statement relating to
the offering of the Bonds for sale, the Lease, the Ground Lease and a Trust Indenture between the
City and U.S. Bank National Association (the "Trust Indenture").
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Orono,
Minnesota, as follows:
1. The Mortgage Trust Indenture and the financing of the Project by the issuance of
the Bonds described therein are approved. The offer of (the "Underwriter")
to purchase the Bonds as hereinafter described is hereby found and determined to be the best
proposal received and acceptance of such offer by the Authority is approved.
2. The Lease and the Ground Lease (the "City Documents") are hereby approved,
and the Mayor and the City Clerk are authorized to execute and deliver the City Documents on
behalf of the City, in substantially the forms on file, but with all such changes therein, not
inconsistent with applicable law, as may be approved by the officials executing the same, which
execution shall constitute conclusive evidence of the approval thereof.
3. The City Administrator, City Cleric and Finance Director are authorized and
�'• ` directed to prepare and furnish to the purchaser and to the attorneys approving the Bonds
certified copies of all proceedings and records relating to the City Documents and to the right,
power and authority of the City and its officers to execute and deliver the same, and said certified
Page 1 of 2
CITY of ORONO
RESOLUTION OF THE CITY COUNCIL
NO. .5402
copies and certificates shall be deemed the representations of the City as to all matters stated
therein.
4. The Mayor, City Administrator and other City officials and staff are authorized
and directed to take all other actions and do all other things necessary to assure the expeditious
completion of the constriction of the Project and the financing thereof as contemplated hereby,
including without limitation execution of a grant agreement with the State of Minnesota and
other instruments relating to the financing of the purchase, and to pay all fees and expenses
incurred in connection with the transaction.
5. The Official Statement relating to the Bonds, on file with the City Clerk and
presented to this meeting, is hereby approved and the furnishing thereof to prospective
purchasers of the Bonds is hereby ratified and confirmed. The Continuing Disclosure Certificate
attached to the Official Statement is hereby approved and shall be executed by the Mayor and
City Clerk. The Continuing Disclosure Certificate constitutes a contractual obligation of the
City.
Adopted by the City Council of the City of Orono, Minnesota, at a regular
meeting held November 28, 2005.
ATTEST:
Lin a S. Vee, City Cleric
Barbara- •Mayor
Page 2 of 2