HomeMy WebLinkAboutResolution 4987 Gc�. ; '
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� C ITY of ORONO
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� RESOLUTION OF THE CITY COUNCIL
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��`9kESi'i�g'�G NO. �� � � �
RESOLUTION APPROVING THE ISSUANCE AND SALE
BY THE ORONO HOUSING AND REDEVELOPMENT
AUTHORITY OF$2,500,000 OF ITS PUBLIC FACILITY
� LEASE REVENUE BONDS, SERIES 2003A(FIRE �
HALL/EQUIPMENT)AND AUTHORIZING THE
� EXECUTION AND DELIVERY OF A GROUND LEASE
AND A LEASE PURCHASE AGREEMENT AND CERTAIN
DOCUMENTS RELATED THERETO
- I , WHEREAS,the City Council (the"Council")has determined that it is necessary and
iexpedient that Crty of Orono,Minnesota(the"City")finance the construction of a new fire hall
� and acquisition of fire equipment(the"Project"),under a Lease Purchase Agreement dated as of
kJuly 1, 2003 (the"Lease"),to be entered into between the City and the Orono Housing and � ,
Redevelopment Authority(the"Authority"); and
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� `ta� WHEREAS,the Authority is to have a leasehold interest in the property upon which the
Project is to be developed pursuant to a Ground Lease Agreement, dated as of July 1, 2003 (the
4 "Ground Lease"),between the City and the Authority; and
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� WHEREAS, there has been presented to this Council an Official Statement relating to the
offering of the Bonds,the Lease, the Ground Lease, and a Mortgage Trust Indenture, dated as of
I July 1, 2003 (the"Indenture"),between the Authority and U.S. Bank National Association, as the
� trustee thereunder.
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i NOW THEREFORE,BE IT RESOLVED by the City Council of the City of Orono,
Minnesota, as follows:
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Lini, 1. The Indenture and the financing of a portion of the costs of the Project by the �
� issuance of the Bonds described therein are approved. The offer of Harris Trust& Savings Bank
(the"Purchaser")to purchase the Bonds 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 or other appropriate officer are authorized to execute and
i 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.
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- � � CITY of ORONO
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��� �G~' RESOLUTION OF THE CITY COUNCIL
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3. The City Clerk and City Administrator 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 copies and certificates
shall be deemed the representations of the City as to all matters stated therein.
. 4. The Mayor, the City Clerk and other City officials and staff are authorized and �
directed to take all other actions,to execute additional documents and certificates, and to do all
other things necessary to assure the expeditious completion of the construction of the Project and
the financing thereof as contemplated hereby, 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 the
City Clerk or City Administrator. 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 this 27th day of May, 2003. �
ATTEST: �
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Linda S. Vee, City Clerk Barbara A. Peterson, Mayor .
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