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(the "Series 2002A Bonds"), pursuant to a Mortgag~s and Security Agreement and
<br />Trust Indenture, dated September 1, 2002, between the EDA and U:S. Banle
<br />National Association, as trustee (the "TruaL'ee") (the "2002A Indentured and a
<br />resolution adopted by the FDA on August 12, 2002 (Cho "Series 2D02A ;Bond
<br />Resolution"). The proceeds of the ,Series 2002A .Bonds wexo used for construction
<br />and furnishing of a certain public safety facility (the "Safel:y Facility"). The City
<br />aurrently leases the Safety Facility puraugnt to a Loaso Agreement, dated
<br />September 1, 2002 (the ".Lease Agreement"), between the EDA, as lessor, and tl7e
<br />City, as lessee. Ths City has determined to terminate the :cease Agreement and
<br />purchase the Safety :['acility front 6he FDA by refunding the Series 2002A 12onds,
<br />which axe currently outstanding in the principal amount of $5,540,000,
<br />1.02 The EDA also previously issued its City hall Expansion Revenue
<br />Bonds, Seriss 20028 (City of Ells River Lease Purchase Obligation), dated
<br />Septembor 7, 2002 (the "Series 20028 Bonds, pursuant to a Trust Indenture,
<br />dated November 1, 1997., as supplemented by a Supplement to Trust Indenture
<br />dated December 1, 1997, and. further supplemented by a Supplement to Tr.~ust
<br />Indenture dated September 1,L002, between the EDA and U.S. Banlc National
<br />Association (formerly 1~irst Trust National Association), as trustee (the "Trustee"}
<br />(oollentively the "20028 Indenture") and a resolution adopted by the EDA on AugusU
<br />1`L, 2002 (bhe "Series 2002B Bond Resolution'). The proceeds of the Series 2002B
<br />Gonda were used for the expansion of the City Hall, including related furnishings,
<br />equipment and situ improvements (the "City Hall Facility"). The City currently
<br />lassos the City 1~'acility pursuant to a Lease Purchase Agreement, dated November
<br />1, 1991, as supplemented by a Supplement to Lease Purchase Agreement dated
<br />Dscembor 7, 1997, as further supplemented by a Supplement to Lease Purchase
<br />Agreement dated Septembor 1, 200'2 (collectively the "Loaso Purchase Agreement"),
<br />between the h;DA, as lessor, and the City, as lessee. The; City subleases a portion of
<br />the City Hall Facility to the Commission. The City has determined to terminate the
<br />Lease Purchase Agreement and purchase the City Ball Pacilil;y from the EDA by
<br />refunding the Suries 2002B Bonds, which are currently outstanding in the principal
<br />amount of $7,270,OOD.
<br />1.03 Pursuant to a resolution adopted by the City Couuai] of the City en March 75,
<br />2010, the City has determined to issue its (7eneral OUligation Capital Improvement Plan Eonds,
<br />Series 2010A (the "Bonds•'") in the aggregate principal amount of $7,370,000, and use a portion
<br />of the proceeds of such bonds to finance the acquisition of the Safety Facility and the City Hall
<br />Facility and refund the outstanding Series 2002A IIonds and Series 20025 Bonds issued by the
<br />l?DA,
<br />Section 2. Aclmowlodgement and Consent, The Ccunmission hereby acknowledges urd
<br />consents to Cho acquisition of the Safety Faeiiity and the City Hall Facility and the refunding cf
<br />the outstanding Series 2002A Bonds and Series 2002.B Bonds by tike City. The Commission wi(1
<br />coJttinuc to lattscs at porUOn of the City Hall Facility from the City,
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