5.2. A & B SR 08-12-2002 - Laserfiche WebLink

Home Browse Search

EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk River, Minnesota was duly called and held at the City Hall on August 12, 2002, commencing at approximately __ o'clock P.M. The following Councilmembers were present: and the folldwing were absent: Councilmember adoption: introduced the following resolution and moved its RESOLUTION NO. 02- RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT AND CONTINUING DISCLOSURE UNDERTAKING WHEREAS, the City of Elk River, Minnesota (the "City"), is authorized, pursuant to Minnesota Statutes, Section 465.71, to enter into lease purchase agreements; WHEREAS, the Elk River Economic Development Authority, a body corporate and politic (the "Authority"), has agreed to enter into a certain Lease Agreement (the "Lease") with the City pursuant to which the City and the Authority will provide for construction ora public safety facility (the "Project") to be used by the City; WHEREAS~ in order to carry out the transaction, the Authority will lease the Project to the City pursuant to the Lease; WHEREAS, the Authority will issue certain of its revenue bonds (the "Bonds) to provide funds to finance the Project pursuant to a Mortgage and Security Agreement and Indenture of Trust, dated as of September 1, 2002 (the "Indenture"), between the Authority and U.S. Bank National Association, as mortgagee and Trustee, setting forth the form and details of the Bonds and their issuance, pledging the rental payments derived from the Lease to the payment of the Bonds and granting to the Trustee a mortgage interest in the Project, with certain reservations, as security for the Bonds; and 1431807vt