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

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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 or special meeting of the City Council of the City of Elk River, Minnesota, was duly held in the Elk River City Hall on August 12, 2002, commencing at approximately ~ P.M., C.T. The following members of the Council were present: and the following were absent: During said meeting, moved its adoption: introduced the following resolution and RESOLUTION NO. 02- RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A SUPPLEMENT TO LEASE PURCHASE 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 certain lease agreements; WHEREAS, pursuant to a certain Trust Indenture, dated as of November 1, 1991 (as heretofore amended, the "Indenture"), the Elk River Economic Development Authority (the "Authority") issued its $2,740,000 City Hall Expansion Revenue Bonds (City of Elk River Lease Purchase Obligation), Series 199 I, dated November 1, 1991 (the "Series 1991 Bonds"); WHEREAS, pursuant to a certain Lease Purchase Agreement, dated as of November 1, 1991 (as heretofore amended, the "Lease"), which was executed and delivered in cormection with the issuance of the Series 1991 Bonds. the Authority leased to the City certain land and certain buildings constructed and located thereon (collectively, the "Project"), which the City now occupies and uses for City Hall and related public purposes, and the City agreed to pay to the Authority certain Basic Rent (as defined in the Lease); WHEREAS, in order to provide financing for a certain expansion of the Project, it is proposed that the Authority issue its City Hall Expansion Revenue Bonds, Series 2002B (City of Elk River Lease Purchase Obligation), dated as of September 1, 2002 (the "Bonds"); 1431832vl