4.0. EDSR 11-10-1997 - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE • BOARD OF COMMISSIONERS OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY Pursuant to due call and notice thereof, a regular or special meeting of the Board of Commissioners of the Elk River Economic Development Authority, located in the City of Elk River, Minnesota, was duly called and held at the Elk River City Hall on November 10, 1997, commencing at 6 :00 P.M. , C.T. The following Commissioners were present : and the following were absent : Commissioner introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING THE ISSUANCE OF THE EDA' S CITY HALL AND LAW ENFORCEMENT FACILITY REVENUE REFUNDING BONDS, SERIES 1997 (CITY OF ELK RIVER 411 LEASE PURCHASE OBLIGATION) AND THE EXECUTION AND DELIVERY OF A SUPPLEMENT TO LEASE PURCHASE AGREEMENT AND A SUPPLEMENT TO TRUST INDENTURE IN CONNECTION THEREWITH WHEREAS, pursuant to a certain Trust Indenture, dated as of November 1, 1991 (as amended and supplemented by the Inden- ture Supplement hereinafter described, the "Indenture") , the Authority issued its $2, 740, 000 City Hall and Law Enforcement Facility Revenue Bonds (City of Elk River Lease Purchase Obligation) , Series 1991, dated November 1, 1991 (the "Series 1991 Bonds") ; WHEREAS, pursuant to a certain Lease Purchase Agreement, dated as of November 1, 1991 (as amended and supple- mented by the Lease Supplement hereinafter described, the "Lease") , which was executed and delivered in connection 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 law enforcement purposes, and the City agreed to pay to the Authority certain Basic Rent (as defined in the Lease) ; 368962.1