Laserfiche WebLink
WHEREAS, the City and Authority desire to reduce debt <br /> service costs under the Series 1991 Bonds by the Authority issu- <br /> ing its City Hall and Law Enforcement Facility Revenue Refunding <br /> Bonds, Series 1997 (City of Elk River Lease Purchase Obligation) , <br /> dated December 1, 1997 (the "Bonds") , proceeds of which will be <br /> used on February 1, 2000, pursuant to the Escrow Agreement here- <br /> inafter defined to effect a crossover refunding of the Series <br /> 1991 Bonds; <br /> WHEREAS, in order to issue the Bonds in accordance with <br /> the provisions of the Indenture, it is necessary to execute cer- <br /> tain supplements to the Indenture and the Lease, more specific- <br /> ally, a certain Supplement to Lease Purchase Agreement, dated as <br /> of December 1, 1997 (the "Lease Supplement") , between the City <br /> and the Authority, and a certain Supplement to Trust Indenture, <br /> dated as of December 1, 1997 (the "Indenture Supplement") , <br /> between the Authority and the Trustee under the Indenture; and <br /> WHEREAS, there has been presented to the Authority the <br /> form of a certain Escrow Agreement, dated as of December 1, 1997 <br /> (the "Escrow Agreement") , which is to be executed and delivered <br /> by and between the Authority and the Escrow Agent thereunder in <br /> connection with the issuance of the Bonds and which provides for <br /> the deposit and investment of the proceeds of the Bonds within <br /> the Escrow Account thereunder for subsequent disbursement by the <br /> Escrow Agent to pay the interest due on the Bonds on or before <br /> February 1, 2000, and to pay the principal of the 2001 through <br /> 410 2011 maturities of the Series 1991 Bonds to be optionally prepaid <br /> on said date: <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of <br /> Commissioners of the Elk River Economic Development Authority <br /> (the "Authority") as follows : <br /> 1 . Findings . The Authority acknowledges, finds, <br /> determines and declares that the Project and its refinancing will <br /> promote the welfare of the City and satisfies the purposes stated <br /> in the Act (as defined in the Indenture) . <br /> 2 . Authorization of Financing. Pursuant to the Lease <br /> Supplement and the Indenture Supplement, and pursuant to the <br /> Lease and the Indenture, as respectively amended and supplemented <br /> thereby, the refinancing by the Authority of the acquisition, <br /> construction and installation of the Project and the issuance of <br /> the Bonds are hereby authorized and approved. <br /> 3 . Acceptance of Purchase. The offer of <br /> (the "Purchaser") , to purchase the <br /> Authority' s $ City Hall and Law Enforcement <br /> Facility Revenue Refunding Bonds, Series 1997 (City of Elk River <br /> Lease Purchase Obligation) , dated as of December 1, 1997 (the <br /> "Bonds" , or individually a "Bond") , in accordance with the terms <br /> 410 and at the rates of interest set forth in the Indenture, and to <br /> 368962.1 2 <br />