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• THE ECONOMIC DEVELOPMENT AUTHORITY FOR <br /> THE CITY OF ELK RIVER <br /> RESOLUTION 91-3 <br /> A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE <br /> CITY OF ELK RIVER (THE AUTHORITY) AUTHORIZING THE ISSUANCE <br /> OF $2,740,000 CITY HALL AND LAW ENFORCEMENT FACILITY <br /> REVENUE BONDS (CITY OF ELK RIVER LEASE PURCHASE OBLIGATION) <br /> SERIES 1991 (THE BONDS) , WHICH BONDS AND THE INTEREST AND <br /> ANY PREMIUM THEREON SHALL BE PAYABLE SOLELY FROM THE <br /> REVENUES DERIVED FROM THE LEASE PURCHASE AGREEMENT; <br /> AWARDING THE SALE OF THE BONDS; PRESCRIBING THE FORM OF AND <br /> AUTHORIZING THE EXECUTION OF A TRUST INDENTURE; AUTHORIZING <br /> THE EXECUTION OF THE BONDS AND DIRECTING THE AUTHENTICATION <br /> AND DELIVERY THEREOF; PRESCRIBING THE FORMS OF AND <br /> AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE PURCHASE <br /> AGREEMENT BY AND BETWEEN THE CITY OF ELK RIVER, MINNESOTA <br /> (THE CITY) , AND THE AUTHORITY, AND A COMBINATION MORTGAGE, <br /> SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE <br /> FINANCING STATEMENT (THE MORTGAGE) TO FIRST TRUST NATIONAL <br /> ASSOCIATION (THE TRUSTEE) ; AUTHORIZING AND APPROVING THE <br /> FORM OF THE OFFICIAL STATEMENT; AND PROVIDING FOR THE <br /> SECURITY, RIGHTS, AND REMEDIES OF THE HOLDERS OF THE BONDS. <br /> • BE IT RESOLVED by the Board of Commissioners of the <br /> Authority (this Board) as follows: <br /> SECTION 1. <br /> FINDINGS <br /> 1. 1) Minnesota Statutes, Section 469 . 103, as amended (the <br /> Act) authorizes the Authority to issue revenue bonds to provide <br /> money to purchase or construct facilities and to purchase, <br /> construct, install, or furnish capital equipment to operate a <br /> facility for economic development of any kind within the City. <br /> 1.2) The Authority may secure the payment of the principal <br /> of and the interest on its revenue bonds by a pledge of and <br /> lien on Authority revenue, including revenue from a facility to <br /> be constructed with the proceeds of the revenue bonds. <br /> 1 .3) The Authdrity may promise to impose, maintain, and <br /> collect enough rentals, rates, and charges for the use and <br /> occupancy of a facility and for services furnished in <br /> connection with the use and occupancy of a facility, to pay its <br /> current expenses to operate and maintain the facility and to <br /> produce and deposit sufficient net revenue in a special fund to <br /> meet the interest and principal requirements of the revenue <br /> • bonds. <br /> 1. <br />