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RESOLUTION N0,
<br />A RESOLUTION AWARDING THE SALE OF APPROXIMATELY
<br />$8,000,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN
<br />BONDS, SERIES 201OA;
<br />FIXING TZ IEIR FORM AND SPECIFICATIONS;
<br />DIRECTING THEIR EXECUTION AND DELIVERY;
<br />PROVIDING FOR TI~EIR PAYMENT; PROVIDING FOR THE
<br />ESCROWING AND INVESTMENT OF THE PROCEEDS THEREOF;
<br />AND PROVIDING FOR THE REDEMPTION OF
<br />BONDS REFUNDED THEREBY.
<br />BE IT RESOLVED By the City Council of the City of Elk River, Sherburne County,
<br />Minnesota the "City"} as follows:
<br />Section 1. Authorization to Issue Bonds; Issuan,ce,of-Bonds
<br />1.01. Authorization to Bonds. It is hereby determined that;
<br />~a} Tl~e Ells River Economic Development Authority, Minnesota the "Authority"}
<br />previously issued its Public Safety Building Lease Revenue Bonds, Series 2002A City of Ells
<br />River, Minnesota Lease Obligation}, dated September 1, 2002 the "Series 2002A Bonds"},
<br />pursuant to a Mortgage and Security Agreement and Trust Indenture, dated September 1, 20D2,
<br />between the Authority and U.S. Bank National Association, as trustee the "Series 2002A
<br />Trustee"} the "Series 20D2A Indenture"} and a resolution adopted by Authority on August 12,
<br />2002 the "Series 2DD2A Bond Resolution"}, The proceeds of the Series 2002A Bonds were
<br />used for construction and furnishing of a certain public safety facility the "Safety Facility"},
<br />The City currently leases the Safety Facility pursuant to a Lease Agreement, dated September 1,
<br />2002 the "Lease Agreement"}, between the Authority, as lessor, and the City, as lessee, The
<br />City has determined to terminate the Lease Agreement and purchase the Safety Facility from. the
<br />Authority by refunding the Series 2D02A Bonds, which are currently outstanding in the principal
<br />amount of $5,840,OD0
<br />fib} The Authority also previously issued its City Hall Expansion Revenue Bonds,
<br />Series 2002B City of Elk River Lease Purchase Obligation}, dated September 1, 2002 the
<br />"Series 2002B Bonds"}, pursuant to a Trust Indenture, dated November 1, 1991, as
<br />supplemented by a Supplement to Trust Indenture dated December 1, 1997, and further
<br />supplemented by a Supplement to Trust Indenture dated September 1, 2002, between the
<br />Authority and U.S. Bank National Association formerly First Trust National Association}, as
<br />trustee the "Series 2002E Trustee"} collectively the "Series 20D2B Indenture"} and a resolution
<br />adopted by Authority on August 12, 2002 the "Series 2002E Bond Resolution"}, The proceeds
<br />of the Series 2002B Bonds were used for the expansion of the City Hall, including related
<br />furnishings, equipment and site i~~provements the "City Hall Facility"}, The City currently
<br />3b5125v 1 J5~ EL! $S-! ! 2
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