4.0. EDSR 11-10-1997 - Laserfiche WebLink

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r -\ { Item#4. ey of EIK11 MEMORANDUM River TO: Economic Development Authority FROM: Lori Johnson,Asst. City Administrator/ Finance Director DATE: November 10, 1997 SUBJECT: Resolution Authorizing the Issuance of the EDA's City Hall and Law Enforcement Facility Revenue Refunding Bond, Series 1997 and Execution and Delivery of a Supplement to the Lease/Purchase Agreement and a Supplement to the Trust Indenture in Connection Therewith Bids for the previously approved refunding of the EDA's City Hall and Law Enforcement Facility Revenue Refunding Bonds will be received on Monday, November 10. Dave MacGillivray of Springsted will be present at Monday's meeting to present the results of the bond sale. At that time the EDA will be asked to approve the attached resolution which authorizes the issuance of the bonds. It also makes adjustments to the lease/purchase agreement and the trust indenture. The Council will be asked to approve a similar resolution at its meeting on November 17. Changes to the lease/purchase agreement between the EDA and the city relate to the changes required in the basic rent payment which will be reduced as a result of the savings from the refunding. Changes in the trust indenture are due in part to modifications of the reserve requirement and a need to reference the fact that these are book entry bonds. Neither of the supplements are attached; however, they are available for your review prior to the meeting. Action Requested The EDA is asked to approve the attached resolution Authorizing Issuance of the City's EDA City Hall and Law Enforcement Facility Revenue Refunding Bond, Series 1997, and the Execution and Delivery of a Supplement to Lease/Purchase Agreement and a Supplement to Trust Indenture in Connection Therewith. • 13065 Orono Parkway • P.O. Box 490• Elk River,MN 55330•TDD &Phone: (612)441-7420 •Fax: (612) 441-7425