Agenda - Economic Development Authority - 11/23/1999

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Commissioner introduced the following resolution and moved its adoption: RESOLUTION//99-11- RESOLUTION AUTHORIZING THE ISSUANCE OF $1,665,000 PUBLIC FACILITY LEASE REVENUE BONDS, SERIES 1999A (CITY OF RAMSEY, MINNESOTA LEASE OBLIGATION) AND THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT, A GROUND LEASE AGREEMENT AND A MORTGAGE AND SECURITY AGREEMENT AND INDENTURE OF TRUST IN CONNECTION THEREWITH WHEREAS, Minnesota Statutes, Section 469.012, Subdivision 1, clause 15 (the "Act") authorizes the Economic Development Authority of the City of Ramsey, Minnesota (the "Authority") to issue revenue bonds, in anticipation of the collection of revenues of a project, to finance, in whole or in part, the cost of acquisition, construction, reconstruction, improvement, betterment or extension ora project; WHEREAS, the Authority proposes to finance the construction of a fire station in the City (the "Project"), an authorized project under the Act to be used by the City of Ramsey, ': Minnesota (the "City") and to provide funds for such purposes by the issuance of its revenue bonds pursuant to the Indenture, as hereinafter defined; WHEREAS, the bonds issued under the Indenture will be secured by a pledge and assigmnent of certain rights of the Authority under the Lease Agreement (as hereinafter defined); and of the revenues derived by the Authority from the Project and whereby the Authority grants to the Trustee (as hereinafter de£med) a mortgage interest in the Project with certain reservations, and said bonds and the interest thereon shall be payable solely from the revenue pledged therefor and the bonds shall not constitute a debt of the Authority within the meaning of any constitutional or statutory limitation nor shall they constitute nor give rise to a pecuniary liability of the Authority or a charge against its general credit or taxing powers and shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the Authority, other than its interest in said Project; and WHEREAS, in order to carry out the transaction, (1) the City will ground lease the Project to the Authority pursuant to a ground lease agreement executed by the City (the "Ground Lease Agreement"), and (2) the Authority will lease back the Project to the City pursuant to the Lease. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of the City of Ramsey, Minnesota: 1. Findings. That the Board of Commissioners acknowledges, finds, determines and declares that the Project will promote the welfare of the City and satisfies the purposes stated in the Act.