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EXTRACT OF MINUTES OF A MEETING <br />OF THE BOARD OF COMMISSIONERS OF THE <br />ECONOMIC DEVELOPMENT AUTHORITY OF THE <br />CITY OF RAMSEY, MINNESOTA <br />HELD: May 10, 2012 <br />Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners <br />of the Economic Development Authority of the City of Ramsey, Anoka County, Minnesota, was <br />duly held at the City Hall on May 10, 2012, at o'clock- .&M:., for the purpose, in part, of <br />authorizing termination of documents relating to a refunding. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION AUTHORIZING TERMINATION OF A LEASE AGREEMENT, GROUND <br />LEASE AGREEMENT AND AUTHORIZING EXECUTION OF AN ESCROW <br />AGREEMENT RELATING TO THE ISSUANCE BY THE CITY OF RAMSEY, <br />MINNESOTA, OF ITS $1 6,875,000 GENERAL OBLIGATION CAPITAL <br />IMPROVEMENT PLAN BONDS, SERIES 2012A <br />A. WHEREAS, the City of Ramsey, Minnesota (the "City") proposes to issue its <br />$16,875,000 General Obligation Capital Improvement Plan Bonds, Series 2012A (the "Bonds ") <br />to finance the acquisition of the existing city hall and public safety facilities located in the City <br />(the "Facilities ") from the Economic Development Authority of the City of Ramsey, Minnesota <br />(the "Authority"); and <br />B. WHEREAS, the proposed purchase price for the Facilities is an amount equal to <br />the outstanding principal of and interest on the Authority's $19,200,000 original principal <br />amount Public Project Lease Revenue Bonds, Series 2005A (City of Ramsey, Minnesota Lease <br />Obligation), dated June 1, 2005 (the "Prior Bonds ") issued pursuant to a Indenture of Trust <br />adopted by the Authority's Board of Commissioners on June 1, 2005 (the "Indenture "). <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS <br />OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF RAMSEY, <br />MINNESOTA, as follows: <br />1. Callable Prior Bonds. $14,585,000 aggregate principal amount of the Prior Bonds <br />which matures on and after December 15, 2015 is callable on December 15, 2014 (the "Callable <br />Prior Bonds "), the refunding of the Callable Prior Bonds is consistent with covenants made with <br />the holders of the Prior Bonds, and is necessary and desirable for the reduction of debt service <br />cost to the City. <br />2. Noncallable Prior Bonds. $2,455,000 aggregate principal amount of the Prior <br />Bonds which matures on December 15, 2012, through and including December 15, 2014 (the <br />4546551v1 <br />