Laserfiche WebLink
Resolution #05-05-145 <br /> <br /> EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIl, OF THE CITY OF RAMSEY, MINNESOTA <br /> <br />HELD: May 24, 2005 <br /> <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Ramsey, Minnesota was duly called and held at the City Hall on May 24, 2005 at 7:00 o'clock <br />P.M. <br /> <br /> The following members were present: <br /> <br />Councilmembers: Cook, Elvig, Jeffrey, Olson, Pearson, and Strommen <br />and the following were absent: <br /> <br />Mayor Gamec <br /> <br /> Member Cook introduced the following resolution and moved its adoption: <br /> <br /> RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A <br /> GROUND LEASE AGREEMENT, LEASE AGREEMENT AND <br /> CONTINUING DISCLOSURE UNDERTAKING <br /> <br /> WHEPdgAS, the City of Ramsey, Minnesota (the "City"), is authorized, pursuant to <br />Minnesota Statutes, Section 465.71, to enter into lease agreements; <br /> <br /> WHEREAS, the Economic Development Authority of the City of Ramsey, Minnesota, a <br />body corporate and politic (the "Authority") has agreed to enter into a Lease Agreement (the <br />"Lease") with the City pursuant to which the Authority will provide for the acquisition, <br />construction and equipping of a municipal center consisting of a city hall, administration, police <br />and related parking (the "Project") to be used by the City; <br /> <br /> WHEREAS, in order to carry out the transaction, (1) the City will Ground Lease the <br />Project to the Authority pursuant to a Ground Lease Agreement executed by the City, dated as of <br />June 1,2005 (the "Ground Lease"), and (2) the Authority will lease the Project back to the City <br />pursuant to the Lease Agreement dated as of June I, 2005, between the Authority and the City <br />(the "Lease"); <br /> <br /> WHEREAS, the Authority will issue its $19,200,000 Public Project Lease Revenue <br />Bonds, Series 2005A (City of Rarnsey, Minnesota Lease Obligation) (the "Bonds") to provide <br />funds to finance the Project pursuant to an Indenture of Trust dated as of June 1, 2005 (the <br />"Indenture") between the Authority and U.S. Bank National Association, as Trustee, setting forth <br />the form and details of the Bonds and their issuance and pledging the rental payments derived <br />from the Lease to the payment of the Bonds; <br /> <br /> WItEREAS, the City is an obligated person under the provisions of Rule 15c2-12 (the <br />"Rule") promulgated by the Securities and Exchange Commission pursuant to the Securities and <br />Exchange Act of 1934, as amended, and is therefore subject to continuing disclosure <br />requirements under the Rule and accordingly, the City will enter into a Continuing Disclosure <br />Undertaking (the "Continuing Disclosure Undertaking"); <br /> <br />1763924vl <br /> <br /> <br />