HomeMy WebLinkAbout11-143CITY OF LAKEVILLE
RESOLUTION
Date December 19, 2011 Resolution No. 11 -143
Motion By
Little
RESOLUTION AUTHORIZING PURCHASE OF A PROJECT
AND THE CALL OF CERTAIN PUBLIC FACILITY LEASE
REVENUE BONDS
Seconded By
LaBeau
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the
City), as follows:
Section 1. Pursuant to a Trust Indenture, dated as of April 15, 2002 (the
Indenture), between The Housing and Redevelopment Authority of Lakeville, Minnesota
(the Authority) and U.S. Bank National Association, as trustee (the Trustee), the
Authority has heretofore issued its Public Facility Lease Revenue Bonds, Series 2002A,
dated as of April 15, 2002, in the original principal amount of $2,535,000 (the Bonds), to
finance the acquisition and construction of a fire station and fire truck (the Building and
the Equipment) and to lease certain land, the Building and the Equipment (the Project) to
the City pursuant to a Lease Agreement, dated as of April 15, 2002, between the
Authority and the City.
Section 2. Under Section 11.4 of the Lease, the City is granted the option of
purchasing the Project, pursuant to the conditions set forth therein, and causing the Bonds
subject to prepayment on February 1, 2012 (the Redemption Date) to be redeemed as set
forth in Article III of the Indenture.
Section 3. This Council has determined it to be in the best interests of the
City to exercise its option to purchase the Project from the Authority and to cause the
Bonds maturing in the years 2013 through 2023, outstanding in the aggregate principal
amount of $1,665,000 (the Refunded Bonds), to be redeemed by the Trustee.
Section 4. This Council has determined that there exist sufficient funds
available to pay to the Trustee an amount equal to the Purchase Price (as defined in the
Lease) for the Project and hereby authorizes the giving of written notice to the Authority
and the Trustee of its intent to purchase the Project under Section 11.4(a) of the Lease
and to redeem the Refunded Bonds.
APPROVED AND ADOPTED this 19th day of December, 2011.
CITY OF LAKEVILLE, MINNESOTA
Mark Bellows, Mayor
ATTEST:
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Charlene Friedges, City lerk