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• <br /> Commissioner Swenson introduced the following resolution and moved its adoption, <br /> which motion was seconded by Commissioner Sprague: <br /> RESOLUTION RELATING TO PUBLIC PROJECT REVENUE <br /> BONDS, SERIES 2014 (CITY OF EDINA ANNUAL <br /> APPROPRIATION LEASE OBLIGATIONS); AUTHORIZING <br /> THE ISSUANCE,AWARDING SALE, PRESCRIBING THE <br /> FORM AND DETAILS AND PROVIDING FOR THE <br /> PAYMENT THEREOF <br /> BE IT RESOLVED by the Board of Commissioners of the Edina Housing and <br /> Redevelopment Authority (the "Authority"), as follows: <br /> Section 1. AUTHORIZATION AND SALE. <br /> 1.01. Authorization. The City of Edina,Minnesota(the "City") desires to provide <br /> adequate City Hall and public safety facilities and has determined that the most efficient way to <br /> do so is to lease-purchase the facilities pursuant to the authority granted by Minnesota Statutes, <br /> Section 471.65. Acting pursuant to the provisions of Minnesota Statutes, Section 469.012, <br /> subdivision 1(7),the Authority has the power to acquire real property,by lease or otherwise, and <br /> construct the proposed facilities for lease to the City. Pursuant to Minnesota Statutes, Section <br /> 469.033, and Chapter 475,the Authority further has the power to issue revenue bonds to provide <br /> • the funds necessary for the acquisition, construction, remodeling, renovation and furnishing of <br /> the facilities. Pursuant to the foregoing authority,the Authority proposes to undertake the <br /> acquisition, construction and furnishing of additional recreational facilities of the City consisting <br /> of a sports dome, outdoor refrigerated ice rink and improvements to Braemar Arena and Pamela <br /> Park(herein the"Facilities") and to finance the cost thereof by the issuance of its Public Project <br /> Revenue Bonds, Series 2014 (City of Edina Annual Appropriation Lease Obligations) (the <br /> "Bonds") under this Resolution and a Trust Indenture,to be dated as of July 1,2014 (the <br /> "Indenture"), between the City and U.S. Bank National Association, in St. Paul, Minnesota, as <br /> trustee (the"Trustee"). The Facilities will be located on land which will be ground leased by the <br /> City to the Authority pursuant to a Ground Lease,to be dated as of July 1, 2014 (the"Ground <br /> Lease"). The Authority proposes to lease the Facilities subject to the Ground Lease to the City <br /> pursuant to a Lease Agreement,to be dated as of July 1, 2014 (the "Lease"),between the <br /> Authority, as lessor, and the City, as lessee. All bonds issued under this Resolution and the <br /> Indenture will be secured solely by rental payments to be made by the City pursuant to the Lease, <br /> and funds held by the Trustee under the Indenture, and said bonds and the interest on said bonds <br /> shall be payable solely from the revenue pledged therefor under the Indenture and no such bonds <br /> shall constitute a debt of the Authority or the City within the meaning of any constitutional or <br /> statutory limitation nor shall constitute nor give rise to a pecuniary liability of the Authority or <br /> City or a charge against their general credit or taxing powers and shall not constitute a charge, <br /> lien, or encumbrance, legal or equitable,upon any property of the Authority or City, other than <br /> the revenues pledged to the payment of the bonds under the Indenture. <br /> • <br />