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Home My WebLink AboutHRA Resolution No. 2013-014 Redemption of Taxable Public Project Revenue Bonds Series 2009B • RESOLUTION NO. 2013-14 RESOLUTION RELATED TO TAXABLE PUBLIC PROJECT REVENUE BONDS, SERIES 200913; APPROVING THE REDEMPTION THEREOF BE IT RESOLVED by the Board of Commissioners of the Edina Housing and Redevelopment Authority (the "Authority"), as follows: Section 1. Recitals. The Authority has issued its $6,125,000 Taxable Public Project Revenue Bonds, Series 2009B (City of Edina Annual Appropriation Lease Obligations) (Build America Bonds—Direct Payment) dated, as originally issued, as of November 24, 2009 (the "Series 2009 Bonds"), to finance a portion of the construction of the portion of the public works facility (the"Public Works Facility") of the City of Edina(the"City")which is leased by the Authority to the City of Edina(the"City"),pursuant to a Lease Agreement, dated November 1, 2009 (the "Lease"),between the Authority, as lessor, and the City, as lessee. The City is issuing its General Obligation Bonds, Series 2013A(the "Series 2013 Bonds"), and upon the issuance of the Series 2013 Bonds will purchase the Public Works Facility from the Authority as provided in the Lease. The purchase price of the Public Works Facility received by the Authority will be applied to pay and redeem all Series 2009 Bonds maturing on and after February 1, 2014 on November 1, 2013 (the"Redemption Date"). The Series 2009 Bonds are subject to redemption since the United States of America failed to make a subsidy payment to which the Authority was • entitled with respect to interest payable on the Series 2009 Bonds on August 1, 2013, and such failure was not caused by any action or inaction of the Authority. Section 2. Payment and Redemption of Series 2009B Bonds. Upon receipt by the Authority of the purchase price of the Facilities from the City,the Authority shall deposit the purchase price of the Facilities with U.S. Bank National Association, as trustee for the Series 2009 Bonds to be used to pay and redeem the outstanding principal of the Series 2009 Bonds maturing on and after February 1, 2014 on the Redemption Date. The redemption of the Series 2009 Bonds maturing on and after February 1, 2014 on the Rede tion Date is hereby approved. ADOPTED by the Board of Commissioners of the Edi a sing and Redevelopment Authority this 17th day of September, 2013. is air Att Its e irector •