HomeMy WebLinkAboutHRA Resolution No. 2010-004 Public Project Revenue Bonds, Series 2002 Redemption w91A__
o� @ RESOLUTION NO. 2010-4
H RESOLUTION RELATED TO PUBLIC PROJECT REVENUE BONDS, SERIES
• �o, 2002; APPROVING THE REDEMPTION THEREOF AND THE EXECUTION OF
AN ESCROW AGREEMENT WITH RESPECT THERETO
City of Edina
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 $12,410,000 Public Project Revenue
Bonds, Series 2002 (City of Edina Annual Appropriation Lease Obligations) dated, as originally
issued, as of January 16, 2002 (the "Series 2002 Bonds"), to finance the construction of the city
hall and public safety facilities (the "Facilities") which are leased by the Authority to the City of
Edina (the "City"), pursuant to a Lease Agreement, dated January 1, 2002 (the "Lease"),
between the Authority, as lessor, and the City, as lessee. The City is issuing its General
Obligation Capital Improvement Plan Bonds, Series 2010A (the "Series 2010Bonds"), and upon
the issuance of the Series 2010A Bonds will purchase the Facilities from the Authority as
provided in the Lease. The purchase price of the Facilities received by the Authority will be
applied to pay all principal and interest due on the Series 2002 Bonds to and including February
1, 2012 (the "Redemption Date"), and to pay and redeem all Series 2002 Bonds maturing after
February 1, 2012 on the Redemption Date.
Section 2. Payment and Redemption of Series 2002 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 in accordance with the Escrow Agreement, dated as of
November 18, 2010 (the "Escrow Agreement"), between the City, the Authority and U.S. Bank
National Association, as escrow agent (the "Escrow Agent"). The funds deposited shall be
invested in securities authorized for such purpose by Minnesota Statutes, Section 475.67,
subdivision 8, maturing on such dates and bearing interest at such rates as are required to
provide funds sufficient, with cash retained in the escrow account, to pay all principal and
interest to become due on the Series 2002 Bonds to and including th Redemption Date and to
pay and redeem the outstanding principal of the Series 2002 Bonds maturing after February 1,
2012 on the Redemption Date. The redemption of the Series 2002 Ponds maturing after
February 1, 2012 on the Redemption Date is hereby approved. T� Chair and Secretary are
hereby authorized to enter into the Escrow Agreement with the City and the Escrow Agent.
ADOPTED by the Board of Commissioners of the Edina Housin e0evelopment Authority
this 1St day of November, 2010.
- Its Chair
Attest:
&Irz�
Its Executive Director
City Hall 952-927-8861
4801 WEST 50TH STREET FAX 952-826-0390
EDINA,MINNESOTA,55424-1394 www.cityofedina.com TTY 952-826-0379