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, i .. " ~.' RESOLUTION NO.02-041 "I RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A GROUND LEASE AND A LEASE-PURCHASE AGREEMENT, AND APPROVING AND AUTHORIZING ISSUANCE OF LEASE REVENUE BONDS AND EXECUTION OF RELATED DOCUMENTS BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota, as follows: Section 1. Recitals. 1.01. The City is authorized by Minnesota Statutes, Section 465.71, as amended, to acquire real and personal property under lease-purchase agreements. 1.02. The City has agreed with the New Brighton Economic Development Authority (the "Authority") that pursuant to a Ground Lease dated as of May 1, 2002 (the "Ground Lease"), the AuthQ~ty will acquire certain property from the City, and the Authority will lease such property, together with the buildings, structures or improvements now or hereafter located thereon, to the City pursuapt to a Lease-Purchase Agreement dated as of May 1, 2002 (the "Lease"). 1.03. Pursuant to a Trust Indenture dated as of May 1,2002 (the "Indenture") between the Authqr,ity and Wells Fargo Bank Minnesota, National Association, as trustee (the "Trustee"), the Authority will issue its Public Facility Lease Revenue Bonds, Series 2002A (public Safety Facility) (the "Series 2002A Bonds") in an aggregate principal amount of $10,590,000. 1.04. Under the Indenture, proceeds of the Series 2002A Bonds will be used to establish a Debt ~ervice Reserve Fund to secure the Series 2002A Bonds and to pay costs of acquisition, construction and equipping of the Facilities described in the Lease, pursuant to a Disbursing Agreement dated as of May 1,2002 (the "Disbursing Agreement"), among the Authority, the City, the Trustee and Commonwealth Land Title Insurance Company. 1.05. Pursuant to an Assignment and Security Agreement dated as of May 1, 2002 (the "Assigtunent"), the Authority will assign to the Trustee all of the Authority's right, title and interest in and Ito the'Ground Lease, the Lease and the Lease Payments to be made by the City thereunder (other than certain rights to indenmification and payment of expenses) as security for the Series 2002A;Bonds. 1.06. Forms of the Ground Lease, the Lease, the Indenture, the Disbursing Agreement, the Assignment, the Official Statement for the Series 2002A Bonds and a Continuing Disclosure Certificate of the City dated as of May 1, 2002, have been prepared and submitted to this Council and are on file with the City. , Section 2. Findings. On the basis of information given the City to date, it is hereby found, determined and declared that: SJB-211J06vl NE136-175