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RESOLUTION 04-003 <br /> RESOLUTION RELATING TO LEASE-PURCHASE AGREEMENT <br /> CITY OF PEQUOT LAKES <br /> CROW WING COUNTY, MINNESOTA <br /> A RESOLUTION AUTHORIZING LEASE PURCHASE <br /> FINANCING OF PROJECT FOR THE CITY AND <br /> ENTERING INTO LEASE WITH <br /> LESSOR CORPORATION <br /> WHEREAS, Minnesota Statutes, Section 465.71, authorizes a public corporation <br /> to lease real or personal property with an option to purchase under a lease purchase <br /> agreement; and <br /> WHEREAS, the City of Pequot Lakes proposes to secure lease purchase financing <br /> of a certain building for the City in an aggregate principal amount not to exceed <br /> $1,100,000; and <br /> WHEREAS, a form of a Lease-Purchase Agreement (the "Lease") between the <br /> City and American National Bank of Minnesota ("Lessor") and other financing <br /> documents for said transaction (the "Lease Purchase Financing Documents") are on file <br /> with the City; and <br /> WHEREAS, it is proposed that Lessor will serve as the lessor corporation under <br /> the Lease Purchase Financing Documents. <br /> NOW, THEREFORE, BE IT RESOLVED, <br /> 1. The Council of the City of Pequot Lakes hereby approves the Lease <br /> Purchase Financing Documents in substantially the form submitted, subject to change as <br /> hereinafter provided, and accepts on behalf of the City the proposal of Lessor to serve as <br /> lessor corporation in the transaction, deemed most favorable to the City and to execute on <br /> behalf of the City the Lease Purchase Financing Documents; and <br /> 2. In the event of the disability or resignation or other absence of the Mayor <br /> or the Clerk of the City of Pequot Lakes, such other officers of the City who may act on <br /> their behalf shall, without further act or authorization of the Council, do all things and <br /> execute all instruments and documents required under the Lease Purchase Financing <br /> Documents to be done or to be executed by such absent or disabled officials; and that <br /> execution of the Lease Purchase Financing Documents may include such modifications <br /> thereof, deletions therefrom and additions thereto as may be necessary or appropriate and <br /> approved by Briggs and Morgan, Professional Association, acting as Bond Counsel, prior <br /> �-' to the execution of the documents and that execution of any instrument by the appropriate <br />