ERMU RES 10-01R~
1
;y
~ .
~xtY'~c~ of ~j~utes of ~ .~~ett~g ~f ~~~
~oa~~~ ~~ ~arnmi~sia~ers of the C~~iliti~s ~~~issio~~
of tl~e ~i~ ~f ~li~ F~~v~r, N~~nnesat~, S~aarbu.~~~~ C~~zx~ty, i~~~~esa~~
~u~'s~~aa~ t~ ciue c~~1 ~~~~ ~~atice thax~ea~', a ~~~~~Iar ~n~~~iix~ of ~~ ~a~~~~ of ~orn~li~~ia~~~~~~ of
the C~ti~iti~s ~am~~issia~~ of the Gi~r of ~i~ I~.~r~z~, ~~S~t~, was ~ui~r k~ei~ i~ the ~it~ ~a11 in ~~~~
t~ of ~tl~ ve~F, an A~~•il ~~, ~~ 1 ~, ea~an~encl~~g a~~ ~~~ ~~~x ~:aa ~,~,
The i'ollowing Commissioners ~;vere presei2t; ~
~tnd the following were absent: ~
~~n~issio~~t• f ~ ~ i1~~~ad~~~~~ the f~iiowi~ ~~as~li~tiox~ ~nci ~no~veai ids
.. ~~
~, :
~~~~,~T~~N A~~C~w~,L~~~~ A~ ~~~S~~Tf~' T~
T~~ ~~~~I~~rN~r ~~' T~~ ~~T~ C~~ E~~ ~~'E~, ~~VI~~~~TA
~~ ~.~T~7`A~~ ~C]TSTA~~TN~~ ~~~~
~~'T~~ ~~~~~~~~ ~~~~I~~~~~~~ A~J'f~C~~~~'~
~~ T~ ~T~ t~~ ~~~ ~~~.,1~~~~~TA
~~ t~ ~~~~L'~~3 bar ~i~~ ]~a~t~d of ~omt~~is~~ana~Fs ~~~e "]~aar~l"~ of tk~e ~~1~ ~i~re~~ ~~i~i~i~~
~~nmissio~~ the "~a~~~ission"~ a~ fal~ows~
section ~ . ~ ~~~~,~~~~~~~; ~i~~ a r~;~s,
~,U~• Tha ~aanarnic ~e~rela~~ncnt Autha~~it~ of tea ~it~ ~f ~11~ ~ive~~, ~i~~nasata ~~h~
"~~A"} ~r~~r~~~sl~r i~~~~~ ~~~ ~~~~~~ ~fa~~r ~~~~~in~ ~~~s~ ~a~a~~~ hands, sr~e~
~002~. ~~~ty off' ~ii~ ~i~~x~ ~r~na~ata ~oaso ~~~~~atian~, da~oc~ ~p~embe~ ~f 2Q~~
3~i~92~ v~ JSB TEL 1 ~5• ~ 1
~~ho ``series '~O~~A ~Q~.ds'}}, pursua.ri~ to a ~or~gag~s and ~eouri~y A~~rae~naz~~ and
'~rus~ ~ndanturey dated ap~ernber ~, ~~0~, between the ~~A anr~ ~.~, ~a~~~
~a.~ional Assaeiatson, as ~r~s~aa ~~ha "Tr~stea"} ~~h~ "~~a~A ~ndex~ture"} and a
resolutiara adapted by th,e ~~A on A.u~ust ~.~, 2~~ ~~he f`ari~s .~~O~A fond
~e~olution"}, ~ha procoed~ ~~' the taxies ~o~~A ~a~ads were used fax oons~ruct~an
and furnxsh~x~g a~ a ce~'tai~a publl~ safety facaXi~y ~tla~ "afaty ~aci~it~"}. ~`ha pity
curxontly leases rho safety ~aclllty pur~u~~.~ ~Q ~ a Haase A~~een~en~, deed
epternber ~, ~0~~ ~~he "lease Agreement''}, between the ~~A, as Zessor, and the
~~ty, ~s lessee, the ~1~~ hay clstax~x~ed ~o tex~in~ta the ~easa Ag~xae~.e~t and
purchase ~~~e afe~y Facility from the ~~A by ra~u~~.i~g the series ~~~~~ ~ond~,
which are c~rrentl~ autstandxn~ ~.n the pxln:c~pal a~.aun~ of ~~,~~~,~D~~
,~.~~ ~'he ~~A also pre~iaus~y issued xts ~it~ ~-~~,~~ ~xpanslan ~e~enue
~ox~ds, series ZD~~~ ~i~~ of ~i~~ ~l~rax+ Lease pu~cchase ~bixat~on}, da~od
September Y, ~~~~ the "series ~~~~~ hands"}, purs~.lant to a 'rust Zradenture,
dated ~1o~rern~ber ~, ~.~9'l, as supple~~en~ed by a uppiaa~ent ~o ~'r~s~ ~nden~ure
dated T~ece~.bcr ~, ~~~'~, and fur~har suppiemente~. by a upple~en~ ~a ~`r~~s~
~nde~~ture dated ~apten~ber ~, ~~~~, between ~ha ~~]~. and ~~. ~ani~ ~atie~~al
Assoeia~ian ~~arme~}~~r ~'rs~ 'i'ru~~ ~a~zo~~a~ Assoc~n~~on}, a~ ~rustes ~~ha "~`rus~ee"}
~eoii~cti~rely the "~DO`~~ ~ndentura"} and a resolution adapted by the ~~A a~. ~u~`ust
~2, ~~~2 ~~he "exies ~aD~~ ~a~ad ~esoiu~ion"}, 'phe pxaceeds off' the ferias 2~~~~
fonds were used ~`or the expansion o~ the pity fall, inciudin~ rala~ed furnxshi~gsf
eq~~ipxnent and site im~ra~ernents the "pity ~aii facility's}. 'the ~i~y eurxa~tly
leases the City ~'a.ciiity pursuant to a lease Purchase Agreement, da-~ed ~o~rembor
~, ~~~~, as supplemented by a upp]e~~ent to Haase Purchase A~rae~a~.t datod
i]ece~ubar ~, ~.~9~, as further supple~nen~ed by a uppleza~ent to ~~ease .~u~~chase
Agreement dated ep~c~mbex ~, ~0~~ ~cal~ecti~rel~ the "~ea.so Purohase ~~~eemQ~~t"~,
between the ~i]A, as laser, and t~~a ~~.ty, a,~ laasee. ~~ae C.ity su~laases a portion of
the pity tali ~'acilit~ to the ~Q~nzaaisszcn. the ~i~y has dater~ninad ~o terrr~inate the
lease purchase Agreement and purchase the ~i~y fall ~aczlity fra~~ the ~~A by
refunding th$ ea~~.es ~~0~~3 fonds, which are currently autstandiaa~ in the principal
a~~.oun~ of ~~.,~7a,~a~~
~ ,Q~ ~l~I'Su~~~~ ~~ ~ i"~SO~Ut10~1 ~dQ~~~~(~ ~y ~~1~ pity ~~uX1~it 0~ ~~~~ ~~~~ ~]~ I1~at'Gh ~ ~,
~~~ 0, the pity his ~ctc~~r~incd to issue its ene~'aI ~l~iigatian Capital ~mp~'over~ae~x~ Riau. hands,
~c~'ics 20i0.~ ~~he "~~1~ds"~ in the a~g~'cgat~ principal a~Qu~t of ~7,~'~0,~~~, ~ncl use a po~'tian
of the pi'ocec~s of suci~ bc~n~s to fin~.nce ~hc acq~~isitian off' the ~~.~e~y facility a~~cl tlae ~it~r ~~~~
~acliit~ and i'cfu~ad the outstanding cries ~~42~ Bar~c~s and ~c~~ies ~DQ~~ ends issu~cl by tl~c
~~A,
~ect~o~~ ~, ,Acl~nay~l~~~~~e~at anc~ ~e~se~at, ~hc ~e~nn~issia~a hc~'cb~r acl~~.Qwledgcs and
consents to tl~e acquisition of the safety facility ~~~d the ~i~y ~~,~~ l~ agility anti the refut~cii~~g of
the ou~sta~di~ag ~e~~ies ~O~~A ~onc~s a~ad Scxies ~OO~I~ ~o~~s by the ~i~y. Thy Ca~r~~~~issian wail
cQntin~~e to lcas~s a po~~tia~x o~'ti~c ~i~y klaii ~~Gilit~r fi~ern the ~it~r,
3~~i~~3v~ JAB ~Ll$S•! I
Tian ~n~tia~ ~a~~ ~h~ ~c~~p~a~~ a~' the ~a~~a~a~t~~ ~~~soiu~io~~ eras c~u1~ s~co~a~iec~ b~ ~a~a~ba~~
and upon ~ro~~ ~~i~a~ ~~~~~ ~h~i~~oi~, tea ~a1~ti~~r~ va~e~ i~ ~a~r~i~ ~h~~~~n~,
~r~~ the ~pi~av~i~~ ~a~~t~ a~~i~~t~
~rh~~.~~u~~c~ said ~esalu~iar~ eras ~aalat~~c~ ~uiy pa~~e~ atad adQ~t~d,
3G~~~3v~ JS~ BLl85yI I
I 1
STATE OF MYNN~SOTA )
COI7NT'Y' O~ S~-T~RBURNE ) SS.
CITY OF ELK R~V~R
~, tlae u~.~.ex~~i~ned, he~~t~ the du~~ ~tt~lifie~ ~t~~cl ~tetit~,~ ~~e~•e~~~~ ~f ~~~ ~l~ ~~~rex~ ~Jt~~it~es
~o#ni~f s~iota, ~a hey*eb~ ect•~if~r that ~ ~~a~re ~a~•~fu~l~ ~a~pa~~ed the ~tt~el~~cl ~~a~ fo~•e~oi~~~ extxac~ of
~nin~~~s of ~ te~z~lai{ meeti~~~ ~f tl~e Board of Catr~.lsslo~e~F~ h~~~ azl ~.ia~~~l ~ ~, ~~ 1 ~, ~ri~h tf ~~
a~~i~ixa~i ~h~~•eof on ~ le i~ my ofd ce and the sane i~ ~ ~txl, t~~e ~n~ car~plete ~~~ansc~°il~t ~he~.•ef~~om
it~sofa~• a~ ~~a~ s~~x~~ ~'~l~~e~ ~a ~lte ae~~~la~v~ed~~~,~ a~~ ~at~sen~in,~ to the ae~uisi~io~ anal ~•ef~~.~tr~~ir~~
by ~Ix~ ~~~y Qft~e ~afet~ ~aca~~~~ ~~ac1 t~xe ~~~y ~~~~~ ~'acilit~•
'~I~~ m l~a~~c1 as ~ec~•etax aid tl~~s .~ ~a of A. aril ~~~~,
~ ~' Y 1
ee~~ei~t•~
Utilities ~o~ssian of tl~~
~it~ of ~ll~ X~'~rer, ~i~nesata