HomeMy WebLinkAboutResolution - 89-244 - Supplement Resolution - McGlynn Refinancing - 11/07/1989 _ RESOLUTION SUPPLEMENTING
RESOLUTION PROVIDING FOR THE
ISSUANCE AND SALE OF INDUSTRIAL
DEVELOPMENT REFUNDING REVENUE BONDS
WHEREAS, by Resolution adopted October 17, 1989 (the
"Bond Resolution" ) , this Council authorized the issuance and
sale of $2 , 050 , 000 City of Eden Prairie Industrial Development
Refunding Revenue Bonds (McGlynn Bakeries , Inc . Project) ,
Series 1989 (the "Bonds " ) , the proceeds of which are to be
loaned to Burton J . McGlynn, an individual doing business as
B . J .M . Properties ( the "Borrower " ) , to refund the $2 , 050 , 000
City of Eden Prairie Industrial Development Revenue Bonds
(McGlynn Bakeries , Inc . Project) , Series 1984 ( the "Series 1984
Bonds " ) and thereby to refinance a project ( the "Project" )
generally described as the acquisition, construction and equip-
ping of an approximately 38 , 000 square foot addition to an
existing manufacturing facility at 7752 Vitchell Road in the
City, which is owned by the Borrower and leased to McGlynn
Bakeries , Inc . ; and
WHEREAS, by the Bond Resolution , this Council estab-
lished the terms of the Bonds , authorized the execution and
delivery of the Bonds and certain other documents relating to
the Bonds and the loan of the proceeds tkereof to the Borrower ,
and authorized the redemption of the Series 1984 Bonds on
December 1 , 1989 ; and
WHEREAS, Section 1313 ( a) (3) (A) of the Tax Reform Act
OL 1986 regUlr@5 L1dL d public hearing
cariiy �uc h-c al and public
approval given pursuant to Section 147 (f ) of the Internal Reve-
nue Code of 1986 if the maturity date of a refunding bond des-
cribed in Section 1313 ( a) is later than the maturity date of
the refunded bond, and the form of Indenture described and
approved in the Bond Resolution provides that the maturity date
of the Bonds shall be December 1 , 1994 ( the maturity date of
the Series 1984 bonds ) , unless the City Council approves a
maturity of December 1 , 2009 after public hearing duly called
and held; and
WHEREAS, on November, 7, 1989 , this Council held a
public hearing on the Project and the proposal to refinance the
Project by the issuance of the Bonds with a maturity later than
the maturity of the Series 1984 Bonds ;
NOW, THEREFORE , BE IT RESOLVED by the City Council of
the City of Eden Prairie , Minnesota as follows :
1 . The Project , as described above , and the refi-
nancing thereof by the issuance of the Bonds with a maturity
date later than the maturity date of the Series 1984 Bonds are
hereby approved for purposes of Section 147( f) of the Internal
Revenue Code of 1986 and Section 1313 ( a) (3 ) (A) of the Tax
Reform Act of 1986 .
2 . The maturity of the Bonds shall be December 1 ,
2009 and the purchase dates and provisions for purchase of the
Bonds set forth in the Indenture shall apply to the Bonds .
3 . Except as expressly modified or amended hereby,
the Bond Resolution is hereby ratified and confirmed and
remains in full force and effect .
1902d
Gw y D.,-Peterson, Mavor.
Attest:
Seal
a ,T n . Frane, City Clerk
I