HomeMy WebLinkAboutResolution - 90-202 - Relating to Eden Glen Apartments HRB - 08/07/1990 Resolution No. 90---C� O r�-
A RESOLUTION OF THE CITY OP EDEN PRAIRIE, HENNEPIN COUNTY,
MINNESOTA, AUTHORIZING THE ISSUANCE OF $2,715,000 AGGREGATE
PRINCIPAL AMOUNT CITY OF EDEN PRAIRIE, MINNESOTA,
• .MULTIFAMILY HOUSING REVENUE REFUNDING BONDS (EDEN
INVESTMENTS PARTNERSHIP PROJECT-FHA INSURED MORTGAGE LOAN)
SERIES 1990
BE IT RESOLVED by the City Council of the City of Eden
Prairie (the City) , as follows;
Section 1. Findingg. It is hereby found and declared
that;
1. 1) On July 17, 1990, the City authorized the issuance of
its Multifamily Housing Revenue Refunding Bonds (Eden
Investments Partnership Project-FHA Insured Mortgage Loan)
Series 1990 (the Bands) in the aggregate principal amount not
to exceed Two Million Seven. Hundred Thousand Dollars
($2,700,000) .
1.2) it is proposed that the City increase the authorized
aggregate principal amount of the Bonds to Two Million Seven
Hundred Fifteen Thousand Dollars ($2,715,000) , to provIde,
additional monies for the reserve funds pledged as additional
security for repayment of the Bonds.
1.3) It is further proposed that the Amendment to
Declaration of Restrictive Covenants attached hereto (the
Amendment) be executed by the City in connection with the
issuance of the Bonds.
Section 2. Autho_rfmation for 'Isa�aanc!e and Sale of Bonds
and .Exagiltion of D=uments
2.1) Authorizat1pn fog Tssuance_ and $Ale of Bonds - por
the purpose of financing a portion of the cost of refunding the
City's $2,730,000 Housing Development Revenue Note (Eden
Investments Partnership Project S Series 1984 and funding
certain reserve funds as additional security for repayment of
the Bonds, there is hereby authorized the issuance of the Two
Million Seven Hundred Fifteen Thousand Dollar ($2,715,000)
aggregate principal amount City of Eden Prairie, Minnesota,
Multifamily Housing Revenue Refunding Bonds (Bden Investments
Partnership Project-FHA Insured Mortgage Loan) Series 1990.
All references to the amount of Bonds authorized in the City's
July 17, 1990, Resolution are hereby increased to Two Million
Seven Hundred rift-een Thousand Dollars ($2,71.5,000) .
2 .2) The City hereby authorizes
execution of the Amendment in substantially the form attached
hereto, but with such variations, omissions, and insertions as
2 .
may be approved by the officers executing the lamer which
approval shall be conclusively evidenced by such execution.
2 .3) AffjrmatjQn - In all other respects, the City affirms
and ratifies its Resolution dated July 17, 1990, entitled: A
• RESOLUTTON OF THE CITY OF EDEN PRAIRIE, HENNEPIN COUNTY,
MINNESOTA, AUTHORIZING THE ISSUANCE OF $2,715,000 AGGREGATE
PRINCIPAL AMOUN`I CITY OF EDEN PRAIRIE, MINNESOTA, MULTIFAMILY
HOUSING REVENUE REFUNDING BONDS (EDEN INVESTMENTS PARTNERSHIP
PROJECT - FHA INSURED MORTGAGE LOAN) SERIES 1990 AND APPROVING
THE FORM THEREOF AND AUTHORIZING THE EXECUTION OF NECESSARY
DOCUMENTS RELATING THERETO.
2 .4) Dffective pate of Resolution - This Resolution shall
be in full force and effect from and after its passage.
Adopted by the City Council. on .August 7, 1990.
[SEAL]
Mayor
ATTEST:
lark
SRO:IP4s 3.