HomeMy WebLinkAboutResolution - 90-252 - Preliminary Approval - Refunding Eden Commons Multi-Family Bonds - 10/02/1990 • Member introduced the following resolution and moved
its adoption:
RESOLUTION NO. e-,2 3 g
RESOLUTION GIVING PRELIMINARY APPROVAL TO
THE ISSUANCE OF REFUNDING REVENUE BONDS
PURSUANT TO CHAPTER 462C, MINNESOTA
STATUTES
BE IT RESOLVED by the City Council of the City of Eden Prairie,
Minnesota (the City), as follows:
Section 1. Recitals.
1.01. By the provisions of Minnesota Statutes, Chapter 462C, as
amended (the Act), the City has issued its Multifamily Housing Revenue Bonds
(Eden Commons Limited Partnership Project), Series 1985 (the 1985 Bonds), to
finance a portion of the cost of the Eden Commons Apartments, a 196-unit
multifamily rental housing facility located at 11605 Wilder Drive in the City (the
Project).
. 1.02. The City has received a proposal from Eden Commons LaNel
Limited Partnership, a Minnesota limited partnership (the Partnership), that the
City issue and sell refunding bonds under the Act (the Refunding Bonds) to refund
in whole or in part the 1985 Bonds. Following the issuance of the Refunding Bonds,
the Partnership will be the owner of the Project.
1.03. A public hearing was held at 7:30 p.m. on October 2, 1990 on the
proposal that the City issue the Refunding Bonds to refund the 1985 Bonds.
Section 2. Approvals.
2.01. Preliminary approval is hereby given to the issuance of the
Refunding Bonds to refund the 1985 Bonds. The principal of, premium, if any, and
interest on each Refunding Bond, when, as and if issued, shall be payable solely
from the revenues of the Project and the property pledged to the payment thereof
and shall not constitute a debt of the City. The City Attorney and other officers of
the City are authorized in cooperation with Dorsey & Whitney, as bond counsel, to
initiate preparation of such documents as may be appropriate to the issuance of the
Refunding Bonds setting forth the detailed terms of the Refunding Bonds, the
security therefor and provisions for payment of the principal, premium, if any, and
interest thereon in compliance with state and federal statutes and regulations.
2.02. The Partnership has agreed to pay directly or through the City any
and all costs incurred by the City in connection with the issuance of the Refunding
Bonds whether or not the Refunding Bonds are issued.
2.03. The adoption of this resolution does not constitute a guarantee or
a firm commitment that the City will issue the Refunding Bonds as requested by the
Partnership. The City retains the right in its sole discretion to withdraw from
participation and accordingly not issue the Refunding Bonds should the City at any
time prior to the issuance thereof determine that it is in the best interest of the City
not to issue the Refunding Bonds or should the City, the Partnership and any other
parties of the transaction be unable to reach agreement as to the terms and
conditions of any of the documents required for the transaction.
2.04. All commitments of the City expressed herein are subject to the
condition that within twelve months of the date of adoption of this Resolution the
City and the Partnership shall have agreed to mutually acceptable terms and
conditions of the Refunding Bonds, the operative documents and of the other
instruments and proceedings relating to the Refunding Bonds and their issuance
and sale. If the events set forth herein do not take place within the time set forth
above, or any extension thereof, and the Refunding Bonds are not sold within such
time, this Resolution shall expire and be of no further effect.
Passed and adopted by the City Council of the City of Eden Prairie this
• 2nd day of October,1990.
Mayor
Attest:
ity Finance Director/Clerk
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