HomeMy WebLinkAboutResolution - 92-47 - Authorizing Approval and Execution of Defeasance Documents Refunding McGlynn Bakeries 1980 and 1989 IDR Bonds - 04/07/1992 • RESOLUTION NO. 92-47
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EDEN
PRAIRIE, MINNESOTA AUTHORIZING THE APPROVAL AND
EXECUTION OF DOCUMENTS RELATED TO THE DEFEASANCE OF THE
CITY'S $2,050,000 INDUSTRIAL DEVELOPMENT REFUNDING
REVENUE BONDS (MCGLYNN BAKERIES, INC. PROJECT) SERIES
1989 AND $1,300,000 INDUSTRIAL DEVELOPMENT REVENUE
BONDS (MCGLYNN BAKERIES, INC. PROJECT) SERIES 1980 AND
THE APPROVAL OF RELATED MATTERS
WHEREAS, the City of Eden Prairie, Minnesota (the "City")
has heretofore issued and delivered its $2,050,000 original
aggregate principal amount of Industrial Development Refunding
Revenue Bonds (McGlynn Bakeries, Inc. Project) Series 1989 (the
"Series 1989 Bonds") and its $1,30'0,000 original aggregate
principal amount of Industrial Development Revenue Bonds (McGlynn
Bakeries, Inc. Project) Series 1980 (the "Series 1980 Bonds") ;
and
WHEREAS, the City, under and pursuant to the Trust Indenture
dated as of November 1, 1989 (the 111989 Indenture") between the
City and the American National Bank and Trust Company (the
"Trustee") , conveyed, granted, signed, transferred, pledged, set
over and confirmed to the Trustee and granted a security interest
unto the Trustee and all of the property, real and personal,
described in the granting clauses of the 1989 Indenture, being
sometimes referred to therein and herein as the 111989 Trust
Estate" ; and
WHEREAS, the City, under and pursuant to the Trust Indenture
dated as of March 1, 1980 (the 111980 Indenture") between the City
and the American National Bank and Trust Company (the "Trustee") ,
conveyed, granted, signed, transferred, pledged, set over and
confirmed to the Trustee and granted a security interest unto the
Trustee and all of the property, real and personal, described in
the granting clauses of the 1980 Indenture, being sometimes
referred to therein and herein as the 111980 Trust Estate"; and
WHEREAS, the City will cause certain United States Treasury
Securities and other United States government obligations (the
"Government Securities") to be purchased and then to be deposited
with American National Bank and Trust Company (the "Escrow
Agent") pursuant to the Escrow Agreement between the City and the
Escrow Agent (the 111989 Escrow Agreement") , the principal of the
Government Securities together with the interest to be earned
thereon, without consideration of any reinvestment thereof,
together with any uninvested cash, which is represented by Burton
J. McGlynn and verified by Springsted Incorporated to be fully
sufficient to (i) pay the interest on the Series 1989 Bonds
coming due on or prior to December 1, 1994 and (ii) redeem on
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December 1, 1994 the Series 1989 Bonds remaining outstanding at a
redemption price of 100% of the principal amount thereof; and
• WHEREAS, the City will cause Government Securities to be
purchased and then to be deposited with American National Bank
and Trust Company (the "Escrow Agent") pursuant to the Escrow
Agreement between the City and the Escrow Agent (the 111980 Escrow
Agreement") , the principal of the Government Securities together
with the interest to be earned thereon, without consideration of
any reinvestment thereof, together with any uninvested cash,
which is represented by Burton J. McGlynn and verified by-
Springsted Incorporated to be fully sufficient to (i) pay the
interest on the Series 1980 Bonds coming due on or prior to
September 1, 1992 and (ii) redeem on September 1, 1992 the Series
1980 Bonds remaining outstanding at a redemption price of 102% of
the principal amount thereof; and
NOW, THEREFORE, be it resolved by the City Council as
follows:
1. The City hereby consents to the defeasance of the
Series 1989 Bonds and the Series 1980 Bonds.
2. The Mayor and Manager are hereby authorized and
directed for and in the name and on behalf of the City to do all
acts and things contemplated and required to defease the Series
1989 Bonds and the Series 1980 Bonds and to execute and deliver
all certificates, instruments and documents, including the 1989
Escrow Agreement, the 1980 Escrow Agreement, the Release of
Indenture between the Trustee and the City for the Series 1989
Bonds, the Release of Indenture between the Trustee and the City
for the Series 1980 Bonds, the Release, Cancellation and
Termination between the City and the Trustee for the Series 1989
Bonds and the Release, Cancellation and Termination between the
City and the Trustee for the Series 1980 Bonds (collectively, the
"Financing Documents") , and to do all such further acts and
things as may be necessary or in the opinion of' the Mayor and the
Manager, desirable and proper to affect the purposes of the
foregoing resolution and to cause compliance by the City with all
of the terms, covenants and provisions of the documents,
including without limitation such certificates, acts and things
as may be required to show the facts relating to the defeasance
of the Series 1980 Bonds and Series 1989 Bonds.
3. The Mayor and Manager of the City are hereby
authorized, on behalf of the City, to execute and deliver the the
Financing Documents and the Manager of the City is hereby
authorized to affix the seal of the City and to attest the same,
all in the forms thereof presented to this meeting with such
changes, variations, omissions and insertions, including dates
and interest rates. The execution and delivery of such Financing
Documents by the Mayor and the Manager shall constitute
conclusive evidence of such approval. Copies of the Financing
Documents shall be delivered, filed and recorded as provided
therein.
r
Approved and adopted this 17th y of arch, 1992.
(SEAL)
Mayor
aATTEST,
I
Manag r