HomeMy WebLinkAboutResolution - 92-244 - Bond Amendment for Richard W. Coohen - 11/17/1992 RESOLUTION NO. 92-244
WHEREAS, the City of Eden Prairie (the "City") , on
• February 18, 1981, issued its Industrial Development Revenue Note
of 1981 (Richard W. Cohen Project) in the original principal
amount of $970, 000 (the "Bond") ; and
WHEREAS, the proceeds of issuance of the Bond were
loaned to Richard W. Cohen (the "Borrower") pursuant to the Loan
Agreement dated February 18, 1981 (the "Loan Agreement") , between
the City and the Borrower, and, pursuant to the Loan Agreement,
the Borrower has agreed to make payments at times and in amounts
sufficient to provide for full and timely payment of all
principal of, premium, if any, on, and interest on the Bond when
due; and
WHEREAS, at the request of the Borrower, the owner of
the Bond (the "Bondholder") has proposed that the original terms
• of the Bond be modified as provided in the form of Amendment and
Consent (the "Bond Amendment") previously furnished to the City
and now on file in the offices of the City Clerk;
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. The Bond Amendment is hereby approved.
2. The officers of the City are hereby authorized and
directed to execute the Bond Amendment, as provided therein, in
substantially the form now on file, together with such
modifications thereto as the officers executing the same shall
approve, such approval to be conclusively evidenced by the
execution thereof.
Adopted: November 17 1992
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• Attest: Mayor
Y
Cit lerk