HomeMy WebLinkAboutResolution - 92-250 - Providing Additional Letter of Credit Security for Park at City West Apartment Project Series 1990 Bonds - 12/08/1992 • CITY OF EDEN PRAIRIE, MINNESOTA
Resolution No. 92-2 50
RESOLUTION AUTHORIZING EXECUTION AND
DELIVERY OF FIRST SUPPLEMENTAL TRUST
INDENTURE DATED AS OF DECEMBER 1, 1992,
AMENDING AND SUPPLEMENTING THAT CERTAIN
TRUST INDENTURE DATED AS OF FEBRUARY 1,
1990 IN RESPECT OF $14,905,000 CITY OF
EDEN PRAIRIE, MINNESOTA, MULTIFAMILY
HOUSING REVENUE REFUNDING BONDS (PARK AT
CITY WEST APARTMENT PROJECT) SERIES 1990
WHEREAS, the City of Eden Prairie, Minnesota (the "Issuer") has
heretofore issued $14,905,000 in aggregate principal amount of its Multifamily
Housing Revenue Refunding Bonds (Park at City West Apartment Project)
Series 1990 (the "Bonds") under and pursuant to a Trust Indenture dated as of
February 1, 1990 (the "Indenture") between the Issuer and Sumitomo Trust &
Banking Co. (U.S.A.) , as trustee (the "Trustee") ;
. WHEREAS, the Issuer and the Trustee propose to enter into a First
Supplemental Trust Indenture to be dated as of December 1, 1992 for the
purpose of amending the Indenture to permit the Trustee to accept a confirming
letter of credit to be issued by The Sumitomo Bank, Limited, Chicago Branch,
for the benefit of the holders of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and the City Council
of the City of Eden Prairie, Minnesota, as follows:
1. The form, content and provisions of the First Supplemental
Trust Indenture presented to this meeting of the Mayor and the City Council
and attached hereto as Exhibit A (the "First Supplemental Indenture") are
hereby approved in all particulars. The Mayor and the City Manager of the
Issuer are hereby authorized, empowered and directed to execute, acknowledge
and deliver the First Supplemental Indenture in the name and on behalf of the
Issuer, said First Supplemental Indenture to be in substantially the form now
before this meeting of the Mayor and the City Council, with such changes
therein as may be approved by the officers of the Issuer executing the same,
their execution thereof to constitute conclusive evidence of their approval of
any and all such changes or revisions.
2. The officers of the Issuer are hereby authorized, empowered
and directed, from and after the execution of the First Supplemental
Indenture, to do all acts and things and execute all documents, including any
consents to the amendment of the existing letter of credit in respect of the
• Bonds, as may be necessary or convenient to carry out and comply with the
provisions of the First Supplemental Indenture, as executed and delivered.
3. The form, content and provisions of the Reoffering Circular
presented to this meeting of the Mayor and the City Council and attached
hereto as Exhibit B (the "Reoffering Circular") are hereby approved in all
particulars. The Issuer hereby approves and consents to the use and
distribution of the Reoffering Circular by Dougherty Dawkins Strand & Bigelow
Incorporated, as Remarketing Agent, in the remarketing of the Bonds from and
after the execution and delivery of the First Supplemental Indenture and the
delivery of the confirming letter of credit referenced therein. The Mayor of
the Issuer is hereby authorized, empowered and directed to execute the
Reoffering Circular in the name and on behalf of the Issuer, said Reoffering
Circular to be in substantially the form now before this meeting of the Mayor
and the City Council, with such changes therein as may be approved by the
Mayor, his execution thereof to constitute conclusive evidence of his approval
of any and all such changes or revisions.
4. The officers of the Issuer are hereby authorized, empowered
and directed to do any and all such acts and things and to execute,
acknowledge and deliver and to file or record (if applicable) in any
appropriate public offices, all such documents, instruments and
certifications, in addition to those acts, things, documents, instruments and
certifications hereinafter authorized and approved, as may, in their
discretion, be necessary or desirable to implement or comply with the intent
of this Resolution or any of the documents herein authorized and approved.
• 5. This resolution shall take effect immediately from and after
its adoption.
Ayes: Nays:
Approved and adopted this jfd WofDember, 1992
Mayor YJ
[SEAL]
Attest:
City ager
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• EXHIBIT A - FORM OF FIRST SUPPLEMENTAL TRUST INDENTURE
EXHIBIT B - FORM OF REOFFERING CIRCULAR
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