HomeMy WebLinkAboutResolution - 97-199 - Execution of 1st Supplemental Loan Agreement - Winslope Apartments - 10/21/1997 CITY OF EDEN PRAIRIE,MINNESOTA
RESOLUTION NO. 97-199
RESOLUTION AUTHORIZING EXECUTION OF FIRST SUPPLEMENTAL
LOAN AGREEMENT AND INDENTURE OF TRUST RELATING TO
WINDSLOPE APARTMENTS PROJECT
WHEREAS, the City of Eden Prairie, Minnesota (the "Issuer") has previously issued its
$6,320,000 Multifamily Housing Revenue Bonds (Windslope Apartments Project), Series 1991
(the "Bonds") for the purpose of financing the acquisition and rehabilitation of a multifamily
housing project for low and moderate-income persons and families; and
WHEREAS, the Issuer entered into a Loan Agreement and Indenture of Trust (the
"Indenture") with Norwest Bank Minnesota, National Association (the "Trustee") and
Community Housing Development Corporation (the "Owner") dated as of November 1, 1991
pursuant to which the Bonds were issued; and
WHEREAS, pursuant to the Indenture, the Trustee has entered into an Investment
Agreement with Svenska Handelsbanken ("Svenska") providing for the investment of certain
funds held under the Indenture, and Svenska has requested the consent of the Trustee to the
assignment of the Investment Agreement to AIG Matched Funding Corp. ("AIGMFC"). The
obligations of AIGMFC will be guaranteed by AIG, Inc., a Delaware corporation which is rated
AAA by Standard&Poor`s Ratings Group; and
WHEREAS,the Indenture provides for the Issuer,the Owner and the Trustee to enter into
supplemental indentures to make any change which in the judgment of the Trustee is necessary or
desirable and will not materially prejudice the Bondowners;
BE IT RESOLVED by the City Council of the City of Eden Prairie, Minnesota that the
execution of the First Supplemental Loan Agreement and Indenture of Trust in substantially the
form on file with the Issuer by the Mayor and the City Manager of the Issuer is hereby authorized
and approved, and such officers or either of them are further authorized to execute such
additional documents, if any, as may be necessary to consummate the assignment of the
Investment Agreement from Svenska to AIGMFC.
Dated: . 1997
Mayor
Attest:
C'
STATE OF MINNESOTA )
) SS
COUNTY OF HENNEPIN )
I, , City Clerk, City of Eden Prairie, Minnesota, hereby
certify that I have compared the foregoing copy of the resolution of said City of said County with
the original record thereof on file in the official records of the City, as stated in the minutes of the
proceedings of said City at a meeting duly held on , 1997, and that the
same is a true and correct copy of said original record and of the whole thereof, and that said
resolution was duly passed by said City at said meeting.
Witness my hand and seal this day of 1997.
City er