HomeMy WebLinkAbout17106 (2) CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,NIINNESOTA
RESOLUTION NO. 99-49
RESOLUTION RELATING TO MULTIFAMILY HOUSING DEVELOPMENT REVENUE
REFUNDING BONDS (STERLING PONDS PROJECT), SENIOR SERIES 1999A, AND
MULTIFAMILY HOUSING DEVELOPMENT REVENUE REFUNDING BONDS (STERLING
PONDS PROJECT), SUBORDINATE SERIES 1999B;AMENDING RESOLUTION ADOPTED
MARCH 16, 1999 TO INCREASE THE AUTHORIZED PRINCIPAL AMOUNT OF BONDS
BE IT RESOLVED by the City Council of the City of Eden Prairie, Minnesota (the
"City"), as follows:
WHEREAS, by a resolution adopted March 16, 1999, entitled "RESOLUTION
RELATING TO MULTIFAMILY HOUSING DEVELOPMENT REVENUE REFUNDING
BONDS (STERLING PONDS PROJECT), SENIOR SERIES 1999A, AND MULTIFAMILY
HOUSING DEVELOPMENT REVENUE REFUNDING BONDS (STERLING PONDS
PROJECT), SUBORDINATE SERIES 1999B;AUTHORIZING THE SALE AND ISSUANCE OF
THE BONDS AND ESTABLISHING THE SECURITY THEREFOR AND AUTHORIZING THE
EXECUTION OF DOCUMENTS"(the"Original Resolution"), this Council approved the issuance
of its Multifamily Housing Development Revenue Refunding Bonds(Sterling Ponds Project), Senior
Series 1999A, and its Multifamily Housing Development Revenue Refunding Bonds(Sterling Ponds
Project), Subordinate Series 1999B in the aggregate principal amount of$6,665,000, to provide funds
for a loan to be made to Prairie Village Limited Partnership (the "Company")to provide funds to be
used to refund certain outstanding bonds previously issued by the City on behalf of the Company, and
WHEREAS,the Company has now advised the City that market conditions are such that
an additional principal amount of Bonds can be issued and sold,and that the issuance and sale of such
additional principal amount ofBonds will be of significant benefit to the housing facilities refinanced
with the Bonds, and to the Company;
NOW, THEREFORE, BE IT RESOLVED that the maximum principal amount of the
Bonds that may be issued under the Original Resolution is hereby increased to an amount not
exceeding $6,730,000, and the Original Resolution is hereby amended accordingly. Except as
amended hereby, the Original Resolution continues in full force and effect.
ADOPTED by the Eden Prairie City Council on the 6th day of April, 1999.
can L.Hams, Mayor
Attest:
Kat een Porta, City Clerk