HomeMy WebLinkAboutResolution - 86-284 - Extending Baypoint II Starting Date - Housing Bonds - e
RESOLUTION ON NO.
A RESOLUTION TO AMEND AN INDENTURE OF TRUST DATED
AS OF DECEMBER 1 , 1985 BY AND BETWEEN THE CITY OF
EDEN PRAIRIE AND FIRST TRUST COMPANY, INC . AND
AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS IN
CONNECTION THEREWITH
WHEREAS , by resolution adopted December 30 , 1985 by the
City Council (the "City Council" ) of the City of Eden Prairie,
Minnesota (the "City" ) , the City has given its final approval
to the issuance and delivery of its $6 , 850 , 000 Multifamily Housing
Revenue Bonds ( Bay Pointe Manor Phase II Limited Partnership
Project ) ( the "Bonds " ) dated as of December 31 , 1985 ;
WHEREAS , the proceeds of the Bonds have been loaned to
Bay Pointe Manor Phase II Limited Partnership, a Minnesota limited
partnership ( the "Company" ) for the purpose of acquiring and
constructing a multifamily housing project to be located in
the City ( the "Project" ) , all in accordance with Minnesota
Statutes , Chapter 462C ;
WHEREAS , the City has entered into an Indenture of Trust
dated as of December 1 , 1985 by and between the City and First
Trust Company, Inc . (the "Trustee" ) to provide, among other
things , for the issuance of the Bonds ( the "Indenture" ) ;
WHEREAS , the Company has requested that the City and Trustee
amend the Indenture to provide for an extension of time to
September 1 , 1987 for which certain events must occur specified
in Section 307 of -the Indenture of Trust ;
WHEREAS , the form of the Supplemental Indenture effecting
the extension is attached hereto as Exhibit A ;
WHEREAS , all bondholders have consented to the amendment
of the Indenture and bond counsel has or will deliver its opinion
that such amendment and extension will not adversely affect
the tax exempt status of interest on the Bonds ;
WHEREAS , the Company has executed a certificate evidencing
its present intent to complete the Project . Such executed
certificate is attached hereto as Exhibit B;
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WHEREAS , the City has relied on the truth and accuracy
of the representations and warranties contained in such
certificate ; and ,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Eden Prairie, Minnesota , as follows :
Section 1 . The City Council of the City hereby authorizes
the Mayor and officers of the City to execute and deliver the
Supplemental Indenture. All of the provisions of the Supplemental
Indenture , when executed and delivered as authorized herein,
shall be deemed to be a part of this resolution as fully and
to the same extent as if incorporated verbatim herein and shall
be in full force and effect from the date of execution and
delivery thereof .
Section 2 . The Supplemental Indenture shall be substantially
in the form attached hereto as Exhibit A with such necessary
and appropriate variations , omissions and insertions as permitted
or required by such documents or as the Mayor and officers of
the City executing the same , with the advice of bond counsel,
shall determine, as evidenced by such execution thereof .
Section 3 . The officers of the City, attorneys and other
agents or employees of the City are hereby authorized to do
all acts and things required of them by or in connection with
this resolution and the Supplemental Indenture for the full ,
punctual , and complete performance of all the terms , covenants
and agreements contained in the Supplemental Indenture.
Adopted by the Eden Prairie City Council, on November 25 ,
1986 .
ATTEST:
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CLERK-FINANCE DIRECTOR
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