HomeMy WebLinkAboutResolution - 87-22 - Authorizing Appointment of Temporary Trustee in Substitution for a Resigning Trustee of Outstanding Industrial Development Revenue Bonds - ;a, � - � -
RESOLUTIONS AUTHORIZING THE APPOINTMENT OF A
TEMPORARY TRUSTEE IN SUBSTITUTION FOR A
RESIGNING TRUSTEE OF OUTSTANDING
INDUSTRIAL DEVELOPMENT REVENUE BONDS
BE IT RESOLVED by the City Council of the City of Eden Prairie,
Minnesota ( the "City" ) , as follows :
1 . The City has previously issued its Industrial
Development Revenue Bonds (Gelco Corporation Project) , Series
1978 ( the "Bonds" ) , in the principal amount of $1, 000 , 000 . 00
and loaned the proceeds of the Bonds to Gelco Corporation,
a Minnesota corporation ( the "Company" ) to provide funds
to pay a portion of the cost of acquisition , construction
and equipping of certain properties to be used by the Company
for office space and vehicle parking in conjunction with
the Company ' s headquarters facility located in the City .
2 . Pursuant to an Indenture of Trust between the City
and First Trust Company of Saint Paul , dated as of August
1 , 1978 ( the " Indenture" ) , First Trust Company of Saint Paul
was appointed initial Trustee for the Bonds .
3 . Pursuant to Section 9-6 of the Indenture , First
Trust Company of Saint Paul, acting under its changed coprorate
name of First Trust Company, Inc . , has provided the City
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and the Company with notice of its resignation as Bond Trustee,
such resignation to be effective upon appointment of a
successor Trustee as provided in the Indenture .
4 . It is hereby found, determined and declared that :
( a ) The City has received due notice from First
Trust Company, Inc. of its resignation as Bond
Trustee pursuant to Section 9-6 of the Indenture ;
( b ) Pursuant to Section 9-8 of the Indenture ,
the City is authorized by resolution of its governing
body to appoint a temporary Trustee to fill the
Bond Trustee vacancy until a successor Trustee
shall_ be appointed by the Bondholders in the manner
provided in said Section 9-8 ; and
( c ) First Bank, N .A. , Milwaukee , a national banking
association with offices in Milwaukee , Wisconsin,
is qualified to accept and act as a temporary Trustee
,r as provided in Section 9-8 of the Indenture and
has indicated its willingness to accept and serve
as such temporary Trustee .
5 . The City , by action of its City Council , does hereby
approve and appoint First Bank, N.A. , Milwaukee , as a
temporary Trustee for the Bonds pursuant to Section 9-8 of
the Indenture . Such appointment shall be effective immediately
upon the written acceptance thereof by First Bank, N. A. ,
Milwaukee .
6 . The Mayor and City Manager and other officers of
the City are authorized and directed to prepare and furnish
to First Trust Company, Inc . and First Bank, N .A . , Milwaukee ,
notice and directions regarding the appointment of First
Bank Milwaukee , N.A. as temporary Trustee , and necessary
assignments and transfers of related documents , records and
trust estate assets as necessary to effectuate such appointment
pursuant to Section 9-9 of the Indenture .