HomeMy WebLinkAboutResolution - 88-77 - Relating to Document Amendment for $6,850,000 HRBs for Bay Point Manor Phase II Limited Partnership - CITY COUNCIL
OF THE
CITY OF EDEN PRAIRIE, MINNESOTA
RESOLUTION NO._8_&J7
A RESOLUTION RELATING TO DOCUMENT
AMENDMENTS IN CONNECTION WITH THE CITY OF EDEN PRAIRIE
$6, 850, 000 MULTIFAMILY HOUSING REVENUE BONDS
(BAY POINT MANOR PHASE II LIMITED PARTNERSHIP PROJECT)
DATED AS OF DECEMBER 31, 1985
WHEREAS, the City has heretofore issued its Multifamily
Housing Revenue Bonds ( Bay Point Manor Phase II Limited Partner-
ship Project ) dated as of December 31 , 1.985 in the aggregate
principal amount of $ 6 , 850, 000 (the "Bonds" ) pursuant to an
Indenture of Trust dated as of December 1 , 1985 ( the "Inden-
ture" ) ; and
WHEREAS , the City has loaned proceeds of the Bonds to Bay
Point Manor. Phase II Limited Partnership, a Minnesota limited
partnership ( the "Company " ) pursuant to a Loan Agreement crated as
of December 1 , 1985 , between the City and the Company ( the "Loan.
Agreement " ) ; and
WHEREAS, the Company has advised the City that it intends to
assign all its rights and obligations in , to and under the Loan
Agreement to Sexton & Heim Realty Company, a Minnesota general
partnership ; and
WHEREAS, in connection with such assignment, the City has
further been advised by the Company that certain Bonds will be
redeemed; and
WHEREAS, to effect the foregoing assignment arid redemption
of Bonds , the City desires to amend the Loan Agreement and
Indenture.
NOW: , THEREFORE, be it resolved by the City Council of the
City of Laden Prairie, Minnesota as follows :
1 . The forms of ( i ) the First Supplemental Indenture of
Trust., dated as of May 17 , 1988 between the City and River Forest
State Bank and Trust- Company (the "Supplemental Indenture" ) ; ( ii )
the First Amendment to Loan Agreement , dated as of May 17 , 1988
between the City and the Company (or its assigns ) (the "First
Loan Agreement Ameridmenc" ) ; and (iii ) the Amended and Restated
Regulatory Agreement dates] as of May 17 , 1988 between the
Company , City and trustee named therein (the "Regulatory
Agreement " ) , on file with the City 1�]anager are hereby approved.
2 . The Mayor and City Manager are hereby authorized and
directed, upon the request of the Company or its assigns, to
execute and deliver the Supplemental Indenture, the Regulatory
Agreement and the First Loan Agreement Amendment on behalf of the
City with such modifications thereto, deletions therefrom and
additions thereto as may be necessary and appropriate . The
execution of the Supplemental Indenture , the Regulatory Agreement
and First Loan Agreement Amendment shall be conclusive evidence
as to the appro-ral of such documents in accordance with their
terms .
3 . The Mayor , City Manager and other officers of the City
are also authorized to execute such other instruments and
certificates and take such further actions as may be reasonably
requested by the Company to give effect to the transactions
contemplated herein and in the foregoing instruments .
4 . In the absence of any official hereby authorized to
execute any instrument or to take an actior , such instrument may
be executed or such action may be taken by such other person who
is otherwise permitted by law to undertake the same .
5 . This resolution shall become effective upon consent of
the requisite percentage of the holders of the Bonds as required
pursuant to the terms of the Indenture .
Adopted : May 3 , 1988 .
�• Approved:
Mayor
ATTEST : f
City Maripigfr
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CERTIFICATE OF RESOLUTION
The undersigned, being the duly qualified and acting City
Manager of the City of Eden Prairie, Minnesota , does hereby
certify that attached hereto is a true and correct copy of
Resolution No . duly adopted at a regular meeting duly called
and assembled of the members of the City Council of the City of
Eden Prairie , Minnesota held on May 3 , 1988, and open to the
public , at which a quorum was present and acting throughout . The
undersigned does further certify that the actions taken at said
meeting were approved by at least a majority of all rnembers oi`
the City Council and, pit; of the date of this certificate, are in
full force and effect and have riot been modified, amended or
rescinded. .
Dated: May 1988 .
City Manager'!".--- l
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