HomeMy WebLinkAboutResolution - 88-272 - Granting 15-Day Extension to Preserve Place Apartments Relating to the $3,800,000 City Mufti Family Housing Development Refunding Revenue Bonds - RESOLUTION NO. 88- '.0 _.
A RESOLUTION RELATING TO THE
$3 , 850, 000 CITY OF EDEN PRAIRIE, MINNESOTA
MULTIFAMILY HOUSING DEVELOPMENT REFUNDING REVENUE BONDS
(FHA INSURED MORTGAGE IA)AN - PRESERVE PLACE APARTHTNTS)
BE IT RESOLVED by the City Council of the City of Eden
Prairie, Minnesota, that the changes to the .indenture of Trust,
dated as of July 1, 1987 , relating to the above--described Bonds
contemplated by that certain Supplemental Indenture Number One to
Indenture of Trust, dated as of November 15, 1988 (attached
hereto as Exhibit A and incorporated herein by reference) , shall
be and hereby are, in all respects, adopted and approved,
effective as of the date thereof.
RESOLVED, FURTHER, that the proper officials of the City,
and each of them, shall be, and they each hereby are, authorized
and directed to execute, acknowledge, perform and deliver, in the
name of and on behalf of the City, Supplemental Indenture Number.
One to Indenture of Trust in substantially the form. of Exhibit A
hereto, together with such changes therein and additions thereto
as the official or officials executing the same, acting upon the
advice of the City Attorney, shall deem advisable or appropriate,
and all other instruments, documents, certificates, actions or
deeds which may be deemed by said officials, or any of them, to
be necessary or advisable to consummate the transactions
contemplated by the foregoing Resolution, all of which may
contain such clauses, terms, conditions and provisions as the
official or officials who execute the same, acting upon the
advice of the City Attorney, shall deem advisable or appropriate;
the execution, delivery and performance of any of the foregoing
by such official or officials to be conclusive evidence of the
approval by the City of the terms, conditions and performance
thereto .
RESOLVED, FURTHER, that all proper actions of the officials
of the City heretofore taken, in the name of and on behalf of the
City, with respect to the transactions contemplated by the
foregoing Resolutions shall be, and they hereby are, in all
respects, adopted, ratified, confirmed and endorsed .
Adopted by the City Counsel of the City of Eden Prairie,
Minnesota this 15th day of November, 1988 . /
ary ter n,, ayor
[ SEAL]
y / Frane, City Clerk
A RESOLUTION RELATING TO THE
$3, 850, 000 CITY OF EDEN PRAIRIE, MINNESOTA
MULTIFAMILY HOUSING DEVELOPKENT REFUNDING REVENUE BONDS
(FRA-INSURED MORTGAGE LOAN -- PRESERVE PLACE APARTMENTS)
ISSUER'S CERTIFICATE OF OFFICIAL ACTION
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
I , the undersigned, John Frane, being the duly qualified and
acting City Clerk of the City of Eden Prairie , Minnesota (the
"Issuer") , do hereby certify that attached hereto is a true,
correct and complete copy of Resolution No. 88- entitled "A
Resolution Relating to the $3 , 850, 000 City of Eden Prairie,
Minnesota Multifamily Housing Development Refunding Revenue Bonds
(FHA Insured Mortgage Loan - Preserve Place Apartments) ", duly
adopted by the affirmative vote of a majority of the members of
the City Council of the Issuer at a lawful meeting duly called
and held for such purpose on November 15, 1988, at which meeting
a quorum was present and acting throughout, and further certify
that said Resolution remains in full force and effect in the form
in which it was adopted.
WITNESS my hand and the official seal of the Issuer this 15th day
of November, 1988 .
[SEAL]
John F!Y ne, City Clerk
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November �, 1988 OW&D DRAFT 110788
First Trust National Association
First Trust Center
180 East Fifth Street
St. Paul , Minnesota 55101
Re: $3 , 850,000 City of Eden Prairie, Minnesota
Multifamily Housing Development Refunding
Revenue Bonds (F1A Insured Mortgage Loan -
Preserve Place Apartments)
Gentlemen and Ladies :
We have acted as bond counsel in connection with the issuance and
sale of $3 ,850 , 000 City of Eden Prairie, Minnesota Multifamily
Housing Development Refunding Revenue Bonds (the "Bonds" ) ,
pursuant to the terms of an Indenture of Trust, dated as of
July 1 , 1987 (the "Indenture" ) , between the City of Eden Prairie,
Minnesota (the "Issuer") and First Trust Company, Inc. (now First
Trust National Association) (the "Trustee") .
In connection with the Bonds, we have reviewed those certain
amendments , modifications and supplements to the Indenture that
are contemplated by Supplemental Indenture Number One to
Indenture of Trust, dated as of November 15 , 1988 (the
"Supplemental Indenture") , between the Trustee and the Issuer,
and consented to and approved by Preserve Place Apartments
Limited Partnership (the "Company" ) .
Pursuant to the Indenture , you have requested our opinion that
the amendments , modifications and supplements that are
contemplated by the Supplemental Indenture will not adversely
affect the tax-exempt nature of the Bonds.
Based upon our examination of the Supplemental Indenture, and
assuming due authorization, execution and delivery of the
Supplemental Indenture by the parties thereto, we are of the
opinion that the amendments , modifications and supplements to the
Indenture that are contemplated by the Supplemental Indenture
will not be considered a reissuance of the Bonds and will not
adversely affect the tax-exempt nature of the Bonds, as described
more fully in our bond counsel opinion, dated August 5, 1987.
The foregoing opinion is subject to the assumptions and
conditions set forth in our August 5, 1987 bond counsel opinion .
Very truly yours,
OPPENHEIMER WOLFF & DONNELLY