HomeMy WebLinkAboutResolution - HRA 2009-03 - Authorize Defeasance & Redemption of Outstanding Bonds - 09/15/2009 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
HOUSING AND REDEVELOPMENT AUTHORITY
H.R.A. RESOLUTION NO. 2009-03
BE IT RESOLVED by the Board of Commissioners of the Housing and
Redevelopment Authority in and for the City of Eden Prairie,Minnesota(the"Authority"), as
follows:
RESOLUTION AUTHORIZING DEFEASANCE AND REDEMPTION OF
OUTSTANDING BONDS
Section 1. The Authority has issued its Public Facility Lease Revenue Bonds, Series
2000A, dated as of November 1, 2000, in the original principal amount of$3,390,000, of which
$1,900,000 in aggregate principal amount is currently outstanding(the"Refunded Bonds").
Section 2. By resolution adopted on the date hereof, the City of Eden Prairie(the"City")
has approved the issuance of its General Obligation Capital Improvement Plan Refunding Bonds,
Series 2009C (the"Refunding Bonds"), in an original aggregate principal amount not to exceed
$1,450,000. This Board expects the proceeds of the Refunding Bonds,together with certain
amounts remaining in the debt service and debt service reserve funds for the Refunded Bonds to
be deposited in the Escrow Account established pursuant to an Escrow Agreement dated as of
November 1, 2009, between the Authority,the City and Wells Fargo Bank, National Association,
as escrow agent,to be sufficient to defease and call, as applicable,the outstanding Refunded
Bonds for redemption(the"Defeasance"). The form of such Escrow Agreement is hereby
approved, and the officers of the Authority are authorized to execute and deliver the Escrow
Agreement as provided therein, together with such other documents and certificates as are
required in connection with the Defeasance.
Section 3. The Secretary of the Authority is authorized and directed to cause The Bank
of New York Mellon, as successor to the trust functions of National City Bank of Minneapolis,
as trustee for the Refunded Bonds, to cause the Notice of Redemption attached to the Escrow
Agreement to be mailed as provided in the Escrow Agreement.
Section 4. No further action shall be required of the Board to complete the prepayment
of the Refunded Bonds.
Adopted by the Board of Commissioners of the Housing and Redevelopment
Authority in and for the City of Eden Prairie,Minnesota this 15th day of September, 2009.
By: ( j /I a::�=
1 Young,Chairp on
Attest: SEAL
cott Neal, Executiv erector