HomeMy WebLinkAbout6499 - ADMIN Resolution - City Council - 1980/02/25RESOLUTION NO.
6499
FEBRUARY 25, 1980
8c
A RESOLUTION MAKING CERTAIN FINDINGS AND DETERMINATIONS
PERTAINING TO THE CITY OF ST. LOUIS PARK, MINNESOTA,
INDUSTRIAL DEVELOPMENT REVENUE BONDS (THE DELMARK COMPANY,
INC. PROJECT), SERIES 1980; AND AMENDING SECTION 5 OF
RESOLUTION NO. 6484 ADOPTED FEBRUARY 4, 1980, AUTHORIZING
SAID REVENUE BONDS, IN ORDER TO CHANGE THE MATURITY DATE
OF SAID REVENUE BONDS.
BE IT RESOLVED by the City Council of the City of
St. Louis Park, Minnesota, as follows:
Section 1. The City Council of the City of St. Louis
Park, Minnesota, ("Council") hereby finds and determines:
(a) On February 4, 1980, the Council adopted Resolu-
tion No. 6484, entitled "RESOLUTION AUTHORIZING THE ISSUANCE AND
SALE OF $1 MILLION PRINCIPAL AMOUNT OF ST. LOUIS PARK,,MINNESOTA,
INDUSTRIAL DEVELOPMENT REVENUE BONDS (THE DELMARK COMPANY, INC.,
PROJECT), SERIES 1980 AND PROVIDING FOR THE DETAILS, EXECUTION,
AUTHENTICATION AND DELIVERY THEREOF: APPROVING THE FORM, TERMS,
PROVISIONS AND CONDITIONS OF THE GUARANTEE AND INDEMNIFICATION
AGREEMENT AND LETTER OF REPRESENTATION EACH DELIVERED BY SANDOZ
UNITED STATES, INC., AND THE DELMARK COMPANY, INC.: APPROVING THE
FORM, TERMS, PROVISIONS, CONDITIONS AND EXECUTION OF THE AMENDMENT
TO THE SALE AGREEMENT, THE SUPPLEMENT TO THE MORTGAGE AND INDENTURE
OF TRUST AND THE BOND PURCHASE AGREEMENT. AND MAKING PROVISION FOR
OTHER MATTERS IN CONNECTION WITH THE FOREGOING" ("Resolution"),
which, inter alia, authorized the Industrial Development Revenue
Bonds (The Delmark Company, Inc., Project), Series 1980 ("Bonds")
of the City of St. Louis Park, Minnesota, in the principal amount
of $1 million.
(b) Section 5 of Resolution No. 6484 provides that the
Bonds shall mature November 1, 2004.
(c) It is desirable and in the best interest of the
City to change the maturity date of the Bonds to May 1, 2005.
Section 2. Section 5 of Resolution No. 6484 is hereby
amended to read in its entirety as follows:
"Section 5. Authorization of the Series 1980 Bonds;
Additional Details of the Series 1980 Bonds. In order
to provide moneys to pay the Cost (as such term is
defined in the Basic Indenture) of the extension,
improvement and modification of and addition to the
Project (as such term is defined in the Basic Indenture)
there is hereby authorized to be issued and shall be
issued under the Basic Indenture and the Supplemental
Indenture and secured thereby a series of Bonds (as
such term is defined in the Basic Indenture) to be
Additional Bonds (as such term is defined in the Basic
Indenture) of the City in the aggregate principal amount
of One Million Dollars ($1,000,000) to be entitled
and designated the "City of St. Louis Park, Minnesota
Industrial Development Revenue Bonds (The Delmark
Company, Inc. Project), Series 1980" (the "Series 1980
Bonds"). The Series 1980 Bonds shall be dated the date
of issuance and delivery of and payment for the Series
1980 Bonds, be issued as a single fully Registered Bond
(as such term is defined in the Basic Indenture),
mature May 1, 2005, bear interest at the rate of eight
per centum (8%) per annum payable semi-annually on
November 1 and May 1, commencing May 1, 1980, payable
as to both principal and interest at such place and in
such manner and subject to redemption prior to maturity
upon such terms and conditions as set forth in the
Basic Indenture and Supplemental Indenture."
Section 3. This Resolution shall take effect upon
its adoption.
Adopted by the City Council February 25, 1980.
Attest:
Reviewed for Administration:
01)
Mayor
Approved as to Form and Legality:
City A t� orney