HomeMy WebLinkAbout7337 - ADMIN Resolution - City Council - 1983/02/221
RESOLUTION NO. 7337
A RESOLUTION OF THE CITY OF ST. LOUIS PARK, MINNESOTA
AUTHORIZING AND DIRECTING THE MAYOR AND CITY MANAGER
TO EXECUTE AND DELIVER THE AMENDMENT NUMBER ONE TO THE
LOAN AGREEMENT AND THE SUPPLEMENT NUMBER ONE TO THE
INDENTURE OF TRUST
WHEREAS, the purpose of the Minnesota Municipal Industrial Development Act,
Minnesota Statutes, Chapter 474, as amended (the "Act"), as found and
determined by the Legislature of the State of Minnesota, is to promote the
welfare of the State of Minnesota by the active attraction, encouragement
and development of economically sound industry and commerce to prevent so
far as possible the emergence of blighted and marginal lands and areas of
chronic unemployment, and for this purpose the State of Minnesota has en-
couraged action by local governmental units; and
WHEREAS, the City of St. Louis Park (the "City")is authorized by the Act
to enter into a revenue agreement with any person, firm, or public or
private corporation or federal or state governmental subdivision or agency
in such manner that payments required thereby to be made by the contracting
party shall be fixed, and revised from time to time as necessary, so as to
produce income and revenue sufficient to provide for the prompt payment of
principal of and interest on all bonds or notes issued under the Act when
due, and the revenue agreement shall also provide that the contracting
party shall be required to pay all expenses of the operation and maintenance
of the project including, but without limitation, adequate insurance thereon
and insurance against all liability for injury to persons or property arising
from the operation thereof, and all taxes and special assessments levied
upon or with respect to the project and payable during the term of the
revenue agreement; and
WHEREAS, the Act further authorizes the City to issue revenue bonds or
notes, in anticipation of the collection of revenues of a project, to
finance, in whole or in part, the cost of acquisition, construction, re-
construction, improvement, betterment, or extension of such project; and
WHEREAS, by its Resolution No. 7301 (the "Bond Resolution"), the City au-
thorized the issuance, sale and delivery of its $2,355,000 Industrial Develop-
ment Revenue Bonds (Sports & Health Club Project), Series 1982 (the "Bonds");
authorized the execution of that certain Loan Agreement, dated as of
December 15, 1982 (the "Agreement") by and between the City and Peaceful
Family Partnership, a Minnesota general partnership (the "Developer"); and
authorized the execution of that certain Indenture of Trust, dated as of
December 15, 1982 (the "Identure"), between the City and National City Bank
of Minneapolis (the "Bank"); and
WHEREAS, in accordance with their terms, the Agreement and the Indenture
authorize the making of certain amendments, changes, modifications and
supplements thereto, but only upon the written consent of all of the Parties
thereto and in accordance with the requirements thereof; and
WHEREAS, subsequent to the passage of the Bond Resolution and the execution
of the Agreement and the Indenture, it has become necessary in connection
therewith, that certain changes and amendments be made to the Agreement and
the Indenture; and
WHEREAS, the proposed amendments to the Agreement and the Indenture, as set
forth in the Amendment Number One to the Agreement and in Supplement Number
One to the Indenture, in the forms attached hereto (the "Amendments"), have
been agreed to by the City, the Developer and the Bank, and do comply with
the requirements of the Agreement and the Indenture.
NOW, THEREFORE, be it resolved by the City Council of the City of St. Louis
Park:
Section 1. That any and all changes and amendments made to the Agreement
and the Indenture, as indicated in the form of the Amendment Number One to
the Loan Agreement and the Supplement Number One to the Indenture of Trust
attached hereto, are hereby ratified, approved and affirmed by the City, and
the Mayor and City Manager of the City are hereby authorized and directed
to execute and deliver the Amendments in such form.
Section 2. That this resolution shall be in full force and effect from and
after its passage.,
Adopted by the City Council February , 1983
Attest:
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Approved by administration
Approved as to form and legality
y Manager City