HomeMy WebLinkAbout86-31 - ADMIN Resolution - City Council - 1986/03/03CITY OF ST. LOUIS PARK, MINNESOTA
RESOLUTION NO. 86-31
APPROVING AND AUTHORIZING EXECUTION OF A
SUPPLEMENTAL INDENTURE RELATING TO THE
$11,600,000 VARIABLE RATE DEMAND
MULTIFAMILY REVENUE BONDS (PARK GLEN
APARTMENTS PROJECT), SERIES 1985
WHEREAS, the City of St. Louis Park, Minnesota (the "City") issued its
$11,600,000 Variable Rate Demand Multifamily Revenue Bonds (Park Glen
Apartments Project) (the "Bonds") on December 30, 1985 to finance a multifamily
housing development in the City; and
WHEREAS, because of the large volume of municipal bonds issued at the end
of 1985, Standard & Poor's Corporation (S & P) was unable to assign a rating to the
Bonds, so that the Indenture of Trust (the "Indenture") dated as of December 1,
1985, by and between the City and First Trust Company, Inc. (the "Trustee"),
provided that the Bonds would be redeemed as a whole unless the Bonds were rated
by S do P at least "A and Sp -1" not later than May 1, 1986; and
WHEREAS, S & P requires certain modifications to the Indenture in order to
assign a rating to the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ST. LOUIS PARK, MINNESOTA AS FOLLOWS:
The Supplemental Indenture dated as of December 1, 1985 by and between
the City and First Trust Company, Inc., relating to the Bonds, in substantially the
form on file with the City is hereby approved and the Mayor, City Manager and
City Clerk of the City are hereby authorized and directed to execute such
Supplemental Indenture with any modifications which are not materially
inconsistent with the form of the Supplemental Indenture on file with the City and
which are approved by the Mayor. Execution of such Supplemental Indenture shall
be conclusive evidence of such approval. If the Mayor, City Manager or City Clerk
of the City are unavailable to execute the Supplemental Indenture, any City
Council member may do so with the same force and effect as if such party had
signed.
Adopted by the City Council March 3, 1986
Ma
ATTEST:
Reviewed for administration:
w)
Approved as to form and legality:
ity Manager v City Attorney