HomeMy WebLinkAbout91-195 - ADMIN Resolution - City Council - 1991/10/21RESOLUTION NO. 91-195
RESOLUTION APPOINTING SUCCESSOR TRUSTEE
WHEREAS, the City has issued its $14,660,000 Hospital
Facilities Revenue Bonds (Methodist Hospital Issue), Series A
(the "Bonds"), dated July 1, 1978, pursuant to a Trust
Indenture dated as of June 1, 1978 (the "Indenture"), from the
City to First National Bank of Minneapolis (now First Bank
National Association) (the "Original Trustee"); and
WHEREAS, the Bonds have been defeased and are no
longer secured by the lien of the Indenture, except for the
purpose of payment from moneys deposited with and held by the
Original Trustee as Escrow Bank under an Escrow Agreement dated
as of October 1, 1985 (the "Escrow Agreement"), among the City,
the Original Trustee, Norwest Bank Minneapolis, National
Association (now Norwest Bank Minnesota, National Association)
(the "Successor Trustee"), and Methodist Hospital, a Minnesota
nonprofit corporation (the "Corporation"); and
WHEREAS, pursuant to Section 8.15 of the Indenture,
the Original Trustee has given the City thirty days' written
notice of its resignation as Trustee under the Indenture and
notice of such resignation will be published by the Successor
Trustee at least once a week for two successive weeks in a
Financial Journal; and
WHEREAS, Section 8.16 of the Indenture provides for
the appointment of a successor Trustee by the Bondholders, and
until and unless such appointment is made, provides for
appointment of a successor Trustee by the City; and
WHEREAS, Section 15 of the Escrow Agreement provides
that any successor Trustee appointed under the Indenture shall
automatically become Escrow Bank under the Escrow Agreement;
and
WHEREAS, the Corporation has requested the City to
appoint the Successor Trustee as successor Trustee pursuant to
Section 8.16 of the Indenture and as Escrow Bank pursuant to
Section 15 of the Escrow Agreement; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of St. Louis Park, Minnesota:
1. The resignation of the Original Trustee,
effective November 1, 1991, is hereby accepted.
2. Until and unless a successor Trustee is appointed
by the bondholders in the manner provided in Section 8.16 of
the Indenture, the City hereby appoints the Successor Trustee
as successor Trustee under the Indenture and as successor
Escrow Bank under the Escrow Agreement, effective November 1,
1991.
3. The form of Appointment of Successor Trustee,
Assignment and Acceptance presented to this Council is hereby
approved, and the Mayor, the City Manager and the City Clerk
are authorized and directed to execute and deliver the same on
behalf of the City.
4. This resolution shall be effective immediately
upon adoption.
Adopted: October 21, 1991.
Att t:
ity C erk
Reviewed for Administration:
c- 4/X12-‘
City Manager
Ai/44_
ayor
Approved as to form and execution:
steam 463; 441144)
City Attorney