HomeMy WebLinkAbout92-20 - ADMIN Resolution - City Council - 1992/02/18FROM POPHAM HAIK MPLS q::
2.13.1992 12.2
P. 2
RESOLUTION NO. 92-20
RESOLUTION RELATING TO SUBSTITUTION OF LIQUIDITY FACILITY IN
CONNECTION WITH THE CITY'S $5,000,000 THE CITY OF ST. LOUIS PARK
MINNESOTA, GENERAL OBLIGATION BONDS, SERIES 1987 A, B, C, DATED
MARCH 1, 1987.
WHEREAS, the City of St. Louis Park, Minnesota (the "City")
has previously entered into an Indenture of Trust (the
"Indenture") dated as of March 1, 1987, by and between the City
and the First Trust Company, Inc., St. Paul, Minnesota, as Trustee
(the "Trustee"), in connection with the City's $5,000,000 the City
of St. Louis Park, Minnesota, General Obligation Bonds, Series
1987 A, B, C, dated March 1, 1987 (the "Bonds"); and
WHEREAS, the City in connection with the Bonds entered into a
Standby Bond Purchase Agreement ("Liquidity Facility") dated as of
March 1, 1987, by and between the City and Bayerische Vereinbank
AG, Acting through Its Chicago Bank (the "Bank"); and
WHEREAS, pursuant to its terms, the Liquidity Facility
expires on March 26, 1992, unless extended; and
WHEREAS, the Bank has notified the Trustee it is not
extending the term of the Liquidity Facility, except for an
interim period; and
WHEREAS, pursuant to the terms of the Indenture, the City may
substitute a Substitute Liquidity Facility as defined in the
Indenture;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of St. Louis Park:
1. That the Mayor and City Manager are hereby authorized
and directed to execute and deliver a Substitute Liquidity
Facility which complies with the requirements of the Indenture and
is issued by a provider that meets the terms and provisions of the
Indenture.
2. That the Mayor and City Manager are hereby authorized
and directed to execute and deliver an amendment or supplement to
the existing Liquidity Facility to extend the term therefore.
3. That the Mayor and City Manager are hereby authorized
and directed to execute and deliver such other documents, and to
take such other actions, as may be required or desirable in
connection with substituting a Substitute Liquidity Facility or
extending the term of the Liquidity Facility.
FROM POPHAM HAIK MPLS *33
2.13.1992
12:24
P. 3
4. That this Resolution shall become effective immediately
upon its passage and without publication.
Adopted this 18th day of February, 1992.
ATTEST:
City Cl4rk/Beverly F pagan
REVIEWED FOR ADMINISTRATION:
City nager/William Dixon
Mayor Pro Tem/Keith Meland
APPROVED AS TO FORM AND EXECUTION:
.5 tea
City Attorney/Suesan Pac -Shapiro
$P9*464