HomeMy WebLinkAbout92-20A - ADMIN Resolution - City Council - 1992/02/18FROM POPHAM HAIK MPLS #33
2.13.1992 12:21D P. 2
RESOLUTION NO. 92-2fla
RESOLUTION RELATING TO SUBSTITUTION OF AN ALTERNATIVE LETTER
OF CREDIT IN CONNECTION WITH THE CITY'S $6,500,000 THE CITY OF
ST. LOUIS PARK, MINNESOTA VARIABLE RATE DEMAND GENERAL OBLIGATION
TAX INCREMENT BONDS, SERIES 1985, DATED AS OF DECEMBER 1, 1985.
WHEREAS, the City of St. Louis Park, Minnesota (the "City").
has previously entered into a Trust Indenture (the "Indenture")
dated as of December 1, 1985, by and between the City and the
First Trust Company, Inc., St. Paul, Minnesota, as Trustee (the
"Trustee"), in connection with the City's $6,500,000, the City of
St. Louis Park, Minnesota, Variable Rate Demand General Obligation
Tax Increment Bonds, Series 1985, dated as of December 1, 1985
(the "Bonds"); and
WHEREAS, the City in connection with the Bonds entered into a
Reimbursement Agreement (the "Credit Agreement") dated as of
December 1, 1985, by and between the City and National Australia
Bank Limited, acting through its New York Branch (the "Bank"); and
WHEREAS, the City obtained from the Bank its letter of credit
(the "Letter of Credit") to provide, in certain circumstances, for
funds for the purchase of certain Bonds, as described in the
Indenture; and
WHEREAS, as a condition to the issuance of its Letter of
Credit, the Bank required the City to enter into a certain
Reimbursement Agreement, dated as of December 1, 1985, (the
"Credit Agreement"), between the City and the Bank; and
WHEREAS, pursuant to the terms of the Indenture, the City may
deliver an Alternative Letter of Credit in substitution for the
Letter of Credit in effect; and
WHEREAS, the City desires to substitute an Alternative Letter
of Credit for the existing Letter of Credit in effect with the
Bank.
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 any and all documents necessary to deliver
to the Trustee an Alternative Letter of Credit to substitute for
the existing Letter of Credit with the Bank.
2. That the Alternative Letter of Credit referenced in
Paragraph 1, above, shall comply with the requirements of the
Indenture and be issued by a provider that meets the terms and
provisions of the Indenture.
FROM POPHAM HAIK MPLS *33
2.13.1992 12:27 P. 3
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 complying with the provisions of Paragraphs 1 and
2, above.
4. That this Resolution shall become effective immediately
upon its passage and without publication.
Adopted this 18th day of February, 1992.
Mayor Pro Tem/Keith Meland
AT EST:
iG
City Clerk%8everly F1. agan
REVIEWED FOR ADMINISTRATION:
fl/ r. in X6h
City Manager/William Dixon
APPROVED AS TO FORM AND EXECUTION:
City Attorney/Suesan Pack -Shapiro
OP/36457