HomeMy WebLinkAbout95-160 - ADMIN Resolution - City Council - 1995/11/201
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(NOTE FROM CITY CLERK: Because this resolution supplements
Res. 95-151, Res. 95-151 should be attached.)
RESOLUTION NO. 95-16°
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ST. LOUIS PARK, MINNESOTA (THE "ISSUER")
AMENDING AND SUPPLEMENTING RESOLUTION NO.
95-151 ADOPTED NOVEMBER 6, 1995 AUTHORIZING
THE ISSUANCE, SALE AND DELIVERY OF THE
ISSUER'S MULTIFAMILY HOUSING REVENUE
REFUNDING BONDS (PARK BOULEVARD TOWERS
PROJECT), SERIES 1995 AND RELATED ACTIONS
WHEREAS, the Issuer adopted Resolution 95-151 on November 6, 1995, which
among other matters approved the authorization, execution and delivery of an Indenture, a ,
Financing Agreement and a Bond Purchase Agreement (all as defined in such resolution)
substantially in the forms submitted to the Issuer and of the Bonds (as defined in such
resolution) in the form set forth in the Indenture; and - a
WHEREAS, the forms of such documents have been substantially changed and such
new forms are on file with the Issuer; and consist of an Indenture of Trust, a Loan Agreement
(replacing the Financing Agreement) and a Bond Purchase Agreement (the "New
Documents"); and
WHEREAS, the Borrower (as defined in Resolution No. 95-151 has now determined
that an official statement shall be used in connection with the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ST. LOUIS PARK, MINNESOTA, AS FOLLOWS:
1. Resolution No. 95-151 is hereby amended and supplemented by substituting the
New Documents for the Indenture, Financing Agreement and Bond Purchase Agreement so
that the execution and delivery of such documents, an& the Bonds in the form set forth in
such New Documents, are authorized upon the same terms and conditions, and with such
changes, as permitted in Resolution 95-151, and all such references to the Indenture,
Financing Agreement, Bond Purchase Agreement and the Bonds shall be to the applicable
New Documents.
2. Resolution 95-151 is hereby supplemented by adding the following new
provision:
B0ND22101134 1120/95
"The Mayor, the Manager and/or the Clerk are hereby authorized and directed
to execute an Official Statement, in substantially the form of the draft of the
Preliminary Official Statement submitted to the Issuer and now on file with the Issuer,
with such variations, omissions and insertions as do not materially change the
substance thereof, or as the Mayor, Manager or Clerk shall determine, the execution
thereof by any such officer being conclusive evidence of such determination. The
Issuer has not prepared, reviewed or assumed responsibility for the information
contained in the Official Statement (other than the information contained under the
caption "The Issuer") and shall not be liable thereon."
"The Mayor, the Manager and the City Clerk are hereby authorized and
directed to execute one or more Mortgage, Assignment of Rents and Leases, Security
Agreement and Fixture Financing Statements, in substantially the form of the draft of
such document submitted to the Issuer and now on file with the Issuer, with such
variations, omissions and assertions as do not materially change the substance thereof,
or as the Mayor and City Manager shall determine, the execution thereof by such
officer being conclusive evidence of such determination. If more than one mortgage is
executed and delivered, one or more mortgages may be subordinated or second to the
others. If executed by the City as mortgagee, the above -referenced mortgage or
mortgages shall be assigned without recourse to First Trust National Association, as
Trustee for the Bondholders."
3. Resolution 95-151 is hereby ratified and confirmed in all other respects.
4. This Resolution shall be in full force and effect from and after its passage and
without prior publication.
Adopted by the City Council of the City this 20th day of
November, 1995.
Attest:
liA/ift"4411
City Cler
Reviewed for administration:
Mayo
City Manager
BOND/22101134 11/20/95
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Approved as to form and execution:
City Attorney
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