HomeMy WebLinkAbout1993-037 CCR1
Member Celia Scott
resolution and moved its adoption:
RESOLUTION NO. 93 -37
introduced the following
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A
FIRST SUPPLEMENTAL INDENTURE OF TRUST RELATING TO THE
$3,360,000 FLOATING RATE DEMAND COMMERCIAL DEVELOPMENT
REVENUE REFUNDING BONDS (BROOKDALE OFFICE PARK PROJECT),
SERIES 1984. AND RELATED DOCUMENTS
BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. The City issued its $3,360,000 Commercial Development
Revenue Bonds (Brookdale Office Park Project), Series
1984 dated as of December 1, 1984, (the "Bonds
pursuant to an Indenture of Trust dated as of
December 1, 1984, between the City and First Trust
National Association, successor to First Trust
Company of St. Paul (the "Trustee and lent the
proceeds of the Bonds to Brookdale Office Park, a
Minnesota general partnership (the "Company
pursuant to a Loan Agreement dated as of December 1,
1984, between the Company and the City (the "Loan
Agreement
2 The Company and the Holder of one hundred percent
(100 of the outstanding principal amount of the
Bonds (the "Bondholder have agreed to permit the
Company to redeem $500,000 principal amount of the
Bonds and to repay the first required Bond sinking
fund redemption payments in a like amount. In order
to consummate the transaction proposed by the Company
and approved by the Bondholder, it is necessary to
amend the Indenture pursuant to the proposed First
Supplemental Indenture of Trust (the "Supplement
between the City and the Trustee and consented to by
the Company and the Bondholder, a form of which has
been submitted to the City Attorney and City Manager
for their review.
3. Briggs and Morgan, P.A. has indicated the terms of
the Supplement will not affect the tax exempt status
of the Bonds and a proposed form of opinion has been
submitted to the City Attorney and City Manager.
4. The Mayor, City Manager, and any other necessary City
officials are authorized to execute and deliver the
Supplement and a new form of Bond in the forms
approved by the City Attorney and are also authorized
to execute and deliver any other related documents
submitted to the City in accordance with the terms of
this Resolution or the Supplement.
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RESOLUTION NO.
March 8, 1993
Date
93 -37
5. The execution of any instrument herein authorized by
the appropriate officer or officers of the City shall
be conclusive evidence of the approval of such
documents in accordance with the terms hereof. In
the absence of the Mayor or City Manager, any of the
documents authorized by this Resolution or the
Supplement to be executed may be executed by the
Acting Mayor or Acting City Manager, respectively.
ATTEST: rl
Deputy Clerk
Todd Paulson, Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by member Dave Rosene and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, Barb Kalligher, and Kristen Mann;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.