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resolution and moved its adoption:
BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. The City has issued and sold its $3,600,000
Multifamily Housing Revenue Bonds (Brookwood
Estates Project) Series 1985 (Bonds). The Bonds
are secured by, among other things, a Letter of
Credit and related documents (Letter of Credit)
issued by Midwest Federal Savings and Loan
Association of Minneapolis (Midwest Federal) now in
receivership.
2. Substantially all of the assets of Midwest Federal
have been transferred to Midwest Savings
Association F.A. (Assignee) as part of a
reorganization directed by the Federal Savings and
Loan Insurance Corporation acting through
Resolution Trust Corporation (Assignor).
3. Assignor wishes to assign all of its interests in
the Letter of Credit to Assignee and has executed a
form of assignment (Assignment) which has been
accepted by Assignor. A copy of the Assignment is
on file with the Clerk.
January 29, 1990
Date
Member Philip Cohen introduced the following
RESOLUTION RELATING TO $3,600,000 CITY OF BROOKLYN
CENTER MULTIFAMILY HOUSING REVENUE BONDS (BROOKWOOD
ESTATES PROJECT SERIES 1985
4. Under the Letter of Credit the City must consent to
the execution and delivery of the Assignment.
5. It is determined that it is in the best interests
of the City that the City consent to the
Assignment. The Mayor and City Manager are
authorized and directed to execute and deliver the
Assignment on behalf of the City.
r y�X U .-�2 �J
ATTEST:
Clerk
RESOLUTION NO. q0 -7a
L
Mayor,
The motion for the adoption of the foregoing resolution was duly
seconded by member Celia Scott and upon vote being taken
thereon, the following voted in favor thereof: Dean Nyquist,
Celia Scott, Todd Paulson, Jerry Pedlar, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.