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HomeMy WebLinkAbout1989-227 CCR1 1 1 Member Celia Scott resolution and moved its adoption: RESOLUTION NO. 89 -227 introduced the following RESOLUTION RELATING TO $8,100,000 COMMERCIAL DEVELOPMENT REVENUE BONDS (BROOKDALE TWO LIMITED PARTNERSHIP PROJECT); AUTHORIZING THE EXECUTION OF SUPPLEMENT NO. 1 TO INDENTURE OF TRUST IN CONNECTION WITH THE REMARKETING THEREOF BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota (the "Municipality as follows: WHEREAS, the Municipality has issued its $8,100,000 Commercial Development Revenue Bonds (Brookdale Two Limited Partnership Project), Series 1984, dated December 1, 1984 (the "Bonds and loaned the proceeds to Brookdale Two Limited Partnership, a Minnesota limited partnership (the "Company pursuant to a Mortgage Loan Agreement, dated December 1, 1984 (the "Loan Agreement to finance the acquisition and construction of an office building on real estate located in the City; and WHEREAS, in accordance with Section 2 -2 of the Indenture of Trust, dated December 1, 1984 (the "Indenture between the Municipality and First Bank National Association (the "Trustee the interest rate on the Bonds is to be adjusted as of the initial Purchase Date (December 1, 1989) and any Bonds not retained by the Holders thereof are to be remarketed by Juran Moody, Inc., St. Paul, Minnesota (the "Remarketing Agent on behalf of the Company; and WHEREAS, it is determined to be necessary and desirable to specify the adjusted interest rate on the Bonds from and after December 1, 1989, to the next succeeding Purchase Date (December 1, 1994) to establish the form of Bonds to be delivered to the Holders of the Bonds who elect to retain their Bonds and to those who purchase Bonds upon remarketing and to modify certain dates in connection with the establishment of the adjusted interest rate and the purchase of Bonds so such dates are more contemporaneous with the designated Purchase Dates; and WHEREAS, to accomplish the foregoing; it is proposed that the Municipality and Trustee execute Supplement No. 1 to Indenture of Trust, dated as of November 15, 1989 "Supplement No. 1 a draft of which has been presented to this Council. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota, as follows: 1 1 1 RESOLUTION NO. 89 227 1. Supplement No. 1 is hereby approved with such variations, insertions, and additions as are deemed appropriate by the parties and approved by the City Attorney. The Mayor and the City Manager shall execute the same on behalf of the City and shall execute such other certifications, documents, or instruments as bond counsel shall require, subject to the approval of the City Attorney, and all certifications, recitals, and representations therein shall constitute the certifications, recitals, and representations of the City. Execution of any instrument or document by one or more appropriate officers of the City shall constitute, and shall be deemed the conclusive evidence of, the approval and authorization by the City and this Council of the instrument or document so executed. The Mayor and City Manager are also authorized to execute by facsimile signature replacement Bonds substantially in the form attached as Exhibit B to Supplement No. 1. 2. As noted in the Indenture and Bonds, the Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation, and shall not be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, and the City shall not be subject to any liability thereon, and no Holder of the Bonds shall ever have the right to compel any exercise of the taxing power of the City to pay the Bonds or the interest thereon, or to enforce payment thereof against any property of the City other than those rights and interests of the City which have been pledged to the Trustee by the Indenture, and the Bonds shall not constitute a charge, lien, or encumbrance,, legal or equitable, upon any property of the City other than those rights and interests of the City which have been pledged to the Trustee by the Indenture. 3. Resolution No. 89 -207 of the City, adopted October 23, 1989, is hereby supersede•, rescinded, and repealed. November 27, 1989 Date ATTEST J Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Jerry Pedlar and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Celia Scott, Todd Paulson, and Jerry Pedlar; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.