HomeMy WebLinkAbout1989-038 CCR1
Member Celia Scott
resolution and moved its adoption:
RESOLUTION NO. 89 -38
introduced the following
RESOLUTION RELATING TO A CERTAIN LOST BOND:
AUTHORIZING THE ISSUANCE OF A DUPLICATE
BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Hennepin County, Minnesota (City), as follows:
1. The City has heretofore issued and sold its
$8,900,000 Commercial Development Revenue Bonds
(Brookdale Three Limited Partnership Project),
dated December 31, 1985 (Bonds).
2. The City has been informed by First Trust National
Association, formerly First Trust Company, Inc.
(First Trust), paying agent and trustee, that one
of the Bonds has been lost and that after diligent
search the Bond cannot be found.
3. First Trust has submitted a request on behalf of
the registered owner of the Bond that a duplicate
be issued (Duplicate), has further supplied the
City with satisfactory evidence that the Bond has
in fact been lost and has supplied the City with
sufficient indemnification insuring that the City
will suffer no loss in the event the lost Bond is
presented for payment.
4. The City is authorized by Minnesota Statutes,
Sections 475.69 and 475.70 to issue a Duplicate
where satisfactory evidence of loss and
indemnification is supplied. Similarly, First
Trust is authorized by Section 2.4 of the Indenture
of Trust, dated as of December 1, 1985, between
First Trust as Trustee and the City (Indenture) to
authenticate and deliver a Duplicate. The City
shall therefore issue a Duplicate for the
following:
Bond Issue: $8,900,000 Commercial Development
Revenue Bonds (Brookdale Three Limited
Partnership Project)
Date of Bonds: December 31, 1985
Interest Rate: 8.0%
Bond No.: R -864
Maturity Date: December 1, 2015
CUSIP No.: 113844A99
Amount: $25,000
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RESOLUTION NO. 89 38
5. First Trust is authorized and directed to prepare
and deliver a Duplicate to the registered owner
thereof in accordance with law and the Indenture,
upon payment to the City by the registered owner
thereof or on his or her behalf of all costs of the
City, its officers, agents, and employees in
connection therewith.
March 13. 1989 A----et
Date May
ATTEST: oN j-
Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by member Todd Paulson and upon vote being taken
thereon, the following voted in favor thereof: Dean Nyquist,
Gene lhotka, Celia Scott, Todd Paulson, and Jerry Pedlar;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.