HomeMy WebLinkAbout1986-035 CCRMember Rich Theis introduced the following resolution and
moved its adoption:
RESOLUTION NO. 86 -35
RESOLUTION RELATING TO COMMERCIAL DEVELOPMENT REVENUE
BONDS (BROOKDALE THREE LIMITED PARTNERSHIP PROJECT);
AUTHORIZING THE EXECUTION OF A FIRST SUPPLEMENTAL
INDENTURE OF TRUST AND CERTAIN OTHER DOCUMENTS
WHEREAS, the City of Brooklyn Center (the "City has heretofore
issued its Commercial Develor-nent Revenue Bonds (Brookdale Three Limited
Partnership Project), dated December 31, 1985, in the aggregate principal
amount of $8,900,000 (the "Bonds pursuant to an Indenture of Trust, dated
December 1, 1985, between the City and First Trust Company, Inc., as Trustee;
and
WHEREAS, the City loaned the proceeds of the Bonds to Brockdale
Three Limited Partnership, a Minnesota limited partnership (the "Obligor
pursuant to, and for the purposes set forth in, a Mortgage Loan Agreement,
dated December 1, 1985, between the City and the Obligor; and
WHEREAS, the Bonds initially bore interest at the Initial Rate
(as defined in the Indenture), with the provision that, from and after the
Conversion Date, the Bonds would bear interest at the Fixed Rate, all as
determined in accordance with Articles Three and Four of the Indenture; and
WHEREAS, February 27, 1986 has been established as the Conversion
Date, the Fixed Rate for the Bonds has been established from and after the
Conversion Date, notice of the Conversion Date has been provided each Holder
of the Bonds in accordance with Article Four of the Indenture and, to the
extent required, the Bonds have been remarketed by the Remarketing Agent;
and
WHEREAS, it is necessary and desirable to execute a First Supple-
mental Indenture of Trust to set forth the Fixed Rate, to establish the
form of the replacement Bonds to be delivered to the purchasers thereof on
the Conversion Date, and certain other matters; and
WHEREAS, a draft of a First Supplemental Indenture of Trust (the
"First Supplemental Indenture to be dated as of February 1, 1986, has
been prepared which authorizes said matters.
RESOLUTION NO. 86 -35
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. A Conversion Date of February 27, 1986 is hereby authorized
and approved.
2. The First Supplemental Indenture is approved and the Mayor
and City Manager are authorized and directed to execute the
First Supplemental Indenture on behalf of the City, with such
changes and modifications as they and the City Attorney may
hereafter approve, such approval to be conclusively evidenced
by their execution of said document.
3. The Mayor and City Manager are further authorized to execute
such other documents and certificates as may be required to
accomplish the remarketing of the Bonds, subject to review of
such documents and certificates by the City Attorney.
February 24, 1986
Date Mayor`
ATTEST
Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by member Bill Hawes and upon vote being taken thereon, the following
voted in favor thereof: Dean Nyquist, Celia Scott, Bill Hawes, and Rich
Theis;
and the following voted against the same: Gene Lhotka,
whereupon said resolution was declared duly passed and adopted.