HomeMy WebLinkAbout1984-060 CCRMember Bill Hawes introduced the following resolution and
moved its adoption:
RESOLUTION N0. 84 -60
RESOLUTION APPROVING AMENDMENTS TO THE INDENTURE OF TRUST, THE
MORTGAGE ORIGINATION AND SALE AGREEMENTS, THE RESALE COMMITMENT
AGREEMENT, AND APPROVING THE EXTENSION OF BUILDER DEVELOPER COMMIT-
MENT AGREEMENTS RELATING TO THE SINGLE MORTGAGE REVENUE BOND PROGRAM
UNDERTAKEN JOINTLY BY THE CITY OF BROOKLYN CENTER, THE CITY OF
COLUMBIA HEIGHTS, THE CITY OF MOORHEAD AND THE HOUSING AND REDEVEL-
OPMENT AUTHORITY IN AND FOR THE CITY OF ROBBINSDALE, MINNESOTA
WHEREAS, pursuant to its Single Family Mortgage Revenue Bond Program
(the "Program °l, the City of Brooklyn Center, Minnesota (the "City authorized
the issuance of Single Family Mortgage Revenue Bonds, Series 1982, issued
jointly with the City of Moorhead, Minnesota, the City of Columbia Heights,
Minnesota and The Housing and Redevelopment Authority in and for the City
of Robbinsdale, Minnesota; and
WHEREAS, there have been prepared certain amendments to the Inden-
ture of Trust, dated as of December 29, 1982, and to the several Mortgage
Origination and Sale Agreements, dated as of December 29, 1982, in order to
more accurately and efficiently carry out the intent of the Program; and
WHEREAS, there has been prepared an amendment to the Resale Commit-
ment Agreement, dated as of December 29, 1982 and approved by the City,
to permit the extension of such agreement to a date determined by the Origi-
nator and approved by the City if the period for originating mortgage loans
under the Program is extended pursuant to the Indenture of Trust;
NOW) THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota:
1. The Mayor and City Manager are hereby authorized and directed
to execute and deliver the Amendment to Indenture of Trust, the several
Amendments to Mortgage Origination and Sale Agreement, and the Amendment to
Resale Agreement, which documents are hereby approved in the form now on
file with the City Manager, with such necessary and appropriate variations,
omissions, and insertions as are not materially inconsistent with such form,
and as the Mayor, in his discretion, shall determine.
2. The Mayor and City Manager are hereby authorized and directed
to execute and deliver on behalf of the City such additional certificates and
documents as are deemed necessary by bond counsel to effectuate the agreements
contained in the aforementioned Amendments.
3. First Trust Company of Saint Paul (the "Trustee is hereby
directed to enter into an investment agreement (the "Agreement in substan-
tially the form of the Investment Agreement dated December 29, 1982 between
the Trustee and The First National Bank of Saint Paul, with such changes as
are approved by the Mayor, under which Agreement the Trustee may withdraw
moneys at any time, upon not more than fourteen days notice, the effect
of which Agreement is to permit the investment of amounts then remaining
on deposit in the Mortgage Loan Fund from the date of expiration of the
Investment Agreement dated December 29, 1982, at a rate of interest per
annum equal to or greater than the average weighted interest rate on the
Bonds, upon receipt of a favorable opinion of bond counsel as described
in Section 5.05(E) of the Indenture.
RESOLUTION NO. 84 -60
4. The extension of the Resale Agreement to August 1, 1984, is
hereby approved, and the City Manager is directed to notify the Program
Administrator of such approval if and when the origination period is extended
pursuant to Section 5.05 of the Intenture of Trust.
April 23, 19 4
D Mayor"
ATTEST
The motion for the adoption of the foregoing resolution was duly seconded
by member Rich Theis and upon vote being taken thereon, the following
voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes,
and Rich Theis;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
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