HomeMy WebLinkAbout2002-108 CCRMember Ed. Nelson introduced the following resolution and moved for its
adoption:
RESOLUTION NO. 2002-108
RESOLUTION AUTHORIZING THE CITY MANAGER AND CITY
ATTORNEY TO TAKE ACTION WITH RESPECT TO HOUSING
BOND CONTRACT DOCUMENTS
WHEREAS, in 1995, the City issued two series of bonds entitled 17,300,000 City
of Brooklyn Center, Minnesota Multi-Family Housing Refunding Revenue Bonds (Four Courts
Apartments Project), Series 1995A" and 12,450,000 City of Brooklyn Center, Minnesota, Tax
Credit Investor Refunding Revenue Bonds (Four Courts Apartments Project), Series 1995B"
(hereinafter the `Bonds"); and
WIIEREAS, in connection with the issuance of the Bonds, certain contractual rights
were granted to the City by the parties to the agreements under the terms of the various contracts
related to the Bonds (hereinafter the "Bond Documents"); and
WHEREAS, the company has failed to comply with all of its obligations under the
agreements relating to the Four Courts Apartments Project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that the City Manager and City Attorney are authorized and directed to take such
steps as are necessary, including the initiation of legal action, to enforce the City's rights under the
Bond Documents.
August 12, 2002
Date
ATTEST: Jwul~oly~
City Clerk
U Mayor
The motion for the adoption of the foregoing resolution was duly seconded by member
Bob Peppe
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kay Tasman, Ed Nelson, Eob Peppe, and Tim Ricker;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.