HomeMy WebLinkAboutCity Council Resolution 1987-133RESOLUTION NO. 87-133
RESOLUTION RELATING TO INDUSTRIA,
DEVELOPMENT REVENUE BONDS FOR
WHITTAKER CORPORATION AND WHITTAR
INDUSTRIES: AUTHORIZING
EXECUTION OF DOCUMENTS
BE IT RESOLVED By the City Council of the City of Plymouth,
Minnesota, as follows:
Section 1. The City has heretofore issued and sold its
$3,000,000 Industrial Development Bonds (Whittaker Corporation
Project) dated June 1, 1976 (1976 Bonds) and its $2,340,000
Industrial Development Revenue Bonds (Whittar Industries, Ltd.
Project) dated April 1, 1982 (1982 Bonds) to finance projects on
behalf of Juster Steel Company in the City, all pursuant to an
Indenture of Trust, dated June 1, 1976 and a Supplemental
Indenture of Trust, dated April 1, 1982 (Indenture).
Sec. 2. The 1976 Bonds have been paid and retired and
Whittar Industries, Ltd. has made arrangements satisfactory to
the Indenture Trustee and the City for the sale of Juster Steel
Company and the payment and redemption of the 1982 Bonds.
Sec. 3. The Project has been leased by City to Whittar
Industries, Ltd. as Tenant under a Lease dated June 1, 1976, and
Supplemental Leese, dated April 1, 1982 (the Lease). The Lease
provides for the transfer of the Project to tenant upon final
payment of the 1982 Bonds.
Sec. 4. The Mayor and City Manager are authorized and
directed to execute and deliver on behalf of the City all docu-
ments and other instruments necessary to carry out the provisions
of the Indenture and the Lease relating to the sale of the
Project to Tenant, the redemption and payment of the 1982 Bonds,
and the discharge of the Indenture.
Mayor Virgil Schneider
City Manager James G. Willis
0066RE01.F16