HomeMy WebLinkAboutCity Council Resolution 1990-527CITY OF PLYMOUTH, MINNESOTA
RESOLUTION NO. 90- 527
Authorizing the amendment of the City of
Plymouth, Minnesota, Multifamily Housing
Development Revenue Refunding Bond (Fox
Forest Apartments Project), Series 1989, and
the Loan Agreement related thereto.
WHEREAS, on June 30, 1989, pursuant to its Resolution No.
89-282 (the "Prior Resolution"), the City of Plymouth (the
"City") issued its $8,600,000 Multifamily Housing Development
Revenue Refunding Bond (the "Prior Bond") and loaned the proceeds
thereof to Cheyenne Land Company, a Minnesota general partnership
(the "Owner") pursuant to the terms of the Loan Agreement, dated
as of June 1, 1989, between the City and the Owner (the "Loan
Agreement"); and
WHEREAS, the Prior Bond was purchased and continues to be
owned by American States Insurance Company (the "Holder"); and
WHEREAS, the Owner and the Holder have requested certain
amendments to the Prior Bond and the Loan Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA:
Section 1. The City Council of the City hereby authorizes and
directs the Mayor of the City (the "Mayor") and the City Manager
of the City (the "City Manager") to execute and deliver to the
Holder an amended Bond in exchange for the Prior Bond currently
held by the Holder. The amended Bond shall be in substantially
the form on file with the City Clerk (the "Clerk") on the date
hereof, with such necessary and appropriate variations as the
Mayor and City Manager, with the advice of the City Attorney,
shall determine; provided that the execution thereof by the Mayor
and City Manager shall be conclusive evidence of such
determination. The Clerk is hereby instructed to destroy the
Prior Bond upon receipt thereof from the Holder.
Section 2. The Mayor and City Manager are hereby authorized and
directed to execute and deliver the First Amendment to Loan
Agreement in substantially the form on file with the Clerk on the
date hereof, with such necessary and appropriate variations as
the Mayor and City Manager, with the advice of the City Attorney,
shall determine; provided that the execution thereof by the Mayor
and City Manager shall be conclusive evidence of such
determination.
Section 3. Except as may be amended by this resolution, the
provisions of the Prior Resolution shall remain in full force and
effect.
Resolution No. 90-527
` Page 2
Section 4. This resolution shall be in full force and effect
. from and after its passage.
Passed and adopted by the City Council of the City of Plymouth,
Minnesota, at a regular meeting held August 20, 1990.
STATE OF MINNESOTA }
COUNTY OF HENNEPIN ) SS.
CITY OF PLYMOUTH )
I, the undersigned, being the duly qualified and appointed Clerk of the City
of Plymouth, Minnesota, hereby certify that I have carefully compared the
foregoing resolution adopted at a regular meeting of the City Council of
said City held on August 20, 1990, with the original thereof on file in my
office, and the same is a full, true, and complete transcription thereof.
WITNESS my hand officially as such Clerk and the corporate seal of the
City this 30th day of August, 1990.
/I
Laurie Rauenhorst
City Clerk