HomeMy WebLinkAboutCity Council Resolution 1991-145CITY OF PLYMOUTH, MINNESOTA
RESOLUTION NO. 91-14S
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, on August 20, 1990, pursuant to its Resolution No.
90-527 (the "Amendment Resolution") the City authorized certain
amendments to the Prior Bond and 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
further 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 Second 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 and Amendment Resolution shall
remain in full force and effect.
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 March 4, 1991.