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HomeMy WebLinkAboutCity Council Resolution 1995-470• RESOLUTION NO. 95-470 t AMENDING RESOLUTION NO. 95412, AUTHORIZING THE ISSUANCE OF ITS MULTIFAMILY HOUSING TAXABLE REVENUE BONDS (PARKSIDE IANEL APARTMENTS PROJECT), SERIES 1995B AND PRESCRIBING THE FORM OF AND AUTHORIZING THE EXECUTION OF A TRUST MENTURE AND LOAN AGREEMENT. WHEREAS, the City of Plymouth, Minnesota (the "Issuer") is a home rule charter city duly organized and existing under the Constitution and laws of the State of Minnesota; and WHEREAS, pursuant to the Constitution and laws of the State of Minnesota, particularly Minnesota Statutes, Chapter 462C, as amended (the "Act"), the Issuer is authorized to carry out the public purposes described therein ane contemplated thereby in the financing of housing within its boundaries, by issuing revenue bonds to defray, in whole or in part, the development costs of a rental housing development, and by entering into any agreements made in connection therewith and by pledging any such agreements as security for the payment of the principal of and interest on any such revenue bonds; and WHEREAS, the Issuer developed and adopted a housing plan pursuant to and in conformance with the Act after the public hearing required by the Act; and WHEREAS, on July 11, 1995, the Issuer held a public hearing with respect to the financing of the refunding of the Issuer's $9,500,000 Multifamily Housing Development Revenue Refunding Bonds (Parkside Apartments Project) Series 1990 (the "Refunded Bonds"), the )roceeds of which were used to refund the Issuer's $9,500,000 Multifamily Housing Revenue Bonds (Parkside Apartments Project) Series 1985 (the "Orig%nal Bonds"), the proceeds of which were used to finance the acquisition and construction of • a multifamily housing development (the "Project"), after publication of notice of such hearing in a newspaper of general circulation in the City of Plymouth at least 15 days before the hearing; and WHEREAS, on July 18, 1995, the Issuer adopted Resolution No. 95412 authorizing the issuance of its Multifamily Housing Revenue Refunding Bonds (Parkside LaNel Apartments Project), Series 1905 (the "Series A Bunds") and prescribing tht. form of a Trust Indenture dated as of August 1, 1995 be►ween the Issuer and First Trust National Association (the 'Truster"), and certain related documents; and WHEREAS, the Issuer now proposes to amend Resolution No. 95-412 by authorizing the issuance of a series of taxable bonds in the aggregate maximum principal amount of $165,000 (the "Series B Bonds"), extending the maturity of the Series A Bonds and prescribing the amended form of the Indenture and Loan Agreement; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA THAT: Semon b . For the purpose of financing the refunding of the Refunded Bonds, Resolution No. 95.412 is hereby amended as set forth in this resolution. Section . There is hereby authorized the issuance of the Seizes B Bonds designated as the "City of Plymouth Multifamily Housing Taxable Revenue Bonds (Parkside LaNel Apartments Project), Series 199513". The Series A Bonds and the Series B Bonds (collectively, the "Bonds") shall bear interest at such rates, shall be in such denomination, shall be numbered, shall be dated, shall mature, shall be subject to redemption prior to maturity, shall be in such foam, and shall have such other details and previsions as are prescribed by the Indenture hereinafter referred to. -2- Section 3. The extension of the final maturity of the Series A Bonds to August 1, C 2032 is hereby approved. The Mayor or Deputy Mayor are hereby authorized to approve changes to the maturity schedules and mandatory sinking fund payment schedules for the Bonds set forth in the Indenture, the Bond Purchase Agreement and the Official Statement, provided that the maturity date for any Bond shall not be later than August 1, 2035. Section 4. The Indenture shall be substantially in the form on file with the Issuer on the date hereof, and is hereby approved, with such changes as shall be approved by the Mayor or the. Deputy Mayor, and with such necessary and appropriate variations, omissions and ins: rtions as are not materially inconsistent with such form and as the Mayor or Deputy Mayor, in her/his discretion, shall determine; provided that the execution thereof by the Mayor or Deputy Mayor shall be conclusive evidence of such determination. Section 5. The Lean Agreement shall be substantially in the form on file with the Issuer on the date hereof, and is hereby approved, with such changes as shall be approved by the Mayor or Deputy Mayor, and with such necessary and appropriate variations, omiosions and insertions as are not materially inconsistent with such form and as the Mayor or Deputy Mayor, in herlhis discretion, shall determine; provided that the execution thereof by the Mayor or Deputy Mayor shall be conclusive evidence of sl►ch determination. Section 6. All acts, conditions, and things required by the laws of the Stat t of Minnesota, relating to the adoption of this resolution, to the issuance of the Bonds, and to the execution of the Indenture and the other documents referred to above ..j happen, I exist, and Ise performed precedent to and in the enactment of this resolutiur, and -3- • precedent to the issuance of the Bonds, and precedent to the execution of the Indenture and the other documents referred to above have happened, wrist, and have been performed as so required by law. Section 7. The City Councilmembers of the Issuer, officrrs of the Issuer, and attorneys and other agents or employees of the Issuer are hereby authorized to do all acts and things required by them by or in connection with this resolution and the Indenture and the other documents referred to above for the full, punctual, and complete performance of all the terms, covenants, and agreements contained in the Bonds, the Indenture and the other documents referred to above, and this resolution. Section g. If for any reason the Mayor of the Issuer is unable to execute and deliver those documents referred to in this resolution or in Resolution No. 95-412, the Deputy Mayor or any other member of the City Council of the Issuer may execute and deliver such documents with the same force and effect as if such documents were executed by the Mayor. If for any reason the City Manager of the Issuer is unable to execute and deliver the documents referred to in this resolution, such documents may be executed and delivered by any member of the City Council or the Assistant City Manager with the same force and effect as if such documents were executed and delivered by the City Manager. Sectipn 9. This resolution shall be in full force and effect from and after its passage. PASSED AND APPROVED this 15th day of A-tigust, 1995. THE CITY OF PLYMOUTH, MINNESOTA -4-