Laserfiche WebLink
<br />r <br /> <br />11, <br /> <br />!' <br /> <br />t" <br /> <br />CITY OF NEW BRIGHTON <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 96 -10 1 <br /> <br />RESOLUTION APPROVING CERTAIN TRANSFERS AND <br />SUBSTITUTIONS WITH RESPECT TO COMMERCIAL <br />DEVELOPMENT REVENUE BONDS (NEW BRIGHTON <br />VENTURE I PROJECT), SERIES A <br /> <br />WHEREAS, the City of New Brighton has issued its Commercial Development Revenue <br /> <br />Bonds (New Brighton Venture I Project), Series A (the "Bonds"), to fmance an office/warehouse <br /> <br />facility in the City (the "Project") owned and operated by New Brighton Venture I, a Minnesota <br /> <br />general partnership (the "Company"); and <br /> <br />WHEREAS, the Company proposes to transfer the Project to Phoenix Realty Special <br /> <br />Account U Limited Partnership or another limited partnership to be designated (the "Transferee"), <br /> <br />and the Transferee proposes to replace the Guaranty securing the Bonds with a Substitute Credit <br /> <br />permitted by the Amended and Restated Indenture of Trust dated as of September 1, 1993 (the <br /> <br />. "Indenture"), between the City and Norwest Bank Minnesota, National Association, as Trustee; <br /> <br />and <br /> <br />WHEREAS, the transfer of the Project to the Transferee and delivery of a Substitute <br /> <br />Credit to secure the Bonds may require the execution and delivery by the City of certain consents, <br /> <br />approvals and amending documents; <br /> <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of New <br /> <br />Brighton, Minnesota, as follows: <br /> <br />1. The City hereby consents to and approves the transfer of the Project from the <br />Company to the Transferee, agrees to the release of the Company from Loan <br />Repayments under the Loan Agreement arising after transfer of the Project to and <br />assumption of all such obligations by the Transferee, and consents to and approves <br />the delivery of an authorized Substitute Credit for all purposes under the Indenture <br /> <br />BMB1l4449 <br />NE136-136 <br />