93-099 - Laserfiche WebLink

Home Browse Search

~ " " Member Gunderman moved that the following resolution be read and adopted this 10th day of August 1993. ' RESOLUTION of the CITY OF NEW BRIGHTON RESOLUTION NO. ~-099 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEW BRIGHTON, MINNESOTA (THE "ISSUER") AUTHORIZING THE REMARKETING OF THE ISSUER'S COMMERCIAL DEVELOPMENT REVENUE BONDS (NEW BRIGHTON VENTURE I PROJECT), SERIES A; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDED AND RESTATED INDENTURE OF TRUST AND A FIRST AMENDMENT TO LOAN AGREEMENT AND OTHER DOCUMENTS WHEREAS, the Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 to 469.165 (formerly codified as Minnesota Statutes, Chapter 474), as amended (the "Act") authorizes a city of the State of Minnesota, including the City of New Brighton (the "Issuer"), to issue its revenue bonds to finance revenue- producing enterprises to accomplish the purposes of the Act; and WHEREAS, pursuant to the Act and an Indenture of Trust dated as of September 1, 1983 (the "Original Indenture") between the Issuer and Norwest Bank Minnesota, National Association, as trustee, the Issuer has issued its Commercial Development Revenue Bonds (New Brighton Venture I Project), Series A (the "Bonds") in the aggregate principal amount of $1,850,000, the proceeds of which were loaned to New Brighton Venture I, a Minnesota general partnership (the "Company") and applied to finance the construction of an office/warehouse facility (the "Project") located in the City of New Brighton; and WHEREAS, the Company and the Issuer have entered into a Loan Agreement dated as of September 1, 1983 (the "Loan Agreement"), pursuant to which the Company is obligated to make loan repayments in amounts sufficient to pay when due interest and principal and premium, if any, with respect to, and purchase price of, the Bonds; and WHEREAS, Phoenix Home Life Mutual Insurance Company, a New York corporation, formerly known as Phoenix Mutual Life Insurance Company (the "Guarantor") , has guaranteed timely payments of loan repayments and other amounts payable by the Company pursuant to the Loan Agreement; and WHEREAS, the Bonds are required by their terms to be tendered by the Owners thereof on September 1, 1993 for remarketing; and WHEREAS, the Company and the Guarantor have determined to remarket the Bonds at a variable rate of interest and have requested the Issuer and the Trustee to amend and restate the terms of the Bonds and the Original Indenture and to amend the Loan Agreement, all to provide for such remarketing of the Bonds at such variable rate; and SNG56345 NE136-107 1