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87-062
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87-062
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<br />A RESOLUTION AUTHORIZING THE REMARKETING OF <br />MULTIFAMILY HOUSING REVENUE BONDS (BRIGHTON- <br />DALE .RESIDENCE PROJECT) SERIES 1985 AND AP- <br />PROVING THE FORM AND AUTHORIZING THE EXECUTION <br />OF NECESSARY AND RELATED DOCUMENTS. <br /> <br />Resolution No. 87-62 <br /> <br />WHEREAS, the Minnesota Statutes, Chapter 462C (the <br />"Act"), authorizes the City of New Brighton, Minnesota (the <br />"Issuer") to issue revenue obligations for the purposes <br />specified therein and for the financing of multifamily hous- <br />ing developments thereunder; and <br /> <br />WHEREAS, by Resolution No. (the "Bond Resolu- <br />tion") the Ci ty Council of the Issuer author i zed the issu- <br />ance and sale of its Multifamily Housing Revenue Bonds. (Park <br />Place Apartments Project) in the principal amount of <br />$4,500,000 (the "Bonds"); and <br /> <br />WHEREAS, on June 1, 1987, $300,000 principal amount of <br />such Bonds shall be redeemed and pursuant to the Supple- <br />mental Indenture of Trust referred to below, the Bonds shall <br />be redesignated as "the Brightondale Residence Project"; and <br /> <br />WHEREAS, the Bonds were issued with the expectation that <br />the Bonds 'would be remarketed; and <br /> <br />WHEREAS, to assist in the remarketing of the Bonds the <br />Issuer proposes to enter into (i) a Supplemental Indenture <br />of Trust dated as of June 1, 1987 (the "Indenture"), with <br />First Trust Company, Inc. (the "Trustee"), amending an <br />Indenture of Trust adated as of December 1, 1985 by and <br />between the Issuer and Trustee, and (ii) an Amendment to <br />Loan Agreement, dated as of June 1, 1987 by and between the <br />Issuer' and Park Place Senior Housing Limi ted Partnership <br />(the "Company") (the "Agreement") amending a Loan Agreement <br />dated as of December 1, 1985 by and between the Issuer and <br />the Company; and <br /> <br />WHEREAS, an offer ing memorandum offer ing the Bonds has <br />been prepared to facilitate offering and remarketing of the <br />Bonds (the "Offering Memorandum"); and <br /> <br />WHEREAS, copies of the proposed Indenture, Agreement and <br />Offering Memorandum have been placed on file in the offices <br />of the Issuer. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of New Brighton, Minnesota as follows: <br />
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