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MINUTES <br />CITY COUNCIL <br />MAY 13, 1992 <br />Mr. Blesener introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 92-5-158 - AUTHORIZING CITY STAFF TO <br />PROCEED UNDER THE AAZARDOUS BUILDING STATUTES FOR <br />RAZING OF STRUCTURE AT 34 EAST LITTLE CANADA ROAD <br />The foregoing resolution was duly seconded by Collova. <br />Ayes (5) Blesener, Collova, Scalze, Hanson, LaValle. <br />Nays (0). Resolution declared adopted. <br />AMENDING Trudy Halla, Briggs and Morgan, appeared before the <br />HOUSING Council reporting that there has been a reorganization <br />REVENUE plan confirmed in bankruptcy court for the Cedars <br />BONDS Lakeside Limited Partnership resulting in a proposed <br />CEDARS amendment to Multifamily Housing Revenue Bonds, Series <br />LAKESIDE 1986. This amendment calls for a reduction in interest <br />LIMITED rate and lengthing of payment schedule. Hall reported <br />PARTNERSHIP that these changes technically create a new issuance of <br /> bond documents. Without this amendment, the existing <br /> bonds lose their tax exempt status. Halla reported <br /> that there are $300,000 in back payments on the bonds <br /> due, and the new note will include a repayment of these <br /> funds. Halla reported that Briggs and Morgan is <br /> comfortable with the proposed amendment and recommends <br /> approval. <br />The City Administrator pointed out that in this <br />instance Briggs and Morgan is not representing the <br />City. The Administrator reported that the City <br />Attorney has reviewed the documents and finds them to <br />be in order. The Administrator recommended that any <br />approval provide for reimbursement of City Attorney and <br />City staff expenses. <br />Mr. Blesener introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 92-5-159 - AUTHORIZING THE EXECUTION AND <br />DELIVERY OF A FIRST SUPPLEMENTAL INDENTURE OF TRUST AND <br />A FIRST AMENDMENT TO LOAN AGREEMENT RELATING TO THE <br />$7,700,000 MULTIFAMILY HOUSING REVENUE BONDS, SERIES <br />1986 (CEDARS LAKESIDE LIMITED PARTNERSHIP PROJECT) AND <br />RELATED DOCUMENTS SUBJECT TO REIMBURSEMENT OF EXPENSES <br />INCURRED BY THE CITY ATTORNEY AND CITY STAFF IN REVIEW <br />OF THIS MATTER <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Blesener, LaValle, Hanson, Scalze, Collova. <br />Nays (0). Resolution declared adopted. <br />Page 15 <br />