06-11-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

SUPPLEMENTAL INDENTURE OF TRUST This Supplemental Indenture of Trust dated as of June 1, 2003, between the City of Little Canada, Minnesota, a municipal corporation, duly organized under the laws of the State of Minnesota (the "Issuer ") and U.S. Bank National Association, a national banking association, successor in interest to First Trust National Association (the "Trustee "): RECITALS WHEREAS, the Issuer and the Trustee entered into an Indenture of Trust dated as of March 1, 1993 (the "Indenture ") pursuant to which the Issuer issued its $1,965,000 Commercial Development Revenue Bonds, Series 1993 (RLF of Minnesota Project) (the "Bonds "); and WI- IEREAS, pursuant to a Loan Agreement dated as of March 1, 1993 (the "Loan Agreement ") between the Issuer and RLF of Minnesota, a Minnesota general partnership ( "RLF "), the Issuer lent the proceeds of the Bonds to RLF to refund certain prior tax - exempt bonds of the Issuer which were issued to finance a portion of the cost of the acquisition, installation and construction of an office /warehouse facility as further described in the Indenture (the "Project "), and as security for the Bonds RLF granted to the Trustee a first mortgage lien and security interest in the Project; and WHEREAS, on November 19, 1993 RLF sold the Project to Larson Enterprises, a Minnesota general partnership (the "Company ") and the Company assumed all rights and liability of RLF under the Loan Agreement and the Bonds; and WHEREAS, the Company has requested that the interest rate on the Bonds be reduced; and WHEREAS, Section 10 -2 of the Indenture provides that the Issuer and the Trustee may not enter into a supplemental indenture to reduce the interest rate on the Bonds without the consent of the holders of one hundred percent (100 %) of the principal amount of the then outstanding Bonds; and WHEREAS, First American Minnesota Tax -Free Fund (the "Holder ") holds one hundred percent (100 %) of the principal amount of the outstanding Bonds; and WHEREAS, at the request of the Company, the Holder has agreed to reduce the interest rate on the Bonds. NOW THEREFORE, this Supplemental Indenture witnesseth that the Issuer and the Trustee hereby agree to supplement, amend and modify the Indenture as follows: 1. The interest rate set forth in Subsection 2 -2(3) of the Indenture is hereby changed to five percent (5 %). 2. All other terms and conditions of the Indenture shall remain in full force and effect except as modified, supplemented and amended hereby. L532184v1 2