12-02-1997 Council Agenda - Laserfiche WebLink

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FROM B&M FAX 612- 334 -8650 VOICE 334 -8520 (TUE) 11.25' 97 15:22/ST. 15:19/NO. 3560292541 P 3/8 (the Series 1997A Bonds and the Series 1997E Bonds are collectively referred to as the "Bonds ") under the Act pursuant to this Resolution;; and WHEREAS, the Series 1997A Bonds will be issued under an Indenture of Trust (the "Indenture "), dated as of December 1, 1997 between the City and (the "Trustee "), and will be secured by a loan agreement among the City and the Company dated as of December 1, 1997 (the "Loan Agreement ") and a mortgage and assignment of leases and rents from the Company to the City, as assigned to the Trustee dated as of December 1, 1997 (the "Mortgage ") and by a pledge and assignment of certain other revenues, all in accordance with the terms of the Indenture of Trust; and the Series 1997E Bonds will be issued under and secured by the Indenture and pursuant to a Subordinate, second mortgage on the project (the "Subordinate Mortgage ") on a subordinate basis to the Series 1997A Bonds, payable on such subordinate basis from a pledge and assignment of certain Project revenues set forth under the Indenture, all in accordance with the terms of the Indenture; and the Bonds and the interest on the Bonds shall be payable solely from the revenues pledged therefor and the Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation, nor shall the Bonds constitute nor give rise to a pecuniary liability of the City or a charge against the credit or taxing powers and shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City other than the City's interest in the Project; and WHEREAS, the City conducted a public hearing on the proposal of the Company that the City finance the Project by the issuance of the Bonds, at 710o p.m. on December 2, 1997, at which hearing all persons who appeared or submitted comments were given an opportunity to express their views with respect to the Project and the Bonds; NOW THEREFORE BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: 1. Pre osal. For the purpose of financing the Project, the issuance, sale and delivery of the Bonds is hereby authorized. The proceeds of the Bonds together with other funds provided by the Company, shall be applied to acquisition, rehabilitation and installation of fire safety improvements to the Project as provided in the Loan Agreement. The Bonde shall be in such series, principal amounts, shall bear interest at rates, shall be numbered, shall be dated, shall mature, shall be subject to redemption prior to maturity, and shall be in such form and have such other details and provisions as maybe prescribed in the Indenture, substantially in the form now on file with the City. The Bonds shall be special obligations of the City payable solely from the revenues pledged and assigned pursuant to the Indenture. The Bonds are not to be payable from nor charged upon aAy funds of the City other than the 809/26.1 Page 12