01-27-1988 Council Agenda - Laserfiche WebLink

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SUPPLEMENTAL INDENTURE OF TRUST This Supplemental Indenture of Trust (the "Supplement ") is made and entered into as of the 16th day of December, 1987, by and between the City of Little Canada, Minnesota (the "City ") and National City Bank of Minneapolis, a national banking associ- ation (the "Trustee ") with the agreement of Viking Partnership, a Minnesota general partnership (the "Company "), First National Bank of Detroit Lakes ( "FNB "), Battle Creek Bank ( "Battle Creek "), The Marion E. Newman Revocable Trust dated September 30, 1987, Marion E. Newman and Annette D. Newman, Trustees (the "M Newman Trust ") and The Annette D. Newman Revocable Trust dated October 11, 1987, Annette D. Newman and Marion E. Newman, Trustees (the "A Newman Trust ") (FNB, Battle Creek, M Newman Trust and A Newman Trust also referred to as "Bondholders "); WHEREAS, the City issued its Commercial Development Revenue Bonds of 1982 (Viking Partnership Project) dated December 15, 1982 (the "Bonds ") pursuant to the Indenture of Trust dated December 15, 1982 between the City and the Trustee (the "Indent- ure") in the principal amount of $1,000,000; and AREAS, the City and the Company entered into a Loan Agree- ment dated December 15, 1982 (the "Loan Agreement ") whereby, among other things, the Company agreed to assume the City's obligations under the Bonds, including the payment of principal, interest and any premium due thereunder; and WHEREAS, the Bondholders currently hold all of the outstand- ing principal amount of the Bonds, and following the amendments effected by this Supplement, FNB shall hold $500,000 of the Bonds, Battle Creek shall hold $175,000 of the Bonds and the M Newman Trust and the A Newman Trust shall each hold $50,000 of the Bonds; and Indenture WHEREAS may pursuant to Section 10 -2 of the Indenture, the Y amended with the consent of the Holders of 100% in principal amount of the Bonds; and WHEREAS, the parties hereto wish to set forth certain agree- ments with respect to the payment of principal and interest due under the Bonds and other matters relating to the Bonds. NOW, THEREFORE, in consideration of One Dollar and other good and valuable consideration and the premises contained herein, the parties hereto agree as follows: 1. Following the December 15, 1987 annual interest payment, $225,000 remained in the Bond Fund, which amount is hereby applied to redemption of the principal amount of the Bonds without payment of any optional redemption premium. Following such redemption the total principal amount of Bonds Outstanding is $775,000. Page 40