01-27-1988 Council Agenda - Laserfiche WebLink

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RESOLUTION NO. 88- A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A SUPPLE- MENTAL INDENTURE OF TRUST RELATING TO THE $1,000,000 COMMERCIAL DEVELOPMENT REVENUE BONDS OF 1982 (VIKING PARTNERSHIP PROJECT). WHEREAS, the City issued its $1,000,000 Commercial Develop- ment Revenue Bonds of 1982 (Viking Partnership Project) dated December 15, 1982 (the "Bonds ") pursuant to the Indenture of Trust (the "Indenture ") dated December 15, 1982, between the City and National City Bank of Minneapolis (the "Trustee "); and WHEREAS, pursuant to Section 10 -2 of the Indenture, the Indenture may be amended with the consent of the Holders of 100% in principal amount of the Bonds; and WHEREAS, Viking Partnership (the "Company ") and the Holders of 100% of the Bonds desire to modify the repayment terms of the Mortgage to, among other things, permit reduction in the outstanding principal amount of the Bonds from sums on deposit in a sinking fund, and to permit monthly payments being made and the inteorestnyinstead applied 1 being immediately acccumulated payment as sinking principal and WHEREAS, Briggs and Morgan, P.A., acting as Bond Counsel has prepared a Supplemental Indenture of Trust between the City, the Trustee, the Company and all of the current Holders of the Bonds and is prepared to issue its opinion that the terms of such Supplemental Indenture shall not effect its original opinion of Bond Counsel relating to the tax - exempt status of the Bonds. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Little Canada that the Mayor and City Clerk are hereby author- ized and directed to execute the Supplemental Indenture of Trust in the form on file with the City Clerk in the name of and on behalf of the City and to execute any other documents and Certificates necessary to the transaction described in the Supple- ment. Adopted this 27th day of January, 1988. City Clerk Mayor Page 45