94-8105r62
RESOLUTION NO. 8105
RESOLUTION APPROVING EXTENSION OF MATURITY OF
COMMERCIAL DEVELOPMENT REVENUE BOND
(RICHFIELD SHOPPES DEVELOPERS PROJECT)
WHEREAS, the City of Richfield has heretofore issued its
Commercial Development Revenue Bond (Richfield Shopper Developers
Project) (the "Bond"), sold the Bond to Norwest Bank Minneapolis,
National Association (now Norwest Bank Minnesota, National
Association) (the "Bondholder"), and loaned the proceeds of the
Bond to Richfield Shopper Developers, a Minnesota general
partnership (the "Borrower"), to finance a retail facility in the
City, all pursuant to a Loan and Bond Purchase Agreement dated as
of October 1, 1983 (the "Loan Agreement"); and
WHEREAS, the Borrower and the Bondholder have requested the
City to extend the maturity of the Bond by continuing the
amortization of the unpaid principal of the Bond in monthly
installments as provided in the Bond.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Richfield, Minnesota, as follows:
1. The City hereby approves the extension of the maturity
of the Bond by continuing the amortization of the remaining
unpaid principal of the Bond at the rate of interest specified in
the Bond in monthly installments in the amount provided in the
Bond, until the date on which all unpaid principal of and
interest on the Bond is paid, or, if earlier, until March 1,
2009, when all unpaid principal of and interest on the Bond shall
be paid.
2. The City further approves any amendments to the Loan
Agreement and the Bond necessary to reflect the extension of
maturity authorized hereby, and the Mayor and other City officers
are authorized and directed to execute on behalf of the City any
such amendments as shall be approved by counsel to the City.
Adopted by the City Council of the City of Richfield,
Minnesota this 24th day of January, 1994.
~ -
Martin J. Kir ch Mayor
ATTEST:
Thomas P. Ferber City Clerk