86-7249R23
RESOLUTION N0. 7249
RESOLUTION RELATING TO $900,000 COMMERCIAL
DEVELOPMENT REVENUE BONDS (CORPORATE TRAVEL BUILDING PROJECT);
APPROVING AND AUTHORIZING THE EXECUTION OF A
FIRST SUPPLEMENTAL INDENTURE OF TRUST
BE I7 RESOLVED by the City Council of the City of Richfield,
Minnesota (the City), as follows:
Section 1. Recitals.
1.01. Pursuant to Minnesota Statutes, Chapter 474, as
amended, and an Indenture of Trust, dated as of December 1, 1982
(the Indenture), between the City and First Trust Company, Inc.,
of St. Paul, Minnesota (the Trustee), the City issued its
Commercial Development Revenue Bonds (Corporate Travel Building
Project), Series B, in the aggregate principal amount of $900,000
(the Bonds), to finance the costs of a Project, consisting of the
construction and furnishing of a 61,660 square foot commercial
office facility on certain land within the City. The proceeds of
the Bonds were loaned by the City to Dacotah Properties
Partnership, a Minnesota general partnership (the Partnership),
pursuant to a Loan Agreement, dated as of December 1, 1982,
between the City and the Partnership.
1.02. Representatives of the Partnership have requested
that the City agree to an amendment of the provisions of the
Indenture to substitute for the irrevocable letter of credit
issued by The First National Bank of St. Paul, an irrevocable
letter of credit issued by Marquette Bank Minneapolis, N.A., in
the same amount and with the same terms. Article Ten of the
Indenture permits amendment of the Indenture upon certain terms
and conditions. The City has requested the Trustee to enter into
a supplemental indenture for this purpose and the Trustee has
given notice of such amendment to the owners of all outstanding
Bonds. The Trustee, a majority in aggregate principal amount of
the owners of all outstanding Bonds and the Partnership have
informed this Council that they consent to the proposed amendment
of the Indenture.
1.03. A form of First Supplemental Indenture of Trust,
dated as of May 1, 1986, proposed to be entered into between the
City and the Trustee (the First Supplemental Indenture), has been
submitted to this Council and is now on file in the office of the
City Clerk.
Section 2. Approval of First Supplemental Indenture.
The form of First Supplemental Indenture referred to in
Section 1.03 is hereby approved. The First Supplemental
Indenture, with such variations, insertions and additions as the
Mayor and the City Attorney may hereafter deem appropriate, is
directed to be executed in the name and on behalf of the City by
the Mayor and the City Manager or, in the event of their absence
or disability, the acting
respectively. Execution o
appropriate officers of th~
approval thereof in accord
This resolution shall)
passage and without public
Passed by the City Co%
Minnesota this 27th day ofd,
ATTEST:
~,/e
layor or acting City Manager,
the First Supplemental Indenture by
City shall be conclusive evidence of
ince with. the terms of this resolution.
become effective immediately upon its
~tion.
incil of the City of Richfield,
October, 1986,E ~ ~
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