87-7294R6~3
R€SOLUTION N0. 7294
RESOLUTION AMENDING TERMS OF $6,265,000
GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS OF 1985
BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota, as follows:
1. The City has heretofore issued its General
Obligation Tax Increment Refunding Bonds of 1985, dated December
1, 1985 (the Bonds), for the purpose of advance refunding its
$5,750,000 General Obligation Tax Increment Bonds of 1984, dated
as of August 1, 1984 (the Refunded Bonds).
2. The City and Norwest Bank Aiinneapolis, National
Association (the "Agent") have entered into a Refunding Escrow
Agreement (as executed, the "Original Refunding Escrow
Agreement") dated December 30, 1985, whereby the City has agreed
to deposit the proceeds of the Bonds with the Agent to be applied
in the manner and for the purposes set forth in Section 2
thereof .
3. In connection with the rerating of the Refunded
Bonds, Moody's Investors Services, Inc. has required the
amendment of certain provisions in the Original Refunding Escrow
Agreement and has requested that the City and the Agent amend the
Original Refunding Escrow Agreement.
4. The City hereby agrees to the amendment of the
Original Refunding Escrow Agreement as set forth in the Amendment
to Refunding Escrow Agreement (the "Amendment to Refunding Escrow
Agreement") between the City and the Agent. The Amendment to
Refunding Escrow Agreement in substantially the form presented to
this Council is hereby approved. The Mayor and City Aianager are
authorized to approve, execute and deliver the Amendment to
Refunding Escrow Agreement. The Original Refunding Escrow
Agreement shall, except as specifically supplemented by the
Amendment to Refunding Escrow Agreement, remain in full force and
effect.
5. This resolution shall be effective immediately
upon its final adoption. .
Passed by the City Council of the City q~j i hfield~, nnesota this
13th day of April, 1987. / / / ;,~
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Attest:
~i,~('~~~'1 a,1~
City Clerk
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