86-7165R41
RESOLUTION N0. 7165
RESOLUTION RELATING TO $900,000 COMMERCIAL
DEVELOPMENT REVENUE .BONDS (CORPORATE TRAVEL
BUILDING PROJECT); REQUESTING THE TRUSTEE TO
ENTER INTO A SUPPLEMENTAL INDENTURE OF TRUST
BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota (the City), as follows:
• Section 1. The City:has previously issued its $900,000
Commercial Development Revenue Bonds (Corporate Travel Building
Project), Series $, dated as of December 1, 1982 (the Bonds).
In connection therewith, Dacotah Properties Partnership (the
Partnership) entered into a Loan Agreement with the City dated
as of December 1, 1982.
Section 2. The Partnership now desires that the
Indenture of Trust, dated~as of December 1, 1982 (the Indenture),
between the City and First Trust Company, Inc. (the. Trustee)
entered into in connection with the Bonds be amended by the
execution and delivery of a first supplemental indenture to
be entered into between the City and the Trustee for the purpose
of substituting for the irrevocable letter of credit given by
The First National Bank of St. Paul in favor of the Trustee,
an irrevocable letter of credit of Marquette Bank Minneapolis,
N.A. in the same amount and with the same terms.
Section 3. Pursuant to Section 10-2 of the Indenture,
the City must request the Trustee to enter into a supplemental
indenture which requires the consent of the holders of the Bonds
and to give notice to the holders of the Bonds of such proposed
supplemental indenture. Representati+~es of the Partnership
have requested that the City make such request with respect
to the proposed first supplemental indenture and have agreed
to indemnify the Trustee with respect to expenses. The City
hereby authorizes the Mayor and the City Manager to make such
request by executing the form of request attached hereto as
Exhibit A.
Section 4. The Council hereby authorizes that a draft
of a first supplemental indenture be prepared and be placed
on file with the Trustee and with the City Clerk.
This resolution shall become effective immediately
upon its passage and without publication.
Passed this 12th day of May , 1986.
Ivan Lud an Mavor Pro Tem
Attest: ~d~
Thomas P. Ferber City Clerk
EXHIBIT A
REQUEST TO TRUSTEE
. Pursuant to Section 10-2 of the Indenture of Trust,
• dated as of December 1, 1982, between the City of Richfield,
Minnesota .(the City) and First Trust Company, Inc. (the Trustee),
the City hereby requests the Trustee to enter into a supplemental
.indenture, the form of which is to be prepared and furnished
to the Trustee, for the purpose of substituting for the
irrevocable letter of credit given by The First National Bank
of St. Paul in favor of the Trustee, an irrevocable letter of
credit given by Marquette Bank Minneapolis, N.A. in the same
amount and with the same terms. The City also requests the
Trustee, upon being satisfactorily indemnified by Dacotah
Properties Partnership with respect to expenses, to cause a
notice, in the form attached hereto as Appendix A, to be mailed
by first. class mail to all holders of the City's 5900,000
Commercial Development Revenue Bonds (Corporate Travel Building
Project), Series e, dated as of December 1, 1982.
Dated this 12th day of • May , 1986.
CITY OF RICHFIELD, MINNESOTA
Acting City Manager