HomeMy WebLinkAboutResolution 84-28CITY OF COLUMBIA HEIGHTS
RESOLUTION NO. 8/~-28
BEING A RESOLUTION APPROVING AMENDMENTS TO THE
INDENTURE OF TRUST, THE MORTGAGE ORIGINATION
AND SALE AGREEMENTS, THE RESALE COMMITMENT AGREEMENT,
AND APPROVING THE EXTENSION OF BUILDER-DEVELOPER
COMMITMENT AGREEMENTS RELATING TO THE SINGLE MORTGAGE
REVENUE BOND PROGRAM UNDERTAKEN 3OINTLY BY
THE CITY OF BROOKLYN CENTER, THE CITY OF GOLUMBIA HEIGHTS,
THE CITY OF MOORHEAD AND THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF ROBBINSDALE, MINNESOTA
WHEREAS, pursuant to its Single Family Mortgage Revenue Bond Program
(the "Program"), the City of Columbia Heights, Minnesota (the "City") authorized
the issuance of Single Family Mortgage Revenue Bonds, Series 19.82, issued jointly
with the City of Moorhead, Minnesota, the City oS Brooklyn Center, Minnesota and
The Housing and Redevelopment Authority in and for the City of Robbinsdale,
Minnesota; and
WHEREAS, there have been prepared certain amendments to the Indenture
of Trust, dated as of December 29, 1982, and to the several Mortgage Origination
and Sale Agreements, dated as of December 29, 1982, in order to more accurately
and efficiently carry out the intent of the Program) and
WHEREAS, there has been prepared an amendment to the Builder-Developer
and Resale Commitment Agreement, dated as of December '29, 1982 and approved
by the City, to permit the extension of such agreement to a date determined by the
Originator and approved by the Gity Lf the period for originating mortgage loans
under the Program is extended pursuant to the Indenture of Trustl
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Columbia Heights, Minnesota:
1. The Mayor and City Manager are hereby a0'thorized and directed to
execute and deliver the Amendment 'to Indenture of Trust, the several Amendments
to Mortgage Origination and Saie Agreement, and the Amendment to the Builder-
Developer and Resale Agreement, which documents are hereby approved in the
form now on file with the City Manager, with such necessary and appropriate
variations, omissions, and insertions as are not materially inconsistent with such
form, and as the Mayor, in his discretion, shall determine.
'2. The Mayor and City Manager are hereby authorized and directed to
execute and deliver on behalf of the .City such additional certificates and
documents as are deemed necessary by bond counsel to effectuate the agreements
contained in the aforementioned Amendments.
3. First Trust Company of Saint Paul (the "Trustee") is hereby directed
to enter into an investment agreement {the "Agreement") in substantially the form
of the Investment Agreement dated December 29, 1982 between the Trustee and
The First National Ban)< of Saint Paul, with such changes .as are approved by the
Mayor, under which Agreement the Trustee may withdraw moneys at any time,
upon not more than fourteen days notice, the effect of which Agreement i$ to
permit the investment of amounts then remaining on deposit in the Mortgage Loan
Fund from the date of expiration of the Investment Agreement dated December 29,
1982, at a rate of interest per annum equal to or greater than the average weighted
Interest rate on the Bonds, upon receipt of a favorable opinion of bond counsel as
described in Section §.05(El of the Indenture.
The extension of the Builder-Developer and Resale Agreement to
April 1, 1955, is hereby approved, and the City Manager is directed to notify the
Program Adminlstrator of such approval if and when the origination period is
extended pursuant to Section 5.05 of the Indenture of Trust.
Adopted this 2trdday of Apr)l , 1984.
Offered by: Petkoff
Seconded by: Peterson
Roll Call: All ayes
yAnne Student, Cou~n~i~ Secr'etary
Bruce G. Nawrocki, Mayor