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1999_1025_packet
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1999_1025_packet
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RE FOR COUNCEL ACTION f <br />Item No.. -7 <br />Department Approval: Mana reviewed Agenda Section <br />t Consent <br />Item Dese6ptiones Chan of Trustee for Commercial Development Revenue Bonds Sen'es F <br />(Ber Transfer Stora <br />N <br />T <br />M i u <br />The City issued $4,700,000 City of Roseville, Minnesota variable Rate Demand Cointnercial <br />Development Revenue Bonds, Series F, for Berger Transfer Storage in December of 19854. <br />We have been informed that U.S. Bank Trust, National Association, who was the Trustee under the <br />Indenture of Trust entered into at that time, wishes to withdraw in favor of Norwest Bank Minn esota, <br />1. An <br />With the guidance of our bond counsel, Mary Ippel of Briggs and Morgan, the attached resolution <br />has been prepared for Council Action. A copy of the Bond Counsel's letter regarding this matter <br />is also attached. <br />Financial Implications <br />There are no financial benefits or obligations incurred by the City of Roseville in the change of <br />Trustee's as all bond interest expense and debt retirement liability is borne by Berger Transfer. <br />Staff Recommendations <br />Staff is recomnunding that the City Council approve the Resolution authorizing the Trustee change <br />for the above referenced Coininercial Development Revenue bonds. <br />Motion to approve the attached Resolution of Acknowledgment, Appointment, and Acceptance of <br />the Trustee for the City of Roseville Commercial Development Revenue Bonds Series F dated <br />December I, 1985. <br />
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