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7/17/2007 8:38:35 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9463
Resolution Title
Authorizing the sale and issuance of Variable Rate Demand Multifamily Housing Refunding Revenue Bonds (Rosepointe II Project) Series 1997 for Rosepointe Housing Limited Partnership for the purpose of refunding certain outstanding revenue bonds of th
Resolution Date Passed
9/22/1997
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<br />provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended (the <br />"Code"). <br /> <br />1.02. Documentation. Drafts of the following documents relating to the <br />Project and the 1997 Bonds (the "City Bond Documents") have been prepared and <br />submitted to this Council and are hereby directed to be filed in the office of the City <br />Manager: <br /> <br />(a) a Loan Agreement (the "Loan Agreement"), to be dated as of <br />September 1, 1997, proposed to be made and entered into between the City and the <br />Partnership; <br /> <br />(b) an Indenture of Trust (the "Indenture"), to be dated as of September <br />1, 1997, proposed to be made and entered into between the City and Norwest Bank <br />Minnesota, National Association, as trustee (the "Trustee"); <br /> <br />(c) a Bond Purchase Agreement (the "Bond Purchase Agreement"), pro- <br />posed to be made and entered into among Miller & Schroeder Financial, Inc. (the <br />"Purchaser"), the City and the Partnership; and <br /> <br />(d) a Remarketing Agreement (the "Remarketing Agreement"), <br />proposed to be made and entered into among Miller & Schroeder Financial, Inc. (the <br />"Remarketing Agent"), the City, the Partnership and the Trustee. <br /> <br />2. Approval of Documents. <br /> <br />It is hereby found and determined that the refinancing of the Project by <br />the issuance of the 1997 Bonds to retire the Prior Bonds would further the housing <br />policies and goals set forth in the Housing Plan and Housing Program adopted by <br />the City at the time of issuance of the Prior Bonds. The forms of the City Bond <br />Documents are approved and the Mayor and City Manager are directed'to execute <br />said documents on behalf of the City. The approval hereby given to the City Bond <br />Documents includes an approval of such modifications thereto, deletions therefrom <br />and additions thereto as may be necessary and appropriate and approved by the <br />Mayor and City Manager, or other City officials as provided below, and Briggs & <br />Morgan, Professional Association, as counsel to the City, prior to the execution of <br />the documents. <br /> <br />The Mayor and City Manager, or other City officials as provided below, <br />are also authorized and directed to execute such other instruments and closing cer- <br />tificates as may be required to give effect to the transactions herein contemplated, <br />including, without limitation, any required amendments to or restatements of the <br />Declaration of Restrictive Covenants, dated October 29, 1986, executed and recorded <br />by the Partnership against the Project property. <br />
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