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Last modified
7/17/2007 8:36:03 AM
Creation date
12/2/2004 8:26:05 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8998
Resolution Title
Authorizing the issuance of Housing Facilities Revenue Bonds, Series 1993, to finance a project and authorizing the execution of various documents in connection therewith (College Properties, Inc. project)
Resolution Date Passed
10/11/1993
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<br />st. Paul, Minnesota (the "Trustee") as security for payment of <br />the Bonds under a Trust Indenture dated as of October 1, 1993 <br />between the City and the Trustee (the IIIndenture") and the <br />Company grant a mortgage and security interest in the Project to <br />the ~~ee pursuant to a Combination Mortgage, Security <br />Agreément and Fixture Financing Statement dated October 1, 1993 <br />(the "Mortgage"), and to further secure the payment of the Bonds <br />and the interest thereon, enter into an Assignment of Leases and <br />Rents dated as of October 1, 1993 (the IIAssignment of Leases and <br />Rents"). The Purchaser proposes to buy the Bonds pursuant to the <br />Bond Purchase Agreement, and to offer the Bonds for sale to the <br />y~/public pursuant to an Official Statement to be dated on or about <br />(,'./" the date of the delivery of and payment for the Bonds (the <br />"Official Statementll). <br /> <br />4. The Bond Proceeds loaned pursuant to the Loan <br />Agreement will be used to fund a mortgage loan made to the <br />Company to finance the acquisition, construction and installation <br />of the Project and to fund a reserve fund. <br /> <br />5. This Council, by action taken on July 26, 1993 and <br />September 13, 1993 gave preliminary approval (collectively, the <br />"Preliminary Resolution") to the proposal for the Project and the <br />financing program therefor. The findings of the City Council of <br />the city made in the Preliminary Resolution with respect to the <br />Project are hereby ratified, affirmed and approved. <br /> <br />6. Forms of the following documents relating to the <br />Bonds have been submitted for review to the City Attorney and to <br />the City Council for approval: <br /> <br />(a) the Loan Agreement; <br />(b) the Indenture; <br />(c) the Mortgage (not executed by the City); <br />(d) the Assignment of Leases and Rents (not <br />executed by the City); <br />(e) the Bond Purchase Agreement; and <br />(f) the Official statement (not executed by the <br />City). <br /> <br />7. It is hereby found, determined and declared that: <br /> <br />(a) the Project described in the Loan Agreement <br />and Indenture referred to above constitutes a Project <br />authorized by the Act and the housing program for the <br />Project is authorized by the Act; <br /> <br />(b) the purpose of the Project and the housing <br />program for the Project is, and the effect thereof will be, <br /> <br />249097 <br /> <br />3 <br />
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