10-03-1978 Extract of Minutes of Meeting of the
City Council of the City of Hopkins , Minnesota
Pursuant to due call and notice thereof, a regular meeting
of the City Council of the City of. Hopkins, Minnesota, was duly
held at the City Hall in said City on Tuesday, the 3rd day of
October, 1978, at 7: 30 o' clock P.M.
The following Councilmen were present: Jerre A. Miller, Mayor;
Robert J. McDonald, Donald J. Milbert, Paul Slaton, and Paul W. Lohmann, Councilmen
and the following were absent: None
is * * is * * * * *
€a
II, Councilman Paul W. Lohmann introduced and read in
full the following written resolution and moved its adoption:
RESOLUTION NO. 78-2725,
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
REVENUE BONDS PURSUANT TO CHAPTER 474 ,
MINNESOTA STATUTES, TO PROVIDE FUNDS TO BE LOANED
FOR AN INDUSTRIAL DEVELOPMENT PROJECT
The motion for the adoption of the foregoing resolution
was duly seconded by Councilman Paul. Slaton , and upon vote
being taken thereon, the following voted in favor thereof:
All of the above named Mayor and Councilmen
411, and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
[Bond Resolution]
Resolution No. 78-2725,
411 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
REVENUE BONDS PURSUANT TO CHAPTER 474,
MINNESOTA STATUTES, TO PROVIDE FUNDS TO BE LOANED
FOR AN INDUSTRIAL DEVELOPMENT PROJECT
BE IT RESOLVED by the City Council of the City of
Hopkins, Minnesota, as follows:
1. Authority. The City is, by the Constitution and
Laws of the State of Minnesota, including Chapter 474, Minnesota
Statutes, as amended (the "Act" ) authorized to issue and sell its
revenue bonds for the purpose of financing the cost of construc-
tion of authorized projects, and to enter into contracts neces-
sary or convenient in the exercise of the powers granted by the
Act and to pledge revenues of the project and otherwise secure
the revenue bonds .
2 . Authorization of Series of Bonds . The City Council
hereby determines that it is necessary and expedient to authorize,
' and the City Council does hereby authorize, the issuance of
revenue bonds of the City in the aggregate principal amount of
Seven Hundred Thousand Dollars ( $700, 000 ) pursuant to the Act to
provide money to be loaned to Donald F. Hagen and Herbert A.
Mason, successors in interest to Reilly and Hagen, a co-partnership
(the "Borrowers" ) , to finance costs of the acquisition of land in
the City (the "Project Site" ) and constructing a supermarket
building for the sale of food and related merchandise (the "Project
Building" ) being leased to T & H Markets, Inc. , a Minnesota
corporation (the "Lessee" ) under a lease (the "Lease) with an
original term of 25 years, together with necessary building
service equipment (the "Project Equipment" ) to be located perma-
nently in and as part of the Project Building or the Project Site
and necessary site improvements (the "Project" as more fully
defined in the Loan Agreement hereinafter mentioned) . In order
to provide financing for the Project, the City shall issue and
sell its $700, 000 City of Hopkins Industrial Development Revenue
Bond (Hagen & Mason Project - T & H Markets, Inc. , Lessee) ,
Series 1978 (the "Bond" ) .
3 . Documents Presented. Forms of the following docu-
410 ments relating to the Bond and the Project have been submitted to
and examined by the City Council and are now on file in the
office of the City Clerk:
(a) Loan and Purchase Agreement (the "Loan Agreement" ) ,
dated as of August 1, 1978, by and among the City, the
Borrowers and Merland C. Belden, a resident of Eden Prairie,
Minnesota (the "Purchaser" ) whereby, among other things, the
City agrees to sell and the Purchaser agrees to purchase the
Bond, the City agrees to make a loan to the Borrowers of the
proceeds of the sale of the Bond and the Borrowers covenant
• to pay amounts sufficient to provide for the prompt payment
of the principal of and interest on the Bond;
(b) Conditional Assignment of Lease and Rentals (the
"Assignment" ) dated as of August 1, 1978, by the Borrowers
to the Purchaser, whereby the Borrowers assign the Lease and
rentals thereunder to the Purchaser to secure the payment of
the principal of and interest on the Bond (this document not
to be executed by the City) ; and
(c) Combination Mortgage and Security Agreement dated
as of August 1, 1978 by and between the Borrowers and the
Purchaser, whereby the Borrowers mortgage the Project Site,
the Project Building and the Project Equipment (the "Project
Facilities" ) as security for the Bond (this document not to
be executed by the City) .
4. Findings. It is hereby found, determined and
declared that:
• (a) The Project, as described in the Loan Agreement,
constitutes a project authorized by and described in Section
474.02, Subd. la of the Act.
(b) The purpose of the Project is and the effect
thereof will be to promote the public welfare by: prevent-
ing the emergence of blighted and marginal lands and areas
of chronic unemployment; preventing economic deterioration;
the development of sound industry and commerce to use the
available resources of the community, in order to retain the
benefit of the community' s existing investment in educational
and public service facilities; halting the movement of
talented, educated personnel to other areas and thus pre-
serving the economic and human resources needed as a base
for providing governmental services and facilities; and
adding to the tax base of the City and the County and School
District in which the Project Facilities will be located.
(c) The Project has been approved by a preliminary
resolution of the Council duly adopted August 2 , 1977, and
by the Commissioner of Securities of the State of Minnesota
• as tending to further the purposes and policies of the Act.
(d) The issuance and sale of the Bond, the execution
and delivery of the Loan Agreement and the performance of
all covenants and agreements of the City contained in the
Bond and the Loan Agreement and of all other acts and things
required under the Constitution and laws of the State of
Minnesota and the City Charter to make the Bond and Loan
Agreement valid and binding obligations of the City in
accordance with their terms, are authorized by the Act.
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(e) There is no litigation pending or, to the best of
its knowledge threatened, against the City relating to the
Project or to the Bond or Loan Agreement, or questioning the
organization, powers or authority of the City.
411 (f) The execution, delivery and performance of the
City' s obligations under the Bond and the Loan Agreement
have been fully authorized by all requisite action and do
not and will not violate any law, any charter provision, any
order of any court or other agency of government, or any
indenture, agreement or other instrument to which the City
is a party or by which it or any of its property is bound,
or be in conflict with, result in a breach of, or constitute
(with due notice or lapse of time or both) a default under
any such indenture, agreement or other instrument.
(g) The Loan Agreement provides for payments by the
Borrowers to the Holder of the Bond for the account of the
City of such amounts as will be sufficient to pay the prin-
cipal of, premium (if any) and interest on the Bond when
due. No reserve funds are deemed necessary for this purpose.
The Loan Agreement obligates the Borrowers to provide for
the operation and maintenance of the Project Facilities,
including adequate insurance, taxes and special assessments.
• (h) Under the provisions of Section 474.10 of the Act,
and the Bond shall recite that, the Bond is not to be pay-
able from nor charged upon any funds other than amounts
payable by the Borrowers pursuant to the Loan Agreement
which are pledged to the payment thereof, and in event of
default, moneys derived from foreclosure or other enforce-
ment of the Mortgage or Assignment; the City is not subject
to any liability thereon; no Holder of the Bond shall ever
have the right to compel the exercise of the taxing power of
the City to pay the Bond or the interest thereon, nor to
enforce payment thereof against any property of the City;
and the Bond shall not constitute a charge, lien or encum-
brance, legal or equitable, upon any property of the City;
and such Bond does not constitute an indebtedness of the
City within the meaning of any constitutional, statutory or
charter limitation.
(i ) No member of the City Council (i) has a direct or
indirect interest in the Project, the Loan Agreement or
Bond, (ii ) owns any capital stock of or other interest in
S the Project or the Lessee, (iii ) is an officer or director
of the Lessee, (iv) has been involved in supervising the
completion of the Project on behalf of the Borrowers or (v)
has received or will receive any commission, bonus or other
remuneration for or in respect of the Project, the Loan
Agreement, the Lease or the Bond.
5. Approval and Execution of Documents. The form of
Loan Agreement referred to in paragraph 3 is approved. The Loan
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Agreement shall be executed in the name and on behalf of the City
by the Mayor, upon execution thereof by the Purchaser and the
Borrowers, in substantially the form on file, but with all such
changes therein, not inconsistent with the Act or other law, as
may be approved by the Mayor, which approval shall be conclusive-
ly evidenced by the execution thereof. The Mortgage and Assign-
ment may contain such revisions as may be approved by the Purchaser
and the parties executing the same.
6. Approval of Terms and Sale of Bond. The City shall
proceed forthwith to issue its City of Hopkins Industrial Development
Revenue Bond (Hagen & Mason Project - T & H Markets, Inc. , Lessee) ,
Series 1978 in the principal amount of $700, 000 substantially in
the form and containing the provisions set forth in the form of
Bond attached hereto as Exhibit 1, which provisions are hereby
approved and incorporated in this Bond Resolution and made a part
hereof. The terms of the Bond shall be as follows:
Date The Bond shall be dated the
date of delivery thereof.
Interest The Bond shall bear interest
at the rate of 7. 50% per
annum, interest prior to
411 maturity payable November 1,
1978 and monthly thereafter on
the 1st day of each month. If
a Determination of Taxability
shall be made, the Bond shall
bear additional interest as
provided in Section 5.05 of
the Loan Agreement.
Maturity October 1, 2003, but payable
in installments of $5, 172 .94
each on November 1, 1978 and
monthly thereafter on the 1st
day of each month to and
including September 1, 2003
and a final installment on
October 1, 2003 .
Prepayment The Bond shall be subject to
Privilege prepayment at any time at the
option of the City, at the
• request of the Borrowers, as
provided in Section 5.04 of
the Loan Agreement, upon five
(5) business days ' prior
mailed notice to the last
known Holder at par plus
accrued interest. Partial
prepayments shall be applied
to the principal installments
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last to become due, in inverse
order of due date. If a
Determination of Taxability
shall be made, the Bond is
111 subject to optional redemption
at par plus accrued interest
as provided in Section 5 .05 of
the Loan Agreement.
A single Bond, substantially in the form of Exhibit 1 to this
Bond Resolution, shall be issued to the Purchaser in the princi-
pal amount of $700, 000 and principal of and interest on the Bond
shall be payable by check or draft mailed to the address of the
Purchaser or such other address as the Holder of the Bond shall
furnish to the Borrowers by notice in writing. The proposal of
the Purchaser to purchase such Bond at a price of $700, 000 (100%
of par value) is hereby found and determined to be reasonable and
is hereby accepted.
7. Execution and Delivery of Bond. The Bond may be in
typewritten or printed form and shall be executed by the manual
signatures of the Mayor and City Manager, and the official seal
of the City shall be affixed thereto and attested by the City
Clerk. When so prepared and executed, the Bond shall be deliver-
ed to the Purchaser upon payment of the purchase price to the
Borrowers for the account of the City, and upon receipt of the
signed legal opinion of Messrs. Faegre & Benson, of Minneapolis,
Minnesota, bond counsel, pursuant to the Loan Agreement. The
Bond shall contain a recital that it is issued pursuant to the
Act, and such recital shall be conclusive evidence of the valid-
ity and regularity of the issuance thereof.
8. Registration Records. The City Clerk, as bond
registrar, shall keep a bond register in which the City shall
provide for the registration of the Bond and for transfers of the
Bond. The City Clerk is authorized and directed to deliver a
certified copy of this Bond Resolution to the Director of Finance
and Records of Hennepin County, acting as County Auditor, together
with such other information as the Director may require, and
obtain his certificate as to entry of the Bond on his bond register
as required by the Act and Section 475 .63, Minnesota Statutes .
9. Mutilated, Lost, Stolen or Destroyed Bond. If the
Bond is mutilated, lost, stolen or destroyed, the City may execute
and deliver to the Holder a new Bond of like amount, date, number
• and tenor as that mutilated, lost, stolen or destroyed; provided
that, in the case of mutilation, the mutilated Bond shall first
be surrendered to the City, and in the case of a lost, stolen or
destroyed Bond, there shall be first furnished to the City and
the Borrowers evidence of such loss, theft or destruction satis-
factory to the City and the Borrowers, together with indemnity
satisfactory to them. The City and Borrowers may charge the
Holder with their reasonable fees and expenses in replacing any
mutilated, lost, stolen or destroyed Bond.
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10. Transfer of Bond; Person Treated as Holder. The
Bond shall be transferable by the Purchaser or any successor
Holder of the Bond on the bond register of the City, upon presen-
tation of the Bond for notation of such transfer thereon at the
410 office of the City Clerk, as bond registrar, accompanied by a
written instrument of transfer in form satisfactory to the City
Clerk duly executed by the Holder or his attorney duly authorized
in writing; provided that the Purchaser of the Series 1978 Bond
shall not transfer the Series 1978 Bond to any person as initial
transferee, and the City Clerk shall not register any transfer on
his bond register or make a notation as to transfer of the transfer,
unless the City, the Borrowers and the Purchaser shall have
received an opinion of counsel employed by the Purchaser stating
that the proposed transfer may be made without registration of
the Series 1978 Bond and transfer thereof under the federal
Securities Act of 1933 and any applicable state securities laws .
The Holder seeking to transfer ownership of the Bond shall also
give written notice thereof to the Borrowers. The Bond shall
continue to be subject to successive transfers at the option of
the Holder of the Bond. No service charge shall be made for any
such transfer, but the City Clerk may require payment of a sum
sufficient to cover any tax or other governmental charge payable
in connection therewith. The City Clerk shall give written
notice to the Borrowers, the Purchaser and the Lessee of any
• transfer of ownership recorded on the bond register immediately.
The person in whose name the Bond shall be issued or, if trans-
ferred, shall be registered from time to time shall be deemed and
regarded as the absolute Holder thereof for all purposes, and
payment of or on account of the principal of and interest on the
Bond shall be made only to or upon the order of the Holder thereof,
or his attorney duly authorized in writing, and neither the City,
the City Clerk, the Borrowers, the Purchaser, nor the Lessee
shall be affected by any notice to the contrary. All such payments
shall be valid and effectual to satisfy and discharge the liability
upon the Bond to the extent of the sum or sums so paid.
11. Amendments, Changes and Modifications to Loan
Agreement and Bond Resolution. Except pursuant to Section 9.03
of the Loan Agreement, the City shall not enter into or make any
change, modification, alteration or termination of the Loan
Agreement or this Bond Resolution.
12 . Pledge to Holders. The City does hereby pledge
and assign to the Purchaser and his successor Holders of the Bond
all interest of the City in the revenues of the Project and the
Project Facilities, including all Loan Repayments to be made by
the Borrowers under the Loan Agreement and moneys derived from
enforcement of the Assignment or Mortgage. All such revenues and
moneys and all proceeds thereof, and any collections of moneys by
the City in any proceeding for enforcement of the obligations of
the Company under the Loan Agreement shall be received, held and
applied by the City for the benefit of the Holder of the Bond.
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13 . Covenants with Holders; Enforceability. All
provisions of the Bond and of this Bond Resolution, and all
representations and undertakings by the City in the Loan Agree-
ment are hereby declared to be covenants between the City and the
411 Purchaser and his successor Holders of the Bond and shall be
enforceable by the Purchaser or any Holder in a proceeding brought
for that purpose.
14. Definitions and Interpretation. Terms not other-
wise defined in this Bond Resolution but defined in the Loan
Agreement shall have the same meanings in this Bond Resolution
and shall be interpreted herein as provided therein. Notices may
be given as provided in Section 9 .01 of the Loan Agreement. In
case any provision of this Bond Resolution is for any reason
illegal or invalid or inoperable, such illegality or invalidity
or inoperability shall not affect the remaining provisions of
this Bond Resolution, which shall be construed or enforced as if
such illegal or invalid or inoperable provision were not contained
herein.
15. Election under Internal Revenue Code. The City
hereby elects that the provisions of Section 103(b) (6) (D) of the
Internal Revenue Code of 1954 and Reg. §1 .103-10(b) (2 ) (vi) there-
under, permitting the issuance of tax exempt industrial development
• bonds in amounts up to $5, 000, 000 under certain conditions, shall
apply to the Bond, and the Mayor, City Manager and City Clerk or
any of them are authorized to execute and file the appropriate
form of election under the Code and Regulations with the Internal
Revenue Service.
16. Certifications. The Mayor, City Manager and City
Clerk and other officers of the City are authorized and directed
to prepare and furnish to Messrs. Faegre & Benson as bond counsel,
to the Borrowers, to the Purchaser and to counsel for the Borrowers
and the Purchaser, certified copies of all proceedings and records
of the City relating to the Project and the Bond, and such other
affidavits and certificates as may be required to show the facts
appearing from the books and records in the officers' custody and
control or as otherwise known to them; and all such certified
copies, certificates and affidavits, including any heretofore
furnished, shall constitute representations of the City as to the
truth of all statements contained therein.
Approved
Mayor
110 Attest
City Clerk
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•
EXHIBIT 1
TO
BOND RESOLUTION
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF HOPKINS
Industrial Development Revenue Bond
(Hagen & Mason Project - T & H Markets, Inc. , Lessee)
Series 1978
No. 1 $700, 000
The City of Hopkins, a municipal corporation in the
County of Hennepin and State of Minnesota (the "City" ) , for value
received, hereby promises to pay, but solely from the revenues
and funds pledged thereto, to Merland C. Belden or registered
•
assigns, the principal sum of Seven Hundred Thousand Dollars
($700, 000) , on October 1, 2003 , upon the presentation and surren-
der hereof, and to make prepayments of said principal sum in
installments as hereinafter provided, and to pay to the owner
hereof interest on the unpaid balance of such principal sum from
the date hereof until said principal sum is paid at the rate of
Seven and fifty-hundredths percent (7. 50%) per annum. Principal
of and interest on this Bond shall be paid in 299 installments of
Five Thousand One Hundred Seventy-Two and Ninety-Four Hundredths
Dollars ($5, 172 . 94) each on November 1, 1978 and on the 1st day
of each month thereafter, to and including September 1, 2003, and
a final installment on October 1, 2003, at which time the unpaid
principal of this Bond and interest theron shall become due and
payable. Payments of installments prior to maturity shall be
applied, first, to accrued and unpaid interest and, second, to
unpaid principal. Principal and interest shall be paid in Federal
or other immediately available funds by check or draft mailed to
the registered owner at 6927 Rosemary Road, Eden Prairie, Minnesota
55343 or such other address as the registered owner shall specify
by notice pursuant to the Loan Agreement hereinafter mentioned.
• This Bond is issued pursuant to the Minnesota Municipal
Industrial Development Act, Chapter 474, Minnesota Statutes, as
amended (the "Act" ) , and in conformity with the provisions,
restrictions and limitations thereof. This Bond does not consti-
tute a charge against the general credit or taxing powers of the
• City and does not grant to the owner or holder of this Bond any
right to have the City levy any taxes or appropriate any funds
for the payment of the principal hereof or interest hereon, nor
is this Bond a general obligation of the City or the individual
officers or agents thereof. This Bond and interest hereon are
payable solely and only from the moneys received under the Loan
Agreement, Assignment or Mortgage hereinafter mentioned, includ-
illing loan repayments to be made by Donald F. Hagen and Herbert A.
Mason (the "Borrowers" ) .
This Bond represents an authorized series of special
obligation Bonds of an aggregate principal amount of $700, 000,
which have been authorized by law to be issued and have been
issued for the purpose of funding a loan from the City to the
Borrowers to finance costs of a project for the acquisition of
land and constructing and equipping a supermarket building in the
City (the "Project" ) for lease by the Borrowers to T & H Markets,
Inc. (the "Lessee" ) . This Bond is issued pursuant to a Loan and
Purchase Agreement (the "Loan Agreement" ) by and among the City,
the Borrowers and the Purchaser named therein dated as of August 1,
1978, and a Bond Resolution of the City duly adopted October 3,
1978. This Bond is secured by the Loan Agreement, the Bond
Resolution, a Combination Mortgage and Security Agreement (the
"Mortgage" ) dated as of August 1, 1978 by the Borrowers to the
Purchaser, and a Conditional Assignment of Lease and Rentals (the
"Assignment" ) dated as of August 1, 1978 executed by the Borrowers
to the Purchaser, to which Loan Agreement, Bond Resolution, Mort-
", gage and Assignment and lease and lease guaranty agreements
therein referred to, and amendments thereof, reference is hereby
made for a description and limitation of the revenues and funds
pledged and appropriated to the payment of the Bond, the nature
and extent of the security thereby created, the rights of the
Holder of the Bond, the rights, duties and immunities of the
Purchaser, and the rights, immunities and obligations of the City
thereunder. Certified copies of the Bond Resolution and executed
counterparts of the Loan Agreement, Mortgage and Assignment are
on file at the office of the City Clerk.
Upon a Determination of Taxability, as defined in the
Loan Agreement, that interest upon this Bond is subject to federal
income taxation when held by a person other than a substantial
user or related person, under Section 103 of the Internal Revenue
Code as in effect at the date hereof and regulations thereunder,
the Borrowers have agreed under Section 5.05 of the Loan Agreement
to pay for the account of the City to the Holder from the Date of
Taxability additional interest at the rate of 2 .00% per annum
for an aggregate interest rate to the Holder of 9 .50% per annum.
• The Bond is subject to prepayment at any time at the
option of the City, at the request of the Borrowers, at par plus
accrued interest, in whole or in part. Partial prepayments shall
be applied to principal installments of this Bond last to become
due, in inverse order of due date.
Notice of any such prepayment shall be given to the
original owner or registered assigns of this Bond by certified or
registered mail, addressed to him at his registered address, not
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later than five (5) business days prior to the date fixed for
prepayment, and shall be published, if required by law, in a
financial journal circulated in the English language in Minne-
apolis and St. Paul, Minnesota, at least once, not less than five
411 (5) days before the date so fixed for prepayment. At least five
(5) days before date fixed for prepayment, a certified check or
draft shall be mailed registered mail to the Holder at the last
address of the Holder established by or under the Loan Agreement
sufficient to pay the Bond, or the principal amount thereof to be
prepaid, and accrued interest thereon. Upon the happening of the
above conditions, the Bond thus called or the principal portions
thereof prepaid shall not bear interest after the date specified
for prepayment.
This Bond is transferable, as provided in the Bond
Resolution, only upon the bond register of the City Clerk, as
bond registrar, by the owner hereof in person or by his duly
authorized attorney, only upon the conditions and in the manner
provided in the Bond Resolution.
In case an Event of Default as defined in the Loan
Agreement occurs, the Bond and the Loan Repayments thereafter to
become due under the Loan Agreement may become immediately due
and payable, in the manner and with the effect and subject to the
• conditions provided in the Loan Agreement. The Holder of the
Bond shall have the right to enforce the provisions of the Bond
Resolution, Loan Agreement, Mortgage and Assignment.
The terms and provisions of the Bond Resolution, Loan
Agreement, Mortgage and Assignment, or of any instrument supple-
mental thereto, may be modified or altered pursuant to Section
9.03 of the Loan Agreement.
It is hereby certified and recited and the City Council
has found: That the Project is an eligible "project" defined in
Section 474. 02, Subd. la of the Act; that the issuance of the
Bond and the acquisition and construction of the Project will
promote the public welfare and carry out the purposes of the Act;
that the Project has been approved by the Commissioner of Securi-
ties of the State of Minnesota as tending to further the purposes
and policies of the Act; that all acts, conditions and things
required to be done precedent to and in the issuance of this Bond
have been properly done, have happened and have been performed in
regular and due time, form and manner as required by law; and
that this Bond does not constitute a debt of the City within the
• meaning of any constitutional, statutory or charter limitation.
IN WITNESS WHEREOF, the City of Hopkins, by its City
Council, has caused this Bond to be signed in its behalf by the
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(Form of Transfer)
For value received, the undersigned owner does hereby
assign and transfer the foregoing Bond to the named Assignee, and
the undersigned City Clerk of the City of Hopkins as bond
registrar hereby certifies that the foregoing Bond has been
transferred and registered on the bond register in the name of
such Assignee.
Date of
Name of Signature of Signature of Transfer on
Assignee Owner City Clerk Bond Register
I
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manual signatures of the Mayor and the City Manager, and sealed
with the corporate seal of the City, attested by the City Clerk,
all as of the day of , 1978 .
IPCITY OF HOPKINS
By
Mayor
(SEAL)
and by
City Manager
Attest
City Clerk
•
•
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ROBERT J,CHRISTIANSON FRANK B.BUTLER F AEG R E 8, BENSON J.B.FAEG RE IAETIREo)
GEORGE D.MCCLINTOCK GORDON B.CONN,JR,
EVERETT A.DRAKE BRUCE A.ACKERMAN
DONALD(.ROBERTSON MICHAEL H.HARPER,JR, PORN C.BENSON
WRIGHTDW.
BROOKS
JOSEPH L vI' E 1300 NORTHWESTERN BANK BUILDING ATNER N.LARSOHRsoN
GEORGE E.HARDING W.SMITH SHARPE,JR. JOHN B.FAEGRE,JR,
JOHN S.HOLTEN PHILIP S.GARON GOONSEL
R.W.OELKE CUNNINGHAM WALTER JJ EUKEMA
OUFFYJR. MINNEAPOLIS, MINNESOTA 55402
ERWIN MITCH GOLDSTEIN JAMES P.STEPHENSON
JAMES A.HALLS F.REID CARRON
GERALD T.FLOM A,DAVID KELLY
OHARLES L.HORN,JR, JOHN K. N
FE
F
BTE
ACK D.GAGE CHARLES TE.EFEEN,J R, 612X371-5300
ETER W ANSON JOHN B.GORDON
MES FI 0.BUSRICE M.MORGAN
E
JOHN OHN D,FRENCH CnER --`,,','.°,",%1D. G.IV LV
.HEMS JOHNEDWARDD.BMIV HEILM
NORMA B. CARPENTERPTAD G.NDERAKER
N
NORMAN E, BROWN JOHN T.L.
CHNELL,
LAWRENCEMARTI N N. URKEROBERT L.IS NELSON JR.
KE BBRIAN B.D N O'NEILLL
JOHNPAUL T,(E RKELAARRIS WILLIAMLB. .BUSC
D R.FLEMIN JR.
DAVIDRICHARD
D EADIEM BONNIE .FRISCING September 25, 1978
RICHARD C.SCHMOKER HENRY F FRISCH
HO MAS M.CROSBY,JR, LORENRANDY F ART
LUD I T ALE RANDY L,PILL ER
JAMB.
LOKENB. ER,J R, WINTHROP P A.ROCKWELL
JAMES L.DOTER
PATRICK R BAUER
ARTHUR .,DOYEN JACK Y
DUANE W.KROHNKE JOHN S.JAGIELABORGE
GEORGE w HORN U.FORGER
JAMES AV. HEIDIM HOARDE
HUGEST M.
AMPLEFORCIER DAVIDG PEARSON
JAMES E.
BSAMPLES JAMES G.RAY
E E.. HOPPER JA D. R.ANDERSON
PEDALE
R TCHAn JAY D, S FERN EL
BRUE R.CEF.BURT CHARLESID . I LERRELL
BRUCE F BURTON DAVID B.MILLER
GREGORY R HOWARD
JERRY W.SD ER
HENDRIK e JON
STEPHEN ROSHO LT
Mr. William P. Craig
City Manager
City of Hopkins
1010 First Street South
Hopkins, MN 55343
Mr. Joseph Vesely
• City Attorney
Vesely, Otto, Miller, Keefe
& LaBore
Suite 203
Northwestern Bank Building
1011 First Street South
Hopkins, MN 55343
Re: $700, 000 City of Hopkins Industrial Development
Revenue Bond (Hagen & Mason Project - T & H
Markets, Inc. , Lessee) , Series 1978
Gentlemen:
The City Council took preliminary action approving the
project on August 2, 1977. Mr. Reilly' s interest in the project
has since been assigned to Mr. Herbert Mason. Just now, Mr. Hagen
and Mr. Mason are concluding arrangements with Mr. Merland Belden
to purchase the bond and finance the project. I enclose a draft
dated 9/12/78 of a Loan and Purchase Agreement which would be
executed by the City of Hopkins as issuer, by Mr. Belden as
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purchaser and by Mr. Hagen and Mr. Mason as borrowers. Attached
to the Loan and Purchase Agreement as exhibits are the form of
Bond Resolution (including the form of bond) , form of Combination
Mortgage and Security Agreement, form of Assignment of Lease and
Rents, form of opinion of bond counsel and form of investor' s
letter. Mr. Hagen, Mr. Belden and their attorneys will be
Mr. William P. Craig
Mr. Joseph Vesely
Page 2
September 25, 1978
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meeting tomorrow to negotiate open items and changes in the
documentation which they respectively will want. In the meantime,
however, we wanted you to have an opportunity to look at this
draft and to get whatever comments you have to incorporate in
the final draft and execution documents.
Hopefully, comments can be obtained and incorporated
into the documents in time to present to the meeting of the City
Council scheduled for October 3. We would like to appear on the
agenda for that meeting. In advance of the meeting, we will
prepare multiple copies of the form of Bond Resolution (which is
Exhibit A to the Loan and Purchase Agreement) , so that each member
of the City Council will have a copy at the meeting. Please let
me know if there will be any difficulty in including us on the
agenda or in obtaining the several signatures which will be
needed from the Mayor, City Manager and City Clerk before the
tentative closing date of October 6.
I would also appreciate it if you could forward to us
a copy of the City Charter so we can incorporate any changes or
additions that may be required by the City Charter before the
meeting on October 3.
If you have any questions or comments, please call me
or Richard Helde in our office. Alternatively, you could contact
Mr. Donald Hagen, Mr. Robert Silverman or Mr. Dennis Buratti,
Dorsey, Windhorst, Hannaford, Whitney & Halladay, representing
the borrowers, or Mr. Nelson Berg who represents Mr. Belden.
Cordially yours,
"4",-;i17‘45-2.77:----
ohn S . Holten
cc: Mr. Nelson Berg
Mr. Dennis Buratti
Mr. Donald Hagen
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GENERAL ELECTION
November 7, 1978
41,1 Zion Lutheran Church #5 United Methodist
Christine Drahos Adelyn Luther
Barb Nelson Marilyn Young
Vera Ver Steeg Mildred Seim
Madeline Kerr Bertha Resnick
Mollie Sundberg Ada Elster
Jane Warren Nancy Lindahl
#2 Harley Hopkins School #6 Alice Smith School
Jeannie Husnik Julie Mason
Trudy Dwyer Mitzie Erdmann
Jane Sellner Elaine Anderson
Marilyn Oliver Louise Hemker
Claire Frank Ann Whelan
Martha Thurn Mary Shirley
#3 City Hall #7 Library
Mary Brubacker Nancy Damerow
. Dorothy Bren Kathy Lorentzen
Dora Hendrickson Dorothy Shaw
Edith Beecher Gen Winter
Jean Walsh Geneva Maas
Fran Lofthus William Elster
#4 Katherine Curren #8 Westbrooke
Joan DeCosse Barb DeFore
Solveig Anderson Grace Zerban
Margaret Heinen Delores Zipoy
011ie Severson Pat Ronayne
Marion Heidorn Laura McLean
Mary Maetzold Margaret Reinhardt
Ruth Hazuka
#9 Oakes Park
Pat Anderson
Betty Fleming
Gloria Johnson
Betty Davis
Joyce Fargo
City Hall : Roz Gilliam Ethel Payne
Mary Sundby