1996-068RESOLUTION NO. 96-68
WHEREAS, the City of Hopkins (the "City"), on February 24, 1982, issued its Commercial
Development Revenue Bond (Standal Project) in the original principal amount of $900,000 (the
"Bond"); and
WHEREAS, the proceeds of issuance of the Bond were loaned to John B. Standal, an
individual residing in Minnesota (the "Original Borrower") pursuant to a Loan and Purchase
Agreement dated as of February 1, 1982, which Agreement was amended as of February 1, 1986 (as
so amended, the "Loan Agreement"), between the City and the Original Borrower, and, pursuant to
the Loan Agreement, the Original Borrower agreed to make payments at times and in amounts
sufficient to provide for full and timely payment of all principal of, premium, if any, on, and interest
on the Bond when due; and
__~ WHEREAS, Western Properties, a Minnesota general partnership (the "Borrower"), has
assumed the Original Borrower's obligations under the Loan Agreement;
WHEREAS, at the request of the Borrower, the owner of the Bond (the "Bondholder") has
consented to an adjustment of the terms of the Bond which aze to be modified as provided in the
form of Amendment and Consent (the "Bond Amendment") previously furnished to the City and
now on file in the offices of the City Clerk;
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. The Bond Amendment is hereby approved.
2. Upon receipt by the City of such executed certificates and opinions as deemed
necessary upon advice of counsel and payment by the Borrower of all costs and expenses of the City
in connection therewith, the officers of the City aze hereby authorized and directed to execute and
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deliver the Bond Amendment, as provided therein, in substantially the form now on file, together
with such modif cations thereto as the officers executing the same shall approve, such approval to be
conclusively evidenced by the execution thereof, together with such additional certifications and
other matters as may be necessary or desirable.
Adopted: September 3, 1996
c
Mayor
Attest:
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