Resolution 82-3040- Approving Revisions to 800,000 CD RevenueCITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 82 -3040
RESOLUTION OF THE CITY OF HOPKINS
APPROVING CERTAIN REVISIONS TO $800,000.00
COMMERCIAL DEVELOPMENT REVENUE NOTE
(FLAGSHIP ASSOCIATES PROJCET)
RESOLVED, BY THE CITY COUNCIL OF THE CITY OF HOPKINS:
1. Statutory Powers. Pursuant to Chapter 474, Minnesota Statutes, as
amended "Act the City of Hopkins "City is authorized to issue and sell its
revenue bonds in anticipation of the collection of revenues for authorized projects,
to finance in whole or in part, the cost of construction of authorized projects and
to enter into such contracts and agreements which it may deem proper and feasible
for or concerning the construction and financing of an authorized project.
2. Prior Approval of Issuance and Sale of Note and Execution of
Collateral Documents. Pursuant to Resolution No. 3028 "Resolution adopted by
the City Council on October 5, 1982, the City has approved the issuance and sale of
its Commercial Development Revenue Note (Flagship Associates Project) "Note
to finance the construction of the Project described therein. Pursuant to said
Resolution, the City has also approved the form of the Note and the Collateral
Documents described in said Resolution, as well as execution by the City of the
Note and certain of the Collateral Documents.
3. Amendment to Note and Certain of Collateral Docuements. Flagship
Associates, a Minnesota general partnership "Borrower at First National Bank of
Hopkins, a national banking association "Holder desire to reduce the annual per
annum interest rate on the unpaid principal balance of the Note from thirteen and
five eighths percent (13 5/8%) to twelve and three fifths percent (12 3/5
Borrower and Holder also desire revise the Completion Date (as defined in the
Note) and make certain other minor modifications of the Note. A copy of the Note
with the amendments underlined is attached as Exhibit A and made a part hereof.
Amendments to the Collateral Documents corresponding to the amendments to the
Note are also desired. The City hereby approves and consents to the amendment of
the terms and conditions of the Note and Collateral Documents as described above.
All references in the Resolution to the Note and to the Collateral Documents shall
be deemed to refer to said Note and Collateral Documents as amended by the
revisions described herein.
ATTEST:
CITY CLERK
MAYOR
ATURE APPROVED:
a soul CITY MANAGER