Res 1990 - 66 Authorizing Amendments to Documents Relating to the City's $11,000,000 Housing Mortgage Revenue Bonds (Lexington Heights Apartments Project) Dated 12/1/1983CITY OF MENDOTA HEIGHTS
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Resolution No. �- _ - '
AUTHORIZING AMENDMENTS TO DOCUMENTS
RELATING TO THE CITY'S $11,000,000 HOUSING
MORTGAGE REVENUE BONDS (LEXINGTON
HEIGHTS APARTMENTS PROJECT) DATED
DECEMBER 1, 1983
WHEREAS, the City of Mendota Heights (the "City") has previously issued
its $11,000,000 Housing Mortgage Revenue Bonds (Lexington Heights Apartments
Project) (the "Bonds") pursuant to an Indenture of Trust (the "Indenture") dated as
of December 1, 1983, and amended by a Supplemental Indenture dated as of June 1,
1986, each between the City and First Trust National Association; and
WHEREAS, the proceeds of the Bonds were loaned to Lexington Heights
Associates Limited Partnership (the "Company") pursuant to a Loan Agreement
(the "Loan Agreement") dated as of December 1, 1983, and amended by an
Amendment to Loan Agreement dated as of June 1, 1986, between the City and the
Company in order to finance the acquisition and construction of a 225-unit
multifamily rental housing facility in the City "the "Project"); and
WHEREAS, the Bonds were secured by a letter of credit issued by First Bank
National Association and by a Combination Mortgage, Security Agreement and
Fixture Financing Statement (the "Mortgage") dated as of December 1, 1983 from
the Company in favor of the Trustee; and
WHEREAS, the Company has obtained from FHA a firm commitment for the
insurance of a mortgage with respect to the Project under Sections 223(f) of the
National Housing Act of 1934, as amended (the "FHA Insurance") and has requested
that the City and the Trustee approve amendments to the Mortgage and the Loan
Agreement as necessary to permit the Mortgage to be insured by the FHA
Insurance;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY COUNCIL OF THE CITY OF MENDOTA HEIGHTS AS FOLLOWS:
1. The City hereby approves the amendment of the Loan Agreement and
the amendment or replacement of the Mortgage as necessary to permit the
Mortgage or a substitute mortgage in favor of the Trustee from the Company to be
insured by the FHA Insurance. Such amendments �shall be in forms approved by the
City Attorney and the Officials.
2. The Officials are hereby authorizeci and directed to execute the
amendments described above and to execute and deliver, on behalf of the City, any
other documents or amendments approved by the City Attorney and necessary or
appropriate to permit the Mortgage or a substitute mortgage to be insured by FHA
under Section 223(f) of the National Housing Act of 1934, as amended. In the event
that either of the Officials is unable to carry out
described herein, any member of the City Counci
to act in either of their capacity and undertake
City with full force and effeet, which executions
City.
Adopted: September 4, 1990
Attest:
�
ty Clerk-Treasurer
2
the execution of the documents
1 of the City shall be authorized
such execution on behalf of the
shall be valid and binding on the
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Mayor •