Res 2009- 53 Authorizing Execution of an Amendment to NoteEXTRACT OF MC NU`I`ES OF MEETING
OF THE CITY COUNCIL OF THE
CITY OF MENDOTA HEIGHTS, MINNESOTA
HELD: July 7, 2009
Pursuant to due call and notice thereof, a meeting of the City Council of the City of
Mendota Heights, Dakota County, Minnesota, was duly called and held at the City Hall in said
City on Tuesday, the 7th day of July, 2009, at 7:00 o'clock p.m.
The following members were present: Huber, Krebsbach, Duggan, Schneeman & Vitelli
and the following were absent: None
Member Duggan_ introduced the following resolution and moved its adoption:
RESOLUTION NO. 09 -53
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A. WHEREAS, the City Council of the City of Mendota Heights, Minnesota (the
"City ") has heretofore executed a Loan Agreement between The Convent and the Academy of
the Visitation (the "Borrower ") and the City dated as of April 1, 2004 (the "Loan Agreement ") in
connection with the issuance of the City's $1,974,468 School Facility Revenue Refunding Note,
Series 2004 (Academy of the Visitation Project) (the "Note ") and the City has assigned its
interest in this Loan Agreement to Wells Fargo Brokerage Services, LLC (the "Lender ");
B. WHEREAS, the City has held a public hearing this same date on an amendment
to the Note;
C. WHEREAS, the Lender has agreed to adjust the interest rate on the Note to a rate
not to exceed 7.00 %;
D. WHEREAS, the Lender has agreed to extend the maturity on the Note to a date
not later than August 1, 2024;
E. WHEREAS, the Borrower has requested that the Note be amended to, among
other things, provide for an adjustment of the interest rate and an extension of the term of the
Note;
F. WHEREAS, the City desires to execute an amendment to the Note on behalf of
the Borrower.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mendota
Heights, Minnesota, as follows:
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mendota
Heights, Minnesota, as follows:
1. The City Council hereby approves the Amendment No. 1 to School Facility
Revenue Refunding Note, Series 2004 (Academy of the Visitation Project) in substantially the
form attached as Exhibit A, and the Mayor and Finance Director are hereby authorized and
directed to execute the Amendment No. 1 to School Facility Revenue Refunding Note, Series
2004 (Academy of the Visitation Project) on behalf of the City.
The motion for adoption of the foregoing resolution was duly seconded by member
Krebsbach and, after full discussion thereof, and upon a vote being taken thereof, the
following voted in favor thereof: All
and the following voted against same: None
Adopted this 7"' day of July, 2009. by the city Council
Attest:
Clerk
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fights.
AMENDMENT NO. 1 TO SCHOOL FACILITY REVENUE REFUNDING
NOTE, SERIES 2004 (ACADEMY OF THE VISITATION PROJECT)
This Amendment No. 1 to School Facility Revenue Refunding Note, Series 2004
(Academy of the Visitation Project) is made with respect to the City of Mendota Heights, Dakota
County, Mimzesota $1,974,468 School Facility Revenue Refunding Note, Series 2004 (Academy
of the Visitation Project) ( "Note "), the original of which is stapled hereto and by this reference
incorporated herein.
1. All capitalized terms used herein shall have the meanings ascribed to there in the
Note.
2. The interest rate in the first paragraph of the Note is hereby amended and replaced
with the following:
"[5.80% per annum]"
3. Paragraph 1 of the Note is hereby amended and replaced with the following:
"1. The Principal Balance and accrued interest hereon shall be
amortized and paid in the installments set forth on Appendix 1 attached hereto, as
amended from time to time, commencing on October 1, 2004, and semiamivally
thereafter through and including July 15, 2024 (the "Final Maturity Date "), at
which time any remaining Principal Balance and accrued interest thereon shall be
paid in fall. Payments shall be applied first to interest due on the Principal
Balance and thereafter to reduction of the Principal Balance."
4. A new paragraph 17 shall read as follows:
"This Note has been designated by the Borrower as a "qualified tax
exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue
Code of 1986, as amended."
5. Appendix 1 of the Note is hereby amended and replaced with Appendix 1
attached hereto.
6. Except as herein amended, all terms and provisions of the Note as originally
executed as of April 1, 2004 remain in full force and effect.
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SIGNATURE PAGE TO AMENDMENT NO. I TO SCHOOL FACILITY REVENUE
REFUNDING NOTE, SERIES 2004 (ACADEMY OF THE VISITATION PROJECT)
City of Mendota Heights, Minnesota
m
Attested: 4in 3l�"acktC
$c-e —Director
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CONSENT AND ACKNOWLEDGMENT
OF THE NOTEHOLDER
The Wells Fargo Brokerage Services, LLC, by its undersigned designated
representatives, hereby expressly consents to the foregoing Amendment No. I to School Facility
Revenue Reftuiding Note, Series 2004 (Academy of the Visitation Project).
WELLS FARGO BROKERAGE SERVICES, LLC
By
Its
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