RES 1988-34 - 00004384RESOLUTION NO. 34 - 1988
RESOLUTION CONSENTING TO AMENDMENT OF LOAN AGREEMENT
RELATING TO INDUSTRIAL DEVELOPMENT OF REVENUE BONDS FOR
FARMERS UNION GRAIN TERMINAL ASSOCIATION
IT IS HEREBY RESOLVED by the City Council (the "Council ") of the City of
Fridley, Minnesota (the "City "), as follows:
1. Recitals.
(a) Pursuant to a certain Loan Agreement, dated as of October 1, 1980
(the "Loan Agreement ") , the City issued its $6,000,000 Industrial
Development Revenue Bonds (Farmers Union Grain Terminal Association
Project), Series 1980 (the "Bonds ").
(b) Representatives of General Mills, Inc., have represented that
pursuant to a certain Agreement of Assignment and Assumption of
Obligations, dated as of December 15, 1987, by and between General Mills
and Harvest States Cooperatives (formerly Farmers Union Grain Terminal
Association), General Mills has assumed the obligations under the Loan
Agreement of the Company, as therein defined.
(c) General Mills has also requested that the City request to a certain
Amendment to the Loan Agreement substantially in the form attached to this
Resolution (the "Amendment ").
(d) First Trust National Association, St. Paul, Minnesota, is currently
acting as Trustee under that certain Indenture of Trust, dated as of
■ October 1, 1980, entered into in connection with the issuance of the
Bonds.
2. Approval of Amendment.
The City hereby consents to the Amendment and authorizes the officers of the
City to execute the same on behalf of the City, provided that the Amendment
shall have first been executed by the Trustee and General Mills, and provided
further that the Trustee shall have first indicated in writing to the City
that all requisite consents of holders or owners of the Bonds shall have been
obtained by the Trustee pursuant to the applicable terms of the
above- mentioned Indenture.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 18TH DAY OF
APRIL, 1988
ATTEST:
SHIRLEY A. HAAPALA - CITY CLERK
WILLIAM J. NEE cr R