Res 1999-79 RESOLUTION NO. 79- 1999
A RESOLUTION AUTHORIZING THE REALLOCATION OF THE PRINCIPAL
AMOUNT OF THE$200,000 SUBORDINATED SENIOR HOUSING REVENUE NOTE,
SERIES 1999(BANFILL CROSSING HOMES PROJECT) BETWEEN TWO
INDIVIDUAL PURCHASERS
WHEREAS on July 12, 1999 the City Council of the City of Fridley,Minnesota(the"City")
adopted Resolution No. 47-1999 Approving the Issuance and Sale of the $200,000 Subordinated
Senior Housing Revenue Note, Series 1999 and Authorizing the Execution of Documents Relating
Thereto (Banfill Crossing Homes Project)(the APrior Resolution@);
WHEREAS the Prior Resolution approved the issuance of the $200,000 Subordinated
Senior Housing Revenue Note, Series 1999 (the APrior Note @) in the form of a single note to be
issued to Senior Housing Construction, Inc. (the ACorporate Purchaser@) in the principal amount of
$200,000;
WHEREAS the Prior Note was issued on August 31, 1999;
WHEREAS Mark D. Eklo and Ronald A. King (collectively, the Alndividual Purchasers @)
are the President and Secretary,respectively,of the Corporate Purchaser;
WHEREAS the Corporate Purchaser and the Individual Purchasers have requested that the
principal of the Prior Note be reallocated and a Note in the amount of$100,000 be delivered to
Mark D. Eklo and a Note in the amount of$100,000 be delivered to Ronald A. King; and
WHEREAS, it has heretofore been determined and declared that it is necessary and
expedient for the City Council to deliver new Notes to the Individual Purchasers;
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City as follows:
1. The Prior Note has been delivered to the City for cancellation.
2. The Note in the aggregate principal amount of$200,000 delivered pursuant to this
Resolution shall be in substantially the form attached as Exhibit A to the Prior Resolution with such
appropriate variations, omissions and insertions as are permitted or required by this Resolution and
the Prior Resolution, and in accordance with the further provisions of the Prior Resolution. A Note
in the amount of$100,000 shall be delivered to Mark D. Eklo. A Note in the amount of$100,000
shall be delivered to Ronald A.King.
3. All references to Senior Housing Construction, Inc. or the APurchaser@ in the Prior
Resolution, the Loan Agreement (as described in the Prior Resolution), the Pledge Agreement (as
described in the Prior Resolution) and any certificates of the City executed in connection with the
issuance of the Prior Note shall be construed to refer to the Individual Purchasers as defined in this
Resolution.
Resolution No. 79-1999 Page 2
4. The Note shall be executed on behalf of the City by the signatures of its Mayor and
City Manager and shall be sealed with the seal of the City; provided that the seal may be
intentionally omitted as provided by law. In case any officer whose signature shall appear on the
Note shall cease to be such officer before the delivery of the Note, such signature shall nevertheless
be valid and sufficient for all purposes, the same as if had remained in office until delivery. In the
event of the absence or disability of the Mayor or the City Manager such officers of the City as, in
the opinion of the City Attorney,may act in their behalf, shall without further act or authorization of
the City Council execute and deliver the Note.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 11T11
OF OCTOBER, 1999
CY J44 -IN—MAYOR
,:
ATTEST:
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D BRA A. SKOGEN ITY CLERK