Res 1999-101 RESOLUTION NO.101 1999
RESOLUTION WAIVING PREPAYMENT PROVISIONS RELATING TO
GENERAL OBLIGATION TAX INCREMENT NOTE, SERIES 1997
BE IT RESOLVED by the City Council (the "Council") of the City of Fridley, Minnesota (the
"City"), as follows:
Section 1. Recitals.
1.01. On February 1, 1997,the City purchased from the Housing and Redevelopment Authority
in and for the City (the "Authority") its General Obligation Tax Increment Note, Series
1997 (the "Note"), in the aggregate principal amount of$1,500,000. Capitalized terms
not defined herein have the same meaning as in the Note.
1.02. Under the terms of the Note, the Principal Amount is subject to prepayment at the option
of the Authority in whole or in part on any Scheduled Payment Date, upon 30 days' prior
written notice from the Authority to the Owner.
1.03. The Authority is desirous to prepay all or a portion of the outstanding principal balance of
the Note in an amount not to exceed the outstanding principal balance of the Note prior to
December 31, 1999, and has requested the City to waive the terms of the Note which
require prepayment to occur on a Scheduled Payment Date upon 30 days' prior written
notice.
Section 2. Findings.
2.01. The Council hereby finds that it is in the best interests of the City and the Authority to
waive the prepayment terms contained in the Note and to accept prepayment of the Note
on any date without 30 days' prior written notice.
Section 3. Approval and Direction.
3.01. This Council hereby waives the prepayment terms contained in the Note and will accept
prepayment of all or a portion of the outstanding principal balance of the Note on any
date without 30 days' prior written notice.
3.02. The City Clerk is hereby directed to provide a copy of this resolution to the Authority to
evidence the City's waiver of the prepayment terms of the Note.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY,
MINNESOTA, THIS 13TH DAY OF DECEMBER 1999.
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N' ,"1 r' J i O' ''ENS ON, MAYOR
ATTEST: '
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DEBRA A. SKOGEN,CITY ERK