HomeMy WebLinkAbout7724 (Res.)
-
.
.
RESOLUTION NO. 7724
000066
n
RBSOLDTIOII AIJ'.rIIORIZIIIG A MlaJlGB 1M T.~DS
OR 'l'BB $255.000 ~{,IAL DB'lBLOJIIIBft
RBPORbIIIG BOlIO OP 1987
(8660 PAR'fto....JRIP PROJBC'.I!)
WBERBAS. the City of Stillwater (thli! "City") authorized
issuance of its $255,000 Commercial Developlllent Revenue Bond of
1987 (8660 Partnership Project) (the "Bond") pursuant to Final
Bond Resolution No. 7706 adopted on February 20. 1987. which Bond
was to be purchased by George B. Halvorson. as Lenderl
IfIRDUS, although the City has authorized issuance of the
Bond. the closing of tbe purch,se of the Bond has not yet occurred
and the Borr9wer would like to sell portions of the Bond to the
following. with their approximate purchase amounts noted: Richard
Prokosch ($45.000), C. L. Wood ($75,000), Lee DuFresne ($25.000).
and Spring Lake Park Fire Relief A_"ociation ($110.000) instead
of to the Lender, and the Borrower would li~e the City to amend
Final Bond Resolution No. 7706 to substitute such persons and
entities as the Lender and make such other modifications as are
necessary and appropriate to indicate multiple ownership of the
Bond.
n
1101I. ~RB BB IT RBSOLVBD, by the City of Stillwater
that the definition of Lender set forth in Final Bond Resolution
No. 7706 is hereby changed to be Richard Prokosch. C. L. Wood.
Lee DuFresne and Spring Lake Park Fire Relief Association as their
interests appear above.
Bond Counsel is directed. to make the appropriate changes
required in all documents authorized by Final Bond Resolution
No. 7706 to substitute such entities as the Lender and to submit
all revised documents to the City Attorney for his review prior
to execution by the appropriate City Officials.
Adopted April 7, 1987.
CITY OF STILLWATER
By p)~ ~~~--
Mayor
.tt~
By Clty C r~
n