88-1341 WHITE - CiTV CIERK , �
PINK - FINANCE CO{��ICIl l/ �
B��E`�v - MAVORTMENT GITY OF SAINT PAUL File NO. �� `3T� -
Council Reso ution —.
,
� :� ,
Presented By -l�'��
Referred To Committee: Date
Out of Committee By Date
RESOLUTION AUTHORIZING THE EXECUTION
AND DELIVERY OF A FOURTH SUPPLEMENTAL
INDENTURE OF TRUST WITH RESPECT TO THE
$50 , 000 , 000 HOME OWNERSHIP MORTGAGE
REVENUE BONDS OF 1979
WHEREAS :
A. The City of Saint Paul has issued its $50 , 000 , 000 Home
Ownership Mortgage Revenue Bonds of 1979 dated as of
April 1 , 1979 (the ", Bonds" ) pursuant to an Indenture of
Trust dated as of April 1 , 1979 by and among the City
and First Trust National Association (formerly First
Trust Company of Saint Paul) (the "Trustee" ) ; and
B . The Minneapolis/Saint • Paul Housing Finance Board (the
"Board" ) will issue its $2 , 885 , 000 Single Family
Mortgage Revenue Bonds , Series 1988B (the "Refunding
Bonds" ) for the purpose , in part , of refunding
$1 , 140 , 000 of the Bonds ; and
C . In connection with the issuance of the Refunding Bonds
and the application of a portion of the proceeds
thereof to refund certain of the Bonds , it is necessary
and desireable that the Issuer enter into a
supplemental indenture of trust ; and
D . Financial Guaranty Insurance Company has consented or
will consent to the Fourth Supplement (as defined
herein) as required by Section 4 . 02 of the Third
Supplemental Indenture of Trust dated as of July 1 ,
1987 relating to the Bonds ;
COUNCIL MEMBERS
Yeas Nays Requested by Department of:
Dimond ,� '
�� [n Favor
Goswitz
Rettman �i
�he1�� _ Against BY
Sonnen
�Ison
Form Approved by City Attorney
Adopted by Council: Date �
Certified Passed by Council Secretary By �7����lit.tl�� ••�-
sy, �
A►pproved by 1Aavor. Date 1 Approve Mayo r S ' sion to Council
By B
` ' ' � � � Qc�'-d--/3�f�
NOW THEREFORE , BE IT RESOLVED by the City Council of the
City of Saint Paul , Minnesota, as follows :
l . There has been presented and there is now before this
Council a form of Fourth Supplemental Indenture of
Trust to be dated as of August 1 , 1988 (the "Fourth
Supplement" ) and providing for the deposit with the
Trustee of a portion of the proceeds of the Re�unding
Bonds , and the application of the monies so deposited
to pay at maturity or upan prepayment $1 , 140 , 000
principal amount of -the Bonds maturing or to be
prepaid on October 1 , 1988 . The Fourth Supplement is
hereby approved in substantially the form submitted
to this Council , provided that such variations , changes
or modifications may be made therein as may be
necessary or desirable to effectuate the purposes
thereof if such changes , variances or modifications are
approved by Bond Counsel and by the City Attorney as
not pre�udicial to the interests of the Issuer .
Execution of the Fourth Supplement by the officers of
the issuer designated below shall constitute conclusive
evidence of acceptance by the Issuer of the Fourth
Supplement in final form.
2 . The Mayor , Director of Finance and Management Services
and Director of Planning and Economic Development are
hereby suthorized and directed to execute and deliver
the Fourth Supplement and to cause the seal of the
Issuer to be affixed thereto , such execution and seal
to be attested to by the City Clerk, all upon approval
of the form thereof by the office of the City Attorney
2
WHITE - CITV CLERK .
� PINK - FINANCE GITY O�' SAINT PAiTL Council /��!
CANARV - DEeARTMENT �/x / _
BGUE��-rMA;oR File �0. Af/ -!��/
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
and upon consent thereto by Financial Guaranty
Insurance Company. In the absence or disability of any
of the officers of the Issuer designated above , any
other duly authorized officer of the Issuer is hereby
authorized and directed to execute and deliver the
Fourth Supplement in their place and stead.
3 . This Council hereby determines , pursuant to Section
10-1 of the Indenture , that the Fourth Supplement is a
supplemental indenture of trust authorized thereby as a
supplemental indenture of trust whose terms are not
prejudicial to the interest of the Bondholders .
4 . This Resolution shall take effect immediately.
COUIVCILMEN
Yeas DimOrid Nays Requested by Department of:
� !
Goswitz In Favor
Long �
Rettman A gai n s t BY
Scheibel
Sonnen
Wi1SOri A� � b �� Form Approved by City Attorney
Adopted by Council: Date
Certified Pas e ouncil Se a BY �/����..
By
' Approv d Ma for sion to Council
A► r d by iNavor: Date 3
By
` Sti'�D r�,� � ? 7 1988