HomeMy WebLinkAboutResolution No. 2013-013 Approval of Removal of Remarketing Agent For Multifamily Housing Revenue Refunding Bonds (Vernon Terrace Apartments Project), Series 2004 And Appointment of Successor Remarketing Agent RESOLUTION NO. 2013-13
RESOLUTION APPROVING REMOVAL OF REMARKETING AGENT FOR
MULTIFAMILY HOUSING REVENUE REFUNDING BONDS (VERNON TERRACE
APARTMENTS PROJECT), SERIES 2004 AND APPOINTMENT OF SUCCESSOR
REMARKETING AGENT
BE IT RESOLVED by the City Council of City of Edina, Minnesota (the "City"), as follows:
Section 1. Recitals. The City has issued its Variable Rate Demand Multifamily Housing Revenue
Refunding Bonds (Vernon Terrace Apartments Project), Series 2004 (the 'Bonds") pursuant to a
Trust Indenture, dated as of June 1, 2004 (the "Indenture"), between the Issuer and U.S. Bank
National Association, as trustee (the "Trustee"), pursuant to Minnesota Statutes, Chapter 462C, and
loaned the proceeds of the Bonds to Bigos-Vernon Terrace, LLC, a Minnesota limited liability
company (the "Borrower"). The Bonds and the Indenture provide, among other things, that the
owners of the Bonds (the "Bondholders") may elect (or may be required) in certain instances to
tender their Bonds for purchase upon the terms and conditions contained in the Bonds and the
Indenture. The Indenture appointed Piper Jaffray & Co. ("Piper") as remarketing agent for the Bonds
to perform certain duties, including the use of its best efforts to remarket any Bonds tendered for
purchase by the Bondholders. The Borrower has requested that pursuant to Section 10.06(c) of the
Indenture that the City approve the removal of Piper as remarketing agent for the Bonds and the
appointment of Dougherty & Company LLC ("Dougherty") as successor remarketing agent for the
Bonds.
Section 2. Approval of Removal of Remarketing Agent and Appointment of Successor
Remarketing Agent. The removal of Piper as remarketing agent for the Bonds and the appointment
of Dougherty as successor remarketing agent for the Bonds is hereby approved, and the Mayor and
City Manager are hereby authorized and directed to execute and deliver to the trustee notice of the
approval by the City of such removal of Piper as the remarketing agent'lor the Bonds and the
appointment of Dougherty as successor remarketing agent.
Passed and adopted by the Qity Council on December 22, 201
ATTEST: �A � 11 '
ADera A. Mangen, City Jerk James ovland, Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that
the attached and foregoing Resolution was duly adopted by the Edina City Council at its Regular
Meeting of December 22, 2013, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of 20_
City Clerk
CITY OF EDINA
4801 West 50th Street• Edina,Minnesota 55424
www.EdinaMN.gov•952-927-8861 • Fax 952-826-0390