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File #: RES 19-1449    Version: 1 Name: The Wellington Project
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 8/28/2019
Title: Resolution authorizing execution of First Amendment to Indenture of Trust for the Wellington Project, 2235 West Rockwood Avenue; District 15, Ward 3
Sponsors: Chris Tolbert
Attachments: 1. Board Report, 2. Map
Title

Resolution authorizing execution of First Amendment to Indenture of Trust for the Wellington Project, 2235 West Rockwood Avenue; District 15, Ward 3

Body

                     WHEREAS, the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore issued its $5,695,000 Multifamily Housing Revenue Refunding Bonds, Series 2012 (The Wellington Project) (the “Bonds”) which are held by Wells Fargo Bank, National Association (the “Lender”); and

                     WHEREAS, the Lender proposes an amendment to the Indenture of Trust, dated as of September 1, 2012, between the HRA and Wells Fargo Bank, National Association, as trustee (the “Trustee”) (the “Indenture”), pursuant to a First Amendment to Indenture of Trust which adjusts various provisions related to the interest rate on the Bonds, extends the mandatory purchase date to September 1, 2026, and makes other changes to conform the terms of the Bonds and the Indenture to the Lender’s standard provisions (the “Amendment”).

BE IT RESOLVED by the Board of Commissioners (the “Board”) of the HRA as follows:

                     1.01                      The Board hereby approves the Amendment, in substantially the form on file with the Executive Director.

                     1.02                     The Executive Director of the HRA is hereby authorized and directed to execute, on behalf of the HRA, the Amendment and any other documents and certificates that the Saint Paul City Attorney to the HRA considers appropriate in connection with the Amendment or necessary in connection with the amendment of the Bonds (the “Amendment Documents”).

                     1.03                     The approval hereby given to the Amendment Documents includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and approp...

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