HomeMy WebLinkAboutResolution 5166 � °�
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. ; C ITY of ORONU
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RESOLUTION OF THE CITY COUNCI�
' ��`�kES�I�g'�G NO. .�i ,�, �� .
RESOLUTION APPROVING
SUBSTITUTION OF SOLE MEMBER OF
OWNER OF SENIOR HOUSING PROJECT
WHEREAS,the City of Orono has issued its Senior Housing Revenue Bonds
(Orono Woods Aparhnent Project), Series 2001A, Series 2001B and Series 2001C (the"Bonds")
to provide financing for a senior housing facility(the "Project") presently owned by Orono
Senior Housing LLC, a Minnesota limited liability company(the"Borrower") whose sole
member is J.A. Wedum Foundation, a Minnesota nonprofit corporation("Wedum"); and
WHEREAS, Wedum has requested that this Council approve the transfer of its •
interest in the Borrower to Volunteers of America in Minnesota, a Minnesota nonprofit
corporation("Volunteers of America") and the execution of First Supplement to Indenture of
Trust and a First Amendment to Loan Agreement in order to effect the substitution of Volunteers
• of America for Wedum as the sole member of the Borrower;
WHEREAS, this City has received information regarding the reputation and
financial condition of Volunteers of America and has been advised by Faegre&Benson LLP, as
bond counsel, that it is prepared to render an opinion that the substitution will not adversely
affect the tax exempt status of interest on the Bonds; and
WHEREAS, there has been presented to this Council forms of the First
Supplement to Indenture of Trust and First Amendment to Loan Agreement, supplementing and
amending the Indenture of Trust and Loan Agreement originally executed by the City in
connection with the issuance of the Bonds.
THEREFORE,BE IT RESOLVED by the City Council of the City of Orono
that the substitution of Volunteers of America for Wedman as sole member of the Borrower is
, hereby approved, and the Mayor and City Clerk are authorized to execute and deliver the First
Supplement to Indenture of Trust and First Amendment to Loan Agreement,together with such
other documents as may be necessary to effect the transaction contemplated thereby.
� ADOPTED by the Orono City Council this 26`h day of April, 2004.
ATTEST: .
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Linda S. Vee, City Clerk Baxbara A. Peterson,Mayor
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