1994 SPEC MIN SEPT 29 - Laserfiche WebLink

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banking business in connection with such sale. As a condition of the sale, the Credit Bank is required to cancel all of its security instruments, including its outstanding letters of credit. The sale of the Credit Bank's assets is scheduled to be completed on September 30, which is tomorrow. The Bank has identified a purchaser of the Project, Wolf Real Estate Limited Partnership which has agreed to purchase the Project and assume all liabilities of the Credit Bank on this project. In order to carry out the foregoing transaction, it is necessary that the Indenture of Trust be amended to release the Letter of Credit and clarify a provision in the Indenture which is ambiguous as to defeasance. Additionally, the City must approve the transfer of the Project and assumption by the Purchaser of all liabilities and duties under the various Bond Documents. Treasurer Williams said the transfer of the Project to the Purchaser does not affect the assets of the City, as said Bonds are only secured by payments received by the City from the Purchaser and not from any other funds of the City. The City will not be taking on a liability. The fees for the services of Sabo and Green, who did the follow-up on this process, are being paid by the Credit Bank; therefore, staff recommends adoption of the two resolutions as introduced by the Mayor. Moved by Councilmember Sandoval, seconded by Councilmember Bennett, to approve RESOLUTION NO. R-117-94, AUTHORIZING AND APPROVING EXECUTION OF AMENDMENT TO INDENTURE OF TRUST. Motion passed unanimously. Moved by Councilmember Cisneros, seconded by Councilmember Beltran, to approve RESOLUTION NO. R-118-94, APPROVING TRANSFER OF PROJECT. Motion passed unanimously. City Treasurer Williams asked that the resolutions be executed this evening as Alexis Crump will be picking them up in order to have them on the record for the close of the Credit Bank's sale. There being no further business to come before the Council at this time, Mayor Gonzales declared the Meeting adjourned at 6:30 p.m. HELEN A. RAMOS, CMC City Clerk r 2