HomeMy WebLinkAboutORDINANCES-1992-032-O-924-8-92
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AN ORDINANCE
AN ORDINANCE REMOVING THE REMARKETING AGENT AND
INDEXING AGENT AND APPOINTING A SUCCESSOR
REMARKETING AGENT AND INDEXING AGENT AND
AUTHORIZING A FIRST SUPPLEMENTAL INDENTURE OF
TRUST IN REGARD TO THE $3,300,000 REFUNDING
FLOATING/FIXED RATE INDUSTRIAL DEVELOPMENT
REVENUE BONDS (FOUNTAIN SQUARE PROJECT),
SERIES 1985 OF THE CITY OFFVANSTON. ILLINOIS
WHEREAS, the City of Evanston, Illinois (the "City")
adopted Ordinance NO. 59-0-85 on May 20, 1985 which authorized
the issuance of the City's $3,300,000 Refunding Floating/Fixed
Rate Industrial Development REvenue Bonds (Fountain Square
Project), Series 1985 (the "Bonds") pursuant to the Indenture of
Trust dated as of May 1, 1985 between the City and LaSalle
National Bank, as Trustee (the "Indenture"); and
WHEREAS, pursuant to Section 1010 of the Indenture
Prudential-Bache Securities Inc. ("Prudential-Bache") was
appointed the Remarketing Agent and pursuant to Section 1013
Prudential-Bache was appointed Indexing Agent; and
• WHEREAS, there is presently in existence to secure the
Bonds a Qualified Credit Investment of Republic Capital Bank,
F.S.B., f/k/a Republic Savings and Loan Association of Wisconsin
(the "Credit Instrument Obligor"); and
WHEREAS, Prudential-Bache has resigned as Remarketing
Agent and Indexing Agent; and
•
WHEREAS, Jose Venzor, as successor to the interest of
Fountain Square Limited Partnership and LaSalle National Bank, as
Trustee of an Illinois Land Trust known on the records of such
Land Trustee as Trust No. 106324 (the "Borrower") hereby requests
that the City appoint Langdon P. Cook & Co. Incorporated ("Cook")
and Gates Capital Corp. ("Gates") jointly as Successor
Remarketing Agent and Successor Indexing Agent pursuant to
Section 1011 and 1013 of the Indenture; and
WHEREAS, the Credit Instrument Obligor consents to the
appointment of Cook and Gates as Successor Remarketing Agent and
Successor Indexing Agent; and
WHEREAS, the Borrower has requested, and the Credit
Instrument Obligor has consented thereto, that the First
Supplemental Indenture of Trust dated as of March 1, 1992 be
entered into by and between the Issuer and the Trustee (the
"First Supplemental Indenture") to delete an inappropriate
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requirement in Section 1012 of the Indenture relating to a
Successor Remarketing Agent.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS, AS FOLLOWS:
SECTION 1: That Cook and Gates are jointly appointed
as Remarketing Agent and Indexing Agent in
regard to the Bonds.
SECTION 2: That the form, terms and provisions of the
proposed First Supplemental Indenture be,
and they hereby are, in all respects approved, and that the City
Manager and the City Clerk be, and they are hereby authorized,
empowered and directed to execute and deliver such instrument in
the name and the behalf of the City and that the First
Supplemental Indenture is to be in substantially the form thereof
submitted to this meeting and hereby approved, with such changes
therein as shall be approved by the officials of the City
executing the same, their execution thereof to constitute
conclusive evidence of their approval of any and all changes or
revisions therein from and after the execution and delivery of
such instrument, the officials, agents and employees of the City
are hereby authorized, empowered and directed to do all such acts
and things and to execute all such documents as may be necessary
to carry out and comply with the provisions of such instrument as
executed.
SECTION 4: All ordinances or parts of ordinances
in conflict herewith are hereby repealed.
SECTION 5: This ordinance shall be in full force and
effect from and after its passage,
approval, and publication in the manner provided by law.
Introduced
Adopted:
City erk
r tvedas t f
Corporation dounsel
, 1992
1992
Approved: t�o�
Mayor
,1992
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