HomeMy Public PortalAbout1987-115CITY OF MEDINA
RESOLUTION_ / /`5�
RELATING TO $1,200,000.00 COMMERCIAL DEVELOPMENT
REVENUE BONDS (MEDINA MOTOR INN PROJECT)
SERIES 1983, CITY OF MEDINA, MINNESOTA
WHEREAS, the City of Medina has issued $1,200,000.00
of Commercial Development Revenue Bonds (Medina Motor Inn
Project) series 1983 (the " Bonds") the proceeds of which were
used to finance construction of a budget motel by Medina Motor
Inn, a Minnesota general partnership, the general partners of
which are Joseph Raskob and Robert Raskob; and
WHEREAS, as an inducement for the City of Medina to
issue the Bonds, the general partners of Medina Motor Inn
agreed to pledge all of their shares of stock in Medina
Recreations, Inc., a Minnesota corporation, as additional
security for the payment of the interest and principal on the
Bonds; and
WHEREAS, Joseph Raskob desires to sell all of his
shares of Medina Recreations, Inc., to Medina Recreations,
Inc., and/or Robert Raskob; and
WHEREAS, National City Bank of Minneapolis, as trustee
under an indenture of trust entered into as of November 1, 1983
with the City of Medina in connection with the issue of the
Bonds and the general partners of Medina Motor Inn have indi-
cated their preliminary consent to the proposed transaction;
WHEREAS, the City of Medina has no objection to the
proposed transaction in the event National City Bank of
Minneapolis and the general partners of Medina Motor Inn con-
sent to the transaction.
NOW, THEREFORE, Be It Resolved by the City Council of
the City of Medina that the City of Medina hereby consents to
the proposed sale of stock in Medina Recreations, Inc., by
Joseph Raskob to Medina Recreations, Inc., and/or Robert Raskob
subject to a consent of National City Bank of Minneapolis and
the general partners of Medina Motor Inn being obtained.
FURTHER RESOLVED, that the Mayor and the City
Clerk/Treasurer be and they hereby are authorized and directed
to prepare such further documentation as they may deem neces-
sary or adviseable to evidence the consent to the above des-
cribed transaction.
Adopted by the Council of the City of Medina this 20 day of October, 1987.
ATTEST:
01-sz2.-11-a- ) /� c-eJ
Donna Roehl, Clerk -Treasurer
o .s And son, Mayor