10-09-1985 Council Agenda - Laserfiche WebLink

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Company grant a mortgage and security interest in the Project to the Trustee pursuant to a Mortgage and Security Agreement dated as of October 1, 1985 (the "Mortgage ") and to further secure the payment of the Bonds and the interest thereon, enter into an Assignment of Leases and Rents dated as of October 1, 1985 in favor of the Trustee (the "Assignment of Leases and Rents "). Payment of the Bonds and interest thereon is also secured by a Guaranty dated as of December 1, 1984 in favor of the Trustee given by O. Larry Lee, Francis Husnik and Raymond Dykema and their spouses (if required by the Bond Purchaser) (the "Guaranty "). Disbursement of the proceeds of the Bonds will also be governed by a Disbursing Agreement among the Trustee, the Company and Title Services, Inc. (the "Disbursing Agreement "). 4. This Council by action taken on this date gave preliminary approval to the proposal and prior to closing the Minnesota Department of Energy and Economic Development will give approval to the Project as tending to further the purposes and policies of the Act. 5. Pursuant to the preliminary approval of the Council, forms of the following documents have been submitted to the Council for approval: (a) The Loan Agreement. (b) The Indenture. (c) The Mortgage (not executed by the City). (d) The Assignment of Leases and Rents (not executed by the City). (e) The Guaranty (not executed by the City). (f) The Purchase Agreement. (g) An Official Statement prepared by the Bond Purchaser (not executed by the City). (h) The Disbursing Agreement (not executed by the City). 6. It is hereby found, determined and declared that: (a) the Project described in the Loan Agreement and Indenture referred to above constitutes a Project authorized by the Act: 2