07-11-1979 Council Agenda - Laserfiche WebLink

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2. On the basis of information available to this Council it appears, and the Council hereby finds, that said Project constitutes property used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision 1(a) of Section 474.02 of the Minnesota Statutes, that the availability of the financing under the Act and willingness of the City to furnish such financing will be of substantial benefit to the Company in completing the Project, and that the effect of the Project, if undertaken, will encourage economically sound development, will help to provide the range of services, including office and warehouse space, and employment opportunities required by the population of Little Canada, and will help to prevent the movement of talented and educated persons out of the state and to areas within the state where their services may not be as effectively used. 3. Said Project is hereby given preliminary ap- proval by the City subject to the approval of the Project by the Commissioner of Securities and subject to final approval by this Council and the Company of the Note to be issued and as to the ultimate details of financing the Project. 4. In accordance with Subdivision 7 of Section 474.01, Minnesota Statutes, the Mayor of the City is hereby authorized and directed to submit the proposal for the above described Project to the Commissioner of Securities requesting his approval, and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as he may require. The Company has agreed and it is hereby determined that any and all cost incurred by the City in connection with the Project, whether or not the Project is carried to completion and whether or not approved by the Commissioner, will be paid by the Company. 5. Briggs and Morgan, Professional Association, Saint Paul, Minnesota, Bond Counsel, is authorized, in consultation with the City Attorney and any other necessary parties to assist in the preparation and review of necessary documents relating to the Project, and to consult with the Company and any other involved parties as to the maturities, interest rates and other terms and provisions of the Note and the covenants and other provisions of the necessary documents and to submit such documents to the Council for final approval. 6. Nothing in this resolution or in the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues thereof 007