11-25-1981 Council Agenda - Laserfiche WebLink

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RLH 10/19/81 NOTE RESOLUTION BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: ARTICLE ONE DEFININTIONS, LEGAL AUTHORIZATION AND FINDINGS 1 -1. Definitions. The terms used herein, unless the context hereof shall require otherwise shall have the following meanings, and any other terms defined in the Loan Agreement shall have the same meanings when used herein as assigned to them in the Loan Agreement unless the context or use thereof indicates another or different meaning or intent. Act: the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended; Assignment of Leases and Rents: the agreement to be executed by the Borrower assigning all the rents, issues and profits derived from the Project to the Lender to secure the repayment of the Note and interest thereon; Assignment of the Loan Agreement: the agreement to be executed by the City and the Lender assigning the Loan Agreement to the Lender; Bond Counsel: the firm of Briggs and Morgan, Professional Association, of St. Paul and Minneapolis, Minnesota, and any opinion of Bond Counsel shall be a written opinion signed by such Counsel; Borrower: Frank M. Frattalone, an individual, his heirs, legal representatives and assigns, and any business entity which may assume his obligations under the Loan Agreement; City: the City of Little Canada, Minnesota, its successors and assigns; Disbursing Agreement: the agreement to be executed by the City, the Borrower and the Lender, relating to the disbursement and payment of Project Costs for the acquisition of the Land and the construction and installation of the Improvements;