11-15-1982 Council Agenda - Laserfiche WebLink

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Payment of the Bonds is also secured by a Guaranty Agreement dated as of November 1, 1982 executed by 0. Larry Lee, Hammon T. Becken and Michael C. Gresser in favor of the Trustee (the "Guaranty "). 3. This Council by action taken on April 8, 1981 gave preliminary approval to the proposal and on or about July , 1981 the Commissioner of Securities of the State of Minnesota gave approval to the Project as tending to further the purposes and policies of the Act. 4. 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 to be exeucted by the City). (d) The Assignment of Leases and Rents (not to be executed by the City). (e) The Guaranty (not to be executed by the City). 5. 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; (b) the purpose of the Project is and the effect thereof will be to promote the public welfare by the acquisition, construction and equipping of a facility for use as an office /warehouse. (c) the Project is to be located within the City limits, at a site which is easily accessible to employees residing within the City and the surrounding communities;