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RESOLUTION AUTHORIZING A PROJECT UNDER <br />THE MINNESOTA MUNICIPAL INDUSTRIAL <br />DEVELOPMENT ACT AND THE ISSUANCE OF <br />COMMERCIAL DEVELOPMENT REVENUE BONDS <br />TO FINANCE THE PROJECT <br />BE IT RESOLVED by the Council of the City of Little <br />Canada, Minnesota, as follows: <br />1. The Council has received a proposal from Viking <br />Partnership, a Minnesota general partnership (the "Company ") <br />that the City undertake to finance a certain Project as herein <br />described, pursuant to the Minnesota Municipal Industrial <br />Development Act, Chapter 474, Minnesota Statutes (the "Act "), <br />through issuance by the City of its $1,000,000 Commercial <br />Development Revenue Bonds of 1982 (the "Bonds "). <br />2. The Company has acquired certain real estate and <br />has constructed thereon a 36,000 square foot building and <br />related improvements and equipment suitable for use as a <br />multi- tenant retail facility (hereinafter referred to as the <br />"Project "), which Project will provide employment to <br />approximately 60 additional persons and will otherwise further <br />the policies and purposes of the Act and the findings made in <br />the preliminary resolution adopted by this Council on <br />November 24, 1982 with respect to the Project are hereby <br />ratified, affirmed and approved. <br />3. It is proposed that, pursuant to a Loan Agreement <br />dated December 15, 1982, between the City as Lender and the <br />Company as Borrower (the "Loan Agreement "), the City loan the <br />proceeds of the Bonds to the Company to finance the cost of the <br />Project. The basic payments to be made by the Company under <br />the Loan Agreement are fixed so as to produce revenue <br />sufficient to pay the principal of, premium, if any, and <br />interest on the Bonds when due. It is further proposed that <br />the City assign its rights to the basic payments and certain <br />other rights under the Loan Agreement to National City Bank of <br />Minneapolis in Minneapolis, Minnesota (the "Trustee ") as <br />security for payment of the Bonds under an Indenture of Trust <br />dated December 15, 1982 (the "Indenture ") and that the Company <br />grant a mortgage and security interest in the Project to the <br />Trustee pursuant to a Mortgage and Security Agreement dated <br />December 15, 1982 (the "Mortgage ") and to further secure the <br />payment of the Bonds and the interest thereon, enter into an <br />Assignment of Leases and Rents dated December 15, 1982 (the <br />"Assignment of Leases and Rents "). <br />7 <br />