11-10-1982 Council Agenda - Laserfiche WebLink

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NOTE RESOLUTION BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: ARTICT,F ONE DEFINITIONS, 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 leases, rents, issues and profits derived from the Project to the Lender to secure the repayment of the Note and interest thereon; 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: Forster - Matson Properties, a Minnesota general partnership, its successors, assigns, and any surviving, resulting or transferee business entity which may assume its obligations under the Loan Agreement; City: the City of Little Canada, Minnesota, its successors and assigns; Code: The Internal Revenue Code of 1954, as amended; Construction Fund: the fund established by the City pursuant to this Resolution and into which the proceeds of the Note will be deposited;