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516N TJH 12/17/84 <br />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 />(BRECKENRIDGE ASSOCIATES 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 Brecken- <br />ridge Associates, a Minnesota general partnership (the <br />"Company ") that the City undertake to partially finance a <br />certain Project as herein described, pursuant to the Minnesota <br />Municipal Industrial Development Act, Chapter 474, Minnesota <br />Statutes (the "Act "), through issuance by the City of its <br />$940,000 Commercial Development Revenue Bonds, Series 1984 <br />(Breckenridge Associates Project) (the "Bonds "), and in <br />accordance with a Bond Purchase Agreement (the "Purchase <br />Agreement ") between the City, the Company and Miller Securities <br />Incorporated (the "Bond Purchaser "). <br />2. The Company desires to acquire certain real <br />estate and construct thereon a building containing <br />approximately 31,272 square feet and related improvements and <br />equipment suitable for use an office /warehouse facility <br />(hereinafter collectively referred to as the "Project "). The <br />Project as described above will provide employment to <br />additional persons and will otherwise further the policies and <br />purposes of the Act and the findings made in the preliminary <br />resolution adopted by this Council on May 23, 1984 with respect <br />to the Project are hereby ratified, affirmed and approved. <br />3. It is proposed that, pursuant to a Loan Agreement <br />dated as of. December 1, 1984 between the City, as lender, and <br />the Company, as borrower (the "Loan Agreement "), the City loan <br />the proceeds of the Bonds to the Company to partially finance <br />the cost of the Project. The basic payments to be made by the <br />Company under the Loan Agreement are fixed so as to produce <br />revenue sufficient to pay the principal of, premium, if any, <br />and interest on the Bonds when due. It is further proposed <br />14 <br />