12/18/2006 Council Packet - Laserfiche WebLink

Home Search

• • 2.01. The City hereby approvers the Extension and authorizes the Mayor and City Administrator to execute that document on behalf of the City in substantially the form on file in City Hall. 2.02. The City assigns to the Authority the proceeds of the grant under the Grant Agreement, as extended under the Extension, and approves the loan of such proceeds to the Borrower pursuant to the Note and the Mortgage. 2.03. The City approves the Note and Mortgage in the forms on file in City Hall and authorizes the Authority President and Executive Director to execute such documents, subject to modifications that do not alter the substance of the transaction and that are approved by the Authority President and Executive Director, provided that execution of the documents by such officials shall be conclusive evidence of approval. 2.04. The City further authorizes the Authority President and Executive Director to execute the Master Subordination Agreement, the Master Disbursing Agreement, and any other documents reasonably required to carry out the intent of this resolution, all in forms approved by those officials. 2.05. The Mayor and City Administrator are hereby authorized to execute on behalf of the City any other documents or certificates requiring execution by the City in order to carry out the intent of this resolution. Approved by the City Council of the City of Lino Lakes, Minnesota this 18th day of December, 2006. AT "I EST: City Clerk - 5 5 - Mayor