HomeMy WebLinkAboutResolution 1209I-. , V .- 1"11 '� : I' fl ; , 1 1 - - . � . - , � .
MCC" f IlodtJor"
-L UjId
M.- r -1111:1ht e1jart-11
Ilaq W. LM
RE' n1,11TTON PELATINIC, 'IFC-) 5'i 50 , �MHO
(.'QMw1J:Pf'TAIj DEVULuP!A'FNT REVENUE
N OT 17' 1 A h
t VIIII(AI-I ;,' 1 N`G T) 1 E T S en 11, IN
,r)MR.11"OF PURSUAMP TO MTNNESDTA
MS . I 1 7
PATTITI-T, CHAPPYlk 474
4 -
Il the unzlurs�qniaCi, Painq wic. euiy quaiiftca anti- acting
f ttop VA He J64;,jipq- W-0 oh-livi-14048
�4t%- .-A I
tri 'In thv -y
4 t- I V 1 - 4- 'A ;L � , � , I ir;
herefa, us do-voribuI have bann adrefull-
CjMpilfod. with-- the -orIqJ.qaj rimurd-o cif corporAtijun- in my - lqq�l -
rusioe-
Y., frnm.whI-eh.t-:)-,#v have bf-en �rnnf!ribe4t that "id dr elafne 3tq
art -a Corto-ft and cumplets transcript. or the mi.nutes of a moutinq
of thn- gnverning body of anid rorporat:4.ov, and corruct And eomplvte�
4
v,*--IuLiu)nH and utlitar vivLlusu% t---a)-un and ur till,
Aovump"�s appzovod by the novernina hody at naid fu LII)Q * 0 fn -
L
#14 thoy relat:n- tn maid Mil kanti
onm - and that nAH mootina was dulv
-W -A t A -ho v iTno nnA i),Iarri and wa attnn(
v qovurnin- �-riy
-V
thrnughotit- by tho mrinlw�v- iii,lio�ivil Pllrp VA� anA
tn
w6tico- Of JSUCII vleetinq Wvon AP requtrad by law,
WTV411'r-ri mv Kin,l nffioiinlly 11111('11 1'00( of f i ee'r tills
WitiPti
loth day of December 11 IJO.
-7—
P a.; I I 0'�!t i ey k-: A ri iju a! ra L 0 1
971 ofill t 6
Mun i t Y)
pri
jp��t inn int r0dUCT 1 On - opo
- � - - - �rim".- r c i a I opmwiL
MunicipdIltY I Li �i U 4 1 -A I I �J + no Aotn i n
(Arl -in W -)l f PrO d
. 1 1
princid-a 'IfTlount ot 5c.50,00o to maynar, PiCrIiA
Ohn LonJf-fl, an� that frw Munic-iP41it-Y -jar' Pr
lin W91f (ti)a Borrowpr), Purmlu-nt CO d
of tno Note to Ar into
Loan Nrr—inent (tho I,nAn Ajref-mPni ) f-0 60 OntPt
bptwoftn t1jo llunlcipAlitY and tr,hf- i3orrower, for ')Urp6Ae
projrct (tho
of payong a portif--o or tnr I
L :1Jvon proliminary
Firnject) to which thio Council ha.- . I . aU Jn - 10 - i3a Ulft
approval by RPSOIUtion adopt 'td May
contogt h @roof gloarly roquirox of.horwidof tho terifla whon
deflnu,d in SL%Ction III nf tiia Loan Agrnomftnt nhall,
w1th initial 0apitAl irtterrr bor--inr have thfl
Soct , ion 1.
Moaning$ ad0fitG' t!"'±I -L
seetton 2. it is hRreby found ,nil declare/d
thatt
-itutes a "Projon"
(a.) Tho Project Const
of the� Act-
autho r i- god- -by t1h a
(b) Thn pUtPORe Of tn* PrQJN0t is, sAd L
MAote the ublic welfare by
Ailoct tW"rqnf wil'Ak b* to+ pr
ftttractic.l' 94000ragofoont and dAvolopment of
aalln'� ind4stry a"! commarcs, $D- 84 to
qlgon" of -jr. to tQhA%1it4t*Vi av f4r of 'A"S"N'
bl4ghtod and Marginal land$ and arna
Uduu:ry ta 450A110
pon + 6^4 01 the cafftmutity in- Order- to. retain
#i4ilable C"Wour-
the benefit Of its existing iny*stiant in aduca-tional-iind
halting th* mov"Mont of
Public nervic* factlitinal t6or areas
talontod, educated parganhol of mature ago to 0 . .
and thus Preserving the @00notic and human 0#&'9zGG
needed an a boaft f -f providing governmontal g*rvio#s and
of land dyiiildblo
JiALansive d9vttlopMen,
t and bott*r
in tho Vommuni-V to pCgvJJ@ an adftqua-o
L. __ -
b&lancod tat big* tO finantO tfiq incroaso in tho Amount
and cnSt of governmontal SatVi00AI,
(c) Tho Facility when completod will add to the
tax baA0 of th" Munit�.iPAI ty, and will accordingly b* of
A
'4
41� t t f
W;,
r
%
Thf7 in a n-1- i n q a- f t: *D u- i i
1" -. Not R, tilt, FXf4rtjt ion nno d# -livery of t1jo
Ajr1=_-mf-nt and the Plod-ju
. Ajrof-mont ?%nd t i1t.
performance of 411 coVeriants and agre!pniontu of tj)o
Municipal ity (14 -Ant dl'jf�,j in thL- Laar, A�jrawmmnt. anfj t 1-1p
Plodg# AgreofriftnL afm authorizod b- rh@ Act, and all other
acts and tninqu r&Quir&d undRr Chce Conntifution and laws
Of the Stattit of Minneuota to Do don&, t.0 exist Or to be
parfortheA to make thr, jc)ta, tilp Lt�pail Agyppment and the
Plodgat Agreement, whon oxocutod and dolivered an therein
and horain provilmd, valid and binding ob'igationa of tl-,p
NulliciPulitY Ont6fleablo in' acnordanot, wilit.-thoir terms,
have boon dono do exiat and have bann porformaJ an so
required.
M It to dnairabl@ that tho in th4b IftAximuln
principal 4mount of S550,01JU be ifildod by the Nanjoip&ji,,-j
apon thp terms got tort" herein, and that the Municlipality,
assign its interest in the Loan Aqr@pmont And grant a
800utitY int*r*4t therein to the Lender AN security for
AYMOnt-a-f th*- and-lmarazn-"d-
if any, on tho Motpj
i. Thob .1joAtu payments req;ii-red by ..thn-44,00ni
sawnt arq fixud, And rtb4ijigod to he r viss%d grom time
TZ
68 nscft'�4400Y, 40� or, to pradjes jil:0140 sad. t2vori".
nuffWLent to provide for proid-t Paymont of ptin-uipAj- of
i - . __ -
3*14 intsralit on flift Auto I
tajuqA under thim Afs0lution-when
due,
(h) Undfir-ths Pf.-Villiona of ftnnssot4 Statutes?
Soction 414.10, and- as- to be provid in the Soto# tht
n
Note is not to be p Clargod:u
Ayd;)10 fr m nor Pon any evnila;
of t _i
h:*Mufti-CiPs t*j� other than that C*Vonu#- ul 'hr the Loin
Agree nt pj*dV;d to the thor*ofl the Munjojp&jjty
lot
MV* SubjArt bP!ym*nt
0 any lid 11itY thereonj no af� tho
-Holder
-Not# dhaii over havi the riqU tO COrP61 any oxercian of
the taxing power Of thO MuniciftAlitY to Pay ths Soto or
interest t4"rooh, not to #nfagcolTAY-mon-
t th"'pof
S*n**'Y*proporty
of--th& 14unicipa ty egoept, too
P40ility, or POrtions th@reot# Mortgaged or otherwise
011odifibered by the Martgagol the Nnt" isou"d hereunder
A
I
! !�i� r I
vi n t
i r _I
A,
U A I I' :I I 'h h, I I
1 1 t I 1 4, t t
1 1 i j 1, c �
st, c u r i t y t hrroof -in pravidr-A in Mirioponf-a Sit.al it "n 474 11
".0 imi 3. lzili i m .11t:1
j . I * h.1f.horization. "hit MuniLipality tu autinutiz-13 by
t ri 0 At--= TZ -5 u� _o V�a fi O. -V Y-1 I PL 10'an thp pri'c:�F-d5
tharl%of to bu4inqua ontr�rpri3ne to financt- the acquisition
and conlat ruct 11on of '�puoj� ol �" as de -f Inf.1 In t h#3 Act , anti
to make all contracts, om-1-oto all inst-timents and do all
cninya nocassary or cojivorilfilf. ill ClIft i..- I-Cl.!'I of _'IuCflI
authority,
3.2. Frail ina AR410val bl-IlUftig By
pralimTtMary rosolution auly adoptrd by trio Council an
May 2d, 10JU, tniu Council approved the sale of indumLrial
dpvolopmont revonue bonds purst) %L to the Act and the loan
of the procands tn tho Uorrower for tne acquisition,
construction equipping of the raciiity and authorized the
Prepat.ation of oucn documents an may be appropriate to the
Project. The NOLO CollatitUtf?o -an industrial development
revenue bonj in contemplation of the Act and said
Prel iminary r N 0 0 1 U- t i on
3
amm ". Pursuant tc the Above, Wro
following ducumonts, all of which &re I now, o,r sliall
tofCj%.w i�z Liir C. My
Gtj Ll
J.A) the Itatc, (EXhibit A AttachOd h4f#tOl
jb) tho Loan r4gropmontil
(J) the Mortyiiijai and
(0) the Amlignmnnt of 0"to.
Tho forna ot the docummito listed in (j) through (f) abovto
I rp approved, with ouch variations, insortiono and
AIdditions as arr dft"M"d appriopriato by the partips and
approvod- by Ithp City Alt-ornfly.
.3-
5 h I j li"t 1 ij;1 I I ;'I'l t'- fe I ill- Al l )I a I -I d t 1
o rk - It t r a r o I, iI j x i4o o 1 1) 4 a ife I,, n ill. i,,;j I t r
t
C I It il n t. I I
nut)V a-itz ially t lio for;n rort, hi in Cx.�i !bit- A att.aclifid
such other certirications, docujitu-nts or
bond cound"I or cuiun�7t-1 For th,, 1,(7ndr!r --hall requirf-,
GUbj&Ot to th& apprqvA1 of th& C-ity Attorn^y, and -1i
tOW-.i1r. and roproi:onf-at- ion,; t1jornin niiall
conistitutp thm certificate!:, reclitals and reprocrintations
of tho MunAlcipa-lit-Y. zxpcut jon rJ 1 -tiny instrul-Hont or
document by ono or inorm, appiolit iato officaors of too
Municipality wiall crjm=t11-u#v, anil .9111all tw dea-mad tilp
Conclusivo nvidence (-)f, t -lir: approval imid authotilation U -y
tho Municipality and the City Council of t..e instrument or
documont so oxoctit&d. In tho absonce ur disability of Lho
Mayor, any of trin documonta aithorizRd by this rraolution
to bo executed, shall No oxecuted by tho actin;j Mayor, and
in the absence of the City Clack -Administrator, by such
,mffic*r of the Municipality woo, in the opinion of the
City Attarn,my, may ox#cuto such documonts.
_S*ct 1 On so I r h Nt two
Sol. thgjilod AMOgnt of Nots. T30 Noth shall
be- 4_41811 - subst tip kly -in the forin forth- kin - Rslviibit A
- -0 L
attached horieto und Mad, a p6ft h@r@of, With Such
-Apreopriate va'.iiat, lonst OMiSfiiiand 3Ad ins8rtiOns Az a. 4
or E*quired ��y thIs ros-olution, ir- tht-. A&Aimum
-principal amount of $i3Q,OPO, The Laims of L�hp Hot;e isto
Sett forth *in AShibit, A -attached- heretai *and! -suctv Lwir-Swil
Inaluding bit not 11initisid to Interodt r&tL%t* dates and
tmouAt of paymort 0 princJpal and interest and prepayment
PVLVLleoao# are incorporated by roUranco herein.
5 2. The Hot@ shall be oxnaut*d on behalf of
t4 Municipality by the signaturea of tho Mayor and the
City-4ork-Adminiatrator, and nhall be soalad witti its
corporate zoal. In cina any officer whose signature ahall
appear on toih Noto shall coasA to oo such officer before
Llit- d,-Jivory Lj�ert-ut# touvit toignatures shali nevorthoipes
be valid an -1 sufficient. fot all purposoal.
5.3. Mutilatod t anJ Dostr
umaaa=-�- -2., �od No�toii In case thiq
Not" ch-a-1-1--b-m-camo mutilated or Lin dontroyed or loatt thm
Unicipalit,y shall cause to be nxncutad and delivered 4
now Note of liko outstinding principal amount. and tr-nor in
-4-
A
Fri � I t n r
conn �ct. ion iw j: t- w i I i o '-44 i n Ca 1' t 11 ;t a L.; f I
f
t J. 1 i liq W,
'n
n.st I r t )r j-, r r
5.4 , A s5. 1 ajiTnF nt . Tilt- Noff. may h" A;4;', 1 lei) toy
_jjr,r_ur# ff Olt, i) t i mp I iq ondor iAo mon t. t tin r fion or
so-)arata viritti-n inWilultwtit , PF(Wilf-d t) -'At I10t 100 Of Ar4y
11 ba ;j_1vr-n. in writ inq to t. e
Municipalit-Y arld �hf- Burrmipr.
r , P li nv d U-v of v c- r y o
, W an,
tho Nots-i t --hp - a -u -m -Ant -A roterr—T—to in Spetion 1.3 horW
W1,01 b" coitiplotod and oxecul-f-cl in form and fiabstAnco as
approved by tlio City Attornoy. Thr ML:rlicipality shall
ftxplcutp And d livor tiif- Nofse to tho Londor, togathar with
& Liuly cortiLl., copy ot thin Arliolutiori, original,
executed GoomterpaLL.- mr t.ae Loan A�jreement and till" PjadqQ
Agropment, And auch flising cortifizatpo, opinions and
related documents iss arp r;quir@d by bond counsel.
Upon dolivory of the Notia and the above items to
the Landert tho Lender 41hall, On b0hd1f Of thf*
u h PrP, 1 4..1- - 40. thil 0.7cgeds of th-t- Not"- th- nil Oti
.11tyl WIXWur4
behalf of uh Borrower in payment of Prjjact Costs
Purou;%rit to the provisions of the Loan hjr#mn*nt# the
roc#*4* of tne Note, anti the; proceedat so-dishuratod-Sha"
a d4*mrd to have basan disburs*d for the account of the
hdt;ptad )j;( Lhe C'udlillil LII'�G fLtjt. day of "gioer
mayor
Attpa
-5-