RES 80-034 RESOLUTION RELATING TO A $780,000 COMMERCIAL DEVELOPMENT REVENUE NOTE; AUTHORIZING THE ISSUANCE THEREOF PURSUANT TO MINNESOTA STATUTES, CHAPTER 474

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• Member n t r o d u c e d the following resolution and moved its adoption : RESOLUTION NO. 80-034 : RESOLUTION RELATING TO $780 , 000 COMMER- CIAL DEVELOPMENT REVENUE NOTE; AUTHORI- ZING THE ISSUANCE THEREOF PURSUANT TO MINNESOTA STATUTES, CHAPTER 474 BE IT RESOLVED by the City Council of the City of St. Aiithony;'„ Minnesota, as follows : Section 1. Definitions. In this Resolution the following terms , when used with initial capital letters, have the following respective meanings unless the context hereof or use herein clearly requires otherwise : Act: the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended; • Borrower : Special Partnership, a Minnesota general partnership, its successors and assigns ; City: the City of St. Anthony, Minnesota, its successors and assigns ; Equipment : all equipment, machinery, furnishings and other personal property at any time owned by the Borrower located on or about or used in connection with .the Land and Improvements, together with all accessions thereto and the replacements and proceeds thereof ; Improvements : 35, 000 square foot warehouse and office facility to be constructed on the Land by the Borrower in accordance with the Plans and Specifications, together with all related facilities; Land: the real estate described in Exhibit A to the Mortgage; Lender : First National Bank of Minneapolis, Minneapolis, Minnesota, its successors and assigns ; Loan: the Loan of the proceeds of the Note to be made by the City to the Borrower pursuant to the terms of • Section 3. 01 of the Loan Agreement;