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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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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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12/30/2015 7:13:28 PM
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RES 1980
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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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• (a) the Construction Loan Agreement; <br /> (b) the Loan Agreement; <br /> (c) the Pledge Agreement; <br /> (d) the Mortgage ; <br /> (e) the Lease Assignment ; and <br /> (f) the Note. <br /> The forms of the documents listed in (a) through (f) above <br /> are approved , with such variations , insertions and <br /> additions as are deemed appropriate by 'the parties and <br /> approved by the City Attorney. <br /> Section 4. Authorizations. Upon the completion of the <br /> Construction Loan Agreement, the Loan Agreement and the <br /> Pledge Agreement, approved in Section 3. 3 hereof, and <br /> execution thereof by the Borrower and the Lender , as the <br /> case may be, the Mayor and the City Manager shall execute <br /> the same on behalf of the City and shall execute the Note <br /> in substantially the form as set forth in Exhibit A <br /> attached hereto on behalf of the City, and shall execute <br /> such other certifications, documents or instruments as <br /> bond counsel or counsel for the Lender shall require, <br /> subject to the approval of the City Attorney, and all <br /> certifications, recitals and representations therein shall <br /> constitute the certificates, recitals and representations <br /> of the City. Execution of any instrument or document by <br /> one or more appropriate officers of the City shall <br /> constitute , and shall be deemed the conclusive evidence <br /> of, the approval and authorization by the City and the <br /> Council of the instrument or document so executed. In the <br /> absence or disability of the Mayor , any of the documents <br /> authorized by this resolution to be executed, shall be <br /> executed by the acting Mayor, and in the absence of the <br /> City Manager , by such officer of the City who, in the <br /> opinion of the City Attorney, may execute such documents. <br /> Section 5. The Note. <br /> 5. 1. Form and Authorized Amount of Note. The Note shall <br /> be issued substantially in the form set forth in Exhibit A <br /> attached hereto and made a part hereof, with such <br /> appropriate variations, omissions and insertions as are <br /> permitted or required by this resolution, in the maximum <br /> principal amount of $780 , 000, or so much as may be <br /> advanced thereunder in payment of Project Costs. The <br /> • <br /> -5- <br />
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