CC RES 79-045 A RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY SPECIAL PARTNERSHIP UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF SECURITIES FOR A

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of talented, educated personnel of mature age to other areas and thus preserving the economic and human resources needed • as a base for providing governmental services and facilities; and the more intensive development of land available in the area to provide an adequate tax base to finance the increase in the amount and cost of governmental services provided by the City, the County and the School District in which the City is located. 3. The Project is hereby given preliminary approval by the City, subject to (i) approval of the Project by the Minnesota Commissioner of Securities and (ii) approval of this Council, the Company and the purchaser of the Bond of the ultimate details of the Project and the terms of the Bond. 4 . FBS Financial, Inc. , on behalf of the Company, has advised this Council that the Project is economically feasible and that it intends to purchase the Bond. In accord- ance with Section 474 .01, Subd. 7a, Minnesota Statutes, the Mayor, City Manager and City Clerk and such other officers and members of the City as may from time to time be designated are hereby authorized and directed to submit the proposal for the Project to the Commissioner of Securities and request her approval thereof, and the Mayor, City Manager, Clerk, members of the Council and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as she may require. The Company, FBS Financial, Inc. , • Messrs. Dorsey, Windhorst, Hannaford, Whitney & Halladay, as bond counsel, the City Attorney and other City officials are also authorized to initiate the preparation of a proposed loan agreement, mortgage, and such other documents as may be necessary or appropriate to the Project so that, when and if the proposed Project is approved by the Commissioner and this Council gives its final approval thereto, the Project may be carried forward expeditiously. 5 . The Company has agreed to pay any and all costs incurred by the City in connection with the Project whether or not the Project is approved by the Commissioner and whether or not the Project is carried to completion and to indemnify the City, its officers and employees from all liability which the City and any officers and employees may incur in connection with the Project or the issuance and sale of the Bond. 6. The Company is hereby authorized to enter into on its own behalf such contracts as may be necessary for carrying forward the Project by any means available to it and in the manner it determines without advertisement for bids as may be required for the construction or acquisition of other municipal facilities. 7. The City intends to comply with the provisions • of Minnesota Statutes 474 . 01, Subd. 8 by supplying to the Department of Economic Development such information relating to the Project as it may require.