Resolution 2219 - Laserfiche WebLink

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--~~." e e . 6. Approval of Terms and Sale of Note. The City shall proceed forthwith to issue its City of New Brighton Industrial Development Revenue Note (S-H Realty Project) in the principal amount of $712,000, substantially in the form and containing the provisions set forth in the form of Note attached hereto as Exhibit A, which provisions are hereby approved and incorporated in this Bond Resolution and made a part hereof. The Note, substantially in the form of Exhibit A to this Bond Resolu- tion, shall be issued and delivered to the Lender in exchange for the purchase price of $712,000 (par) as authorized by the Act. The Note shall be numbered R-1 and be in the principal amount of $712,000, shall be issued and shall be registered in the name of and be made payable to the Lender as provided therein. The proposal of the Lender to purchase such Note at a price of $712,000 (100% of par value) as provided by the Loan Agreement is hereby found and determined to be reasonable and is hereby accepted. 7. Execution, Delivery and Endorsement of Note. The Note may be in typewritten or printed form and shall be executed by the manual signatures of the Mayor (or acting Mayor) and City Manager and the official seal of the City shall be affixed thereto. When so prepared and executed, the Note shall be delivered to the Lender upon payment of the purchase price, and upon receipt of the signed legal opinion of Messrs. Faegre & Benson, of Minneapolis, Minnesota, bond counsel, pursuant to the Loan Agreement. The Note shall contain a recital that it is issued pursuant to the Act, and such recital shall be conclusive evidence of the validity and regularity of the issuance thereof. 8. Registration Records. The City Clerk, as bond registrar, shall keep a bond register in which the City shall provide for the registration of the Note and for transfers of the Note. The City Clerk is authorized and directed to deliver a certified copy of this Bond Resolution to the County Auditor of Ramsey County, together with such other information as the County Auditor may require, and obtain the certificate of the County Auditor as to entry of the Note on his bond register as required by the Act and Section 475.63, Minnesota Statutes. 9. Mutilated, Lost, Stolen or Destroyed Note. If the Note is mutilated, lost, stolen or destroyed, the City may exe- cute and deliver to the Holder a new Note of like amount, date, number and tenor as that mutilated, lost, stolen or destroyed; provided that, in the case of mutilation, the mutilated Note shall first be surrendered to the City, and in the case of a lost, stolen or destroyed Note, there shall first be furnished to the City and the Company evidence of such loss, theft or destruc- tion satisfactory to the City and the Company, together with indemnity satisfactory to them. The City and Company may charge the Holder with their reasonable fees and expenses in replacing any mutilated, lost, stolen or destroyed Note. -5-