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<br /> .' <br /> . . <br /> '*, <br /> , <br /> . <br /> ) <br /> MEMORANDUM OF AGREEMENT <br /> This Memorandum of Agreement, dated as of , <br /> 1974, between the City of New Brighton, Minnesota (the "City") <br /> and Kausel Foundry, Inc. (the "Company"), provides as follows: <br /> l. Preliminary S~atement. Among the matters of <br /> mutual inducement which have resulted in this Agreement are <br /> the following: <br /> I <br /> (a) The City is authorized and empowered by the <br /> provisions of Chapter 474, Minnesota Statutes, as amended <br /> , <br /> (the "Act") to issue revenue bonds to defray the costs of <br /> a project as defined in the Act. <br /> (b) The Company has proposed that the City, pursuant <br /> to the Act, issue its revenue bonds to defray the costs <br /> to be incurred in connection with the acquisition of <br /> certain properties, consisting primarily of a foundry <br /> building and related facilities (the "Project"), more <br /> fully described in Exhibit A, and that the City sell or <br /> lease its interest in the Project to the Company by a sale <br /> or lease agreement satisfying the requirements of the Act. <br /> (c) The Company wishes to obtain satisfactory as- <br /> surance from the City that the proceeds of the sale'of <br /> the revenue bonds of the City will be made available to <br /> finance the costs of the Project. <br />