1981-03-24 - Laserfiche WebLink

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."' r A RESOLUTION OF THE CITY OF NEW BRIGHTON, MINNESOTA, AUTHORIZING A PROJECT OF MICOM CORPORATION UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND THE SALE AND ISSUANCE OF AN INDUSTRIAL DEVELOPMENT REVENUE NOTE TO FINANCE THE PROJECT, SECURED BY AN ASSIGNMENT OF REVENUES UNDER A LOAN AGREEMENT AND MORTGAGE ON THE PROJECT, AND AUTHORIZING THE EXECUTION OF DOCUMENTS. BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota (the City), as follows: 1.) Authority. The City is, by the Constitution and laws of the State of Minnesota, including Chapter 474, Minnesota Statutes, as amended (the "Act"), authorized to issue and sell its revenue bonds for the purpose of financing the cost of authorized projects and to enter into contracts necessary or convenient in the exercise of the powers granted by the Act. 2.) Authorization of pro'ects; Documents Presented. Pursuant to application y M~com Corporat~on, a M~nnesota corporatlon (the "Company"), this Council proposes that the City shall issue and sell its City of New Brighton Industrial Development Revenue Note (Micom Corporation Project), in substantially the form set forth in Exhibit A attached hereto and made a part hereof (the "Note"), pursuant to the Act and shall lend the proceeds thereof to the Company to finance the cost of constructing a building ~nd other improvements located at 475 - 8th Avenue N.W., in the City of ew Brighton, to be owned by the Company pursuant to the Act (the Project"). Forms of the following documents relating to the Note and the project have been submitted to the City Council and are now on file in the office of the City Clerk: ( a) Loan Agreement (the "Loan Agreement") among the Ci ty and the Company whereby the City agrees to make a loan to the Company and the Company agrees to construct and improve the project and to pay amounts sufficient to provide for the full and prompt payment of the principal of, premium, if any, and interest on the Note; (b) A Loan Assignment (the "Loan Assignment") made by the City in favor of Midwest Federal Savings and Loan Association of Minneapolis (the "Lender"), whereby the City assigns to the Lender all of the City's rights under the Loan Agreement, with certain exceptions. It (c) A Mortgage and Security Agreement made by the Company in favor of the Lender, whereby the Company grants to the Lender a first mortgage lien on certain land, the building and other improvements constructed and a first security interest in certain fixtures to be acquired (the "Mortgaged property") as security for the payment of the Note;