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<br />CITY OF NEW BRIGHTON, MINNESOTA
<br />RESOLUTION NO. 89-95
<br />
<br />Authorizing the issuance of the Ci ty of New
<br />Brighton, Minnesota, Commercial Development
<br />Revenue Refunding Bonds (Rush Lake East and
<br />West Buildings Project), Ser ies 1989, in the
<br />aggregate principal amount not to exceed
<br />$3,940,000.
<br />
<br />WHEREAS, the City of New Brighton (the "City") is a
<br />statutory city duly organized and existing under the Constitution
<br />and laws of the State of Minnesota; and
<br />
<br />WHEREAS, pursuant to the Constitution and laws of the State
<br />of Minnesota, particularly Minnesota Statutes, Sections 469.152-
<br />469.165, as amended (the "Act"), the City is authorized to carry
<br />out the public purposes described therein and contemplated
<br />thereby by issuing its revenue bonds to refund bonds issued to
<br />defray, in whole or in part, the development costs of a
<br />"project," as defined in the Act (the "Project"), and by entering
<br />into any agreements made in connection therewith and pledging
<br />them as security for the payment of the principal of and interest
<br />on any such revenue bonds; and
<br />
<br />WHEREAS, the issuance of the Commercial Development Revenue
<br />Refunding Bonds (Rush Lake East and West Buildings Project),
<br />Series 1989 (the "Bonds"), of the City in the aggregate principal
<br />amount of $3,940,000, the loan of the proceeds derived from the
<br />sale of the Bonds to Edwin J. Taylor, a Minnesota resident (the
<br />"Owner"), pursuant to the terms of the Loan Agreement, dated as
<br />of July 1, 1989, between the Ci ty and the Owner (the "Loan
<br />Agreement"), and the application of such loan proceeds, together
<br />with other funds of the Owner, to the refunding of the $1,700,000
<br />City of New Brighton, Minnesota, Commercial Development' Revenue
<br />Note of 1985 (Rush Lake Road Project) and the $2,500,000 City of
<br />New Brighton, Minnesota, Commercial Development Revenue Note of
<br />1985 (Rush Lake Road Project, Phase II), (the "Ser ies 1985
<br />NoteS"), will further the purposes of the Act; and
<br />
<br />WHEREAS, pursuant to the Act, the City proposes to undertake
<br />the refunding of the Series 1985 Notes and the refinancing of the
<br />Project, and for the financing thereof, to authorize, issue and
<br />sell the Bonds; and
<br />
<br />WHEREAS, the Bonds shall not be a general obligation of the
<br />City, the State of Minnesota, or any political subdivision
<br />thereof, and in any event shall not give rise to a charge against
<br />the general credl t or taxing power of the City, the State of
<br />Minnesota, or any political subdivision thereof (including
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