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<br />.. <br /> <br />. 'r. <br /> <br />'..J' , <br /> <br />BND-taylor4 <br />December 9, 1985, Draft <br /> <br />RESOLUTION NO. 85-149 <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE OF <br />THE CITY'S $1,700,000 COMMERCIAL DEVELOP- <br />MENT REVENUE NOTE ( RUSH LAKE BUS I N E S S <br /> <br />CENTER PROJECT) <br /> <br />BE IT RESOLVED by the City Council of the City of New <br />Brighton, Minnesota, as follows: <br /> <br />Section 1. Definitions. <br /> <br />1.01. In this Resolution the following terms have the <br />following respective meanings: <br /> <br />"Act" means <br />Developmen tAct, <br />amended; <br /> <br />the Minnesota Municipal Industrial <br />Minnesota Statutes, Chapter 474, as <br /> <br />"Agreement" means the Loan Agreement, dated as of <br />December 1, 1985, between the City and the Borrower; <br /> <br />"Assignment" means the Assignment of Leases and <br />Rents, dated as of December 1, 1985, given by the Bor- <br />rower in favor of the Lender; <br /> <br />"Bor rower" means Edwin J. Taylor, his successors <br />and permitted assigns; <br /> <br />"Building" means the Building as defined in the <br />Agreement; <br /> <br />"Ci ty" means the City of New Br ighton, Minnesota, <br />its successors and assigns; <br /> <br />"Construction Loan Agreement" means the Construc- <br />tion Loan Agreement, dated as of December 1, 1985, by <br />and between the City, the Borrower, and the Lender; <br /> <br />"Costs of Construction" means those costs defined <br />as Costs of Construction in the Agreement: <br /> <br />"Equipment" means the Equipment as that term is <br />defined in the Agreement: <br /> <br />"Holder" means the Lender and any subsequent <br />owner(s) of the Note; <br /> <br />"Land" means the real property described in the <br />Mortgage: <br /> <br />- 1 - <br />