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<br />encumbrance, legal or equitable, upon any property of the City other than the
<br />City's interest in said Project.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
<br />CITY OF NEW BRIGHTON:
<br />
<br />1. That the City Council of the City finds, determines and declares that
<br />the construction of the Project within the City will expand the business and
<br />employment opportunities within the City, will expand the tax base of the City,
<br />will promote the redevelopment of property within the City, and will generally aid
<br />and assist the City, the School District, and the County of Ramsey and that, but
<br />for the availability of industrial development and bond financing, the Project would
<br />not otherwise be undertaken.
<br />
<br />2. That for the purpose of financing the acquisition, construction and
<br />installation of the Project, there is hereby authorized the issuance, sale and
<br />delivery of the Note. The Note shall bear interest at the rate, shall be numbered,
<br />shall be dated, shall mature, shall be subject to redemption prior to maturity, shall
<br />be in such form, and shall have such other details and provisions as are prescribed
<br />in Exhibit A attached hereto.
<br />
<br />3. That the Note shall be a revenue obligation of the City the proceeds
<br />of which shall be disbursed pursuant to the Disbursing Agreement, dated as of the
<br />date of the Note, and executed by First National Bank of Hopkins, as lender (the
<br />"Lender"), , as
<br />disbursing agent, the Developer, and the City (the "Disbursing Agreement"), and
<br />the principal, premium, if any, and interest on which shall be payable solely from
<br />the revenues derived from the Loan Agreement, dated as of the date of the Note,
<br />and executed by the City and the Developer (the !'Loan Agreemenf'). The Mayor of
<br />the City (the "Mayor") and the City Manager of the City (the "City Manager") are
<br />hereby authorized and directed to execute and deliver the Note.
<br />
<br />4. That the Disbursing Agreement, the Loan Agreement, the Assignment
<br />of Loan Agreement, dated as of the date of the Note, and executed by the City,
<br />the Lender and the Developer (the "Assignment of Loan Agreement"), all in the
<br />form now on file with the City Manager are hereby approved. The Mayor and City
<br />Manager of the City are hereby authorized and directed to execute and deliver the
<br />Disbursing Agreement, Loan Agreement, and the Assignment of Loan Agreement.
<br />
<br />5. That the Assignment of Leases and Rents and the Combination
<br />Mortgage Security Agreement and Fixture Financing Statement, and the
<br />Assignment of Leases and Rents, dated as of the date of the Note, and executed by
<br />the Developer, are hereby approved in the forms on file with the City Manager.
<br />
<br />6. That upon approval by the Mayor, and concurrence by the City
<br />Attorney, amendments may be made to the aforementioned documents to the
<br />extent not inconsistent with this resolution. Such approval and concurrence shall
<br />be evidenced by the execution of the aforementioned documents by the City and
<br />the delivery of the opinion of the City Attorney.
<br />
<br />7. That the Mayor and City Manager of the City are hereby authorized
<br />to execute and deliver, on behalf of the City, such other documents as are
<br />
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