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<br />Aoid ;-/--; 0 f1 S <br />A - De Ie-t-/on '5 <br /> <br />. ,. <br /> <br />A RESOLUTION OF THE CITY OF NEW BRIGHTON, MINNESOTA, <br />AUTHORIZING A PROJECT OF MICOM CORPORATION UNDER THE <br />MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND THE <br />SALE AND ISSUANCE OF AN INDUSTRIAL DEVELOPMENT REVENUE <br />NOTE TO FINANCE THE PROJECT, SECURED BY AN ASSIGNMENT OF <br />REVENUES UNDER A LOAN AGREEMENT AND A MORTGAGE ON THE <br />PROJECT, AND AUTHORIZING THE EXECUTION OF DOCUMENTS. <br /> <br />BE IT RESOLVED by the City Council of the City of New Brighton, <br /> <br />Minnesota (the City), as follows: <br /> <br />1.) Authority. The City is, by the Constitution and laws of the <br />State of Minnesota, including Chapter 474, Minnesota Statutes, as <br />amended (the Act), authorized to issue and sell its revenue bonds for <br />the purpose of financing the cost of authorized projects and to enter <br />into contracts necessary or convenient in the exercise of the powers <br />granted by the Act. <br /> <br />2.) Authorization of Projects; Documents Presented. Pursuant to <br />application by Micom Corporation, a Minnesotacorporatlon with its <br />principal offices located in New Brighton, Minnesota (the Borrower), <br />this Council proposes that the City shall issue and sell its City of <br />New Brighton Industrial Development Revenue Note (Micom Corporation <br />Project), in substantially the form attached as Exhibit A to the Loan <br />Agreement, hereinafter described, (the Note), pursuant to the Act and <br />shall lend the proceeds thereof to the Borrower to finance the cost of <br />the construction and installation of certain facilities and <br />improvements and the purchase and installation of certain equipment to <br />be located at 475 Eighth Avenue Northwest, in the City, and to refund <br />the City's $450,000 Industrial Development Revenue Note (Micom <br />Cor?oration Pro;ect) dated April 1, 1981, which was issued by the City <br />to provide financing for the construction of the first floor of the <br />building at 475 Eighth Avenue Northwest, in the City, and improvements <br />to the site on which the building is located, all pursuant to the Act <br />(the Project). Th~ authorizations stated in the followinq paraqraphs <br />of this resolution by this Council is given subject to the condition <br />that the Project will be approved by the Energy and Economic <br />Development Authority of the State of Minnesota as tending to further <br />the purposes and policies of the Act. Forms of the following <br />documents relating to the Note and the Project have been submitted to <br />the City Council and are now on file in the office of the City Clerk. <br /> <br />(a) Loan Agreement (the Loan Agreement) between the City <br />and the Borrower whereby the City agrees to make a loan <br />to the Borrower and the Borrower agrees to construct <br />and improve the Project and to pay amounts sufficient <br />to provide for the full and prompt payment of the <br />principal of, premium, if any, and interest on the <br />Note: <br /> <br />(b) An Assignment of Loan Agreement (the Loan Assignment) <br />made by the City in favor of First Northtown National <br />Bank, a national banking association (the Lender), <br />