Laserfiche WebLink
<br />--- <br /> <br />, I: <br /> <br />~ <br /> <br />:,!!," <br /> <br />... <br /> <br />A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF A <br />REVENUE BOND PURSUANT TO CHAPTER 474, <br />MINNESOTA STATUTES, TO PROVIDE FUNDS TO BE LOANED <br />TO HAROLD C. BECKER AND WILLIAM B. BECKER <br />FOR INDUSTRIAL DEVELOPMENT PROJECT <br /> <br />BE IT RESOLVED by the City Council of the City of New <br />Brighton, Minnesota, as follows: <br /> <br />1. Authoritr. The City is, by the Constitution and <br />Laws of the State of M1nnesota, including Chapter 474, Minnesota <br />Statutes, as amended (the "Act") authorized to issue and sell its <br />revenue bonds for the purpose of financing the cost of construc- <br />tion of authorized projects and to enter into contracts necessary <br />or convenient in the exercise of the powers granted by the Act <br />and to pledge revenues of the project and otherwise secure the <br />bonds. <br /> <br />2. Authorization of Series of Bonds. The City Council <br />hereby determines that it is necessary and expedient to autho- <br />rize, and the City Council does hereby authorize, the issuance of <br />a revenue bond of the city in the principal amount of Six Hundred <br />Thousand Dollars ($600,000) pursuant to the Act to provide money <br />to be loaned to Harold C. Becker and William B. Becker, individuals <br />residing in the State of Minnesota (the "Borrowers"), to finance <br />costs of acquiring, constructing and equipping an office-warehouse <br />facility (the "Project Building") to be owned by the Borrowers <br />and leased to Becker Bros., Inc., together with necessary equipment <br />(the "Project Equipment") to be located permanently in and become <br />a part of the Project Building or the site thereof (the "Project <br />Site") and necessary site improvements (collectively the "Project" <br />as more fully defined in the Loan Agreement hereinafter mentioned). <br />In order to provide financing for the Project, the city shall <br />issue and sell its $600,000 city of New Brighton Industrial <br />Development Revenue Bond (Harold and William Becker Project) (the <br />"Bond" ) . <br /> <br />3. Documents Presented. Forms of the following docu- <br />ments relating to the Bond and the Project have been submitted to <br />and examined by the City Council and are now on file in the <br />office of the City Clerk: <br /> <br />(a) Loan and Purchase Agreement (the "Loan Agree- <br />ment"), dated as of September I, 1981, by and among the <br />City, the Borrowers and First State Bank of New Brighton <br />(the "Bank") whereby, among other things, the City <br />agrees to sell and the Bank agrees to purchase the <br />Bond, the City agrees to make a loan to the Borrowers <br />of the proceeds of the sale of the Bond and the Borrowers <br />