Laserfiche WebLink
<br />~ <br /> <br />.' <br /> <br />RESOLUTION NO. 2468 <br /> <br />,.r".'." <br /> <br />A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />REVENUE BONDS PURSUANT TO CHAPTER 474, <br />MINNESOTA STATUTES, TO PROVIDE FUNDS TO BE LOANED <br />TO D & K PARTNERSHIP FOR <br />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. Authoritf. The Ci~y is, ,by the constituti?n and <br />Laws of the State of Mlnnesota, lncludlng Chapter 474, Mlnnesota <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. Aut-horization 0 f Ser leG of Bonds. The City Counci 1 <br />heI"eby determines'-tnat it is ne"cessary and - expedient to autho- <br />rize, and the City Council does hereby authorize, the issuance of <br />revenue bonds of the City in the aggregate principal amount of <br />Four Hundred Thousand Dollars ($400,000) pursuant to the Act to <br />provide money to be loaned to D & K Partnership, a Minnesota <br />general partnership (the "Partnership") to finance costs of <br />acquiring, constructing and equipping a manufacturing building in <br />the City (the "PI"oject Building") to be owned by the Partnership <br />and leased to Tecnetics Industries, Inc. together with necessary <br />equipment (the "Project Equipment") to be located permanently in <br />and become a part of the Project Building or the site thereof <br />(the "Project site"), and necessary site improvements (collect- <br />ively the "Project" as more fully defined in the Loan Agreement <br />hereinafter mentioned). In order to provide financing for the <br />Project, the City shall issue and sell its $400,000 City of New <br />Brighton Industrial Development Revenue Bond (D & K Partnership <br />Project) (the "Bond"), <br /> <br />3. Documents Presented. Forms of the following docu- <br />ments relating--~Hle--Bulla 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 Ptnchase Agl-eement (the "Loan Agree- <br />ment "), dated as () f ,June I, 1981, by and among the <br />ci ty, the Partner'ship and the Fideli ty Bank and Trust <br />Co. (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 Partnership <br />of the proceeds of the sale of the Bond and the <br />