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<br />.If <br /> <br />~i <br /> <br />...t . <br /> <br />RESOLUTION NO. 2438 <br /> <br />~ <br /> <br />A RESOLUTION OF THE CITY OF NEW BRIGHTON, MINNESOTA, AUTHORIZING <br />A PROJECT OF MICOM CORPORATION UNDER THE MINNESOTA MUNICIPAL <br />INDUSTRIAL DEVELOPMENT ACT AND THE SALE AND ISSUANCE OF AN <br />INDUSTRIAL DEVELOPMENT REVENUE NOTE TO FINANCE THE PROJECTr <br />SECURED BY AN ASSIGNMENT OF REVENUES UNDER A LOAN AGREEMENT <br />AND MORTGAGE ON THE PROJECT, AND AUTHORIZING THE EXECUTION OF <br />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 amended <br />(the "Act"), authorized to issue and sell its revenue bonds for the purpose <br />of financing the cost of authorized projects and to enter into contracts <br />necessary or convenient in the exercise of the powers granted by the Act. <br /> <br />2.) Authorization of Pro'ects: Documents Presented. Pursuant to <br />application y Mlcom Corporatlon, a Mlnnesota corporatlon (the "Company"), <br />this Council proposes that the City shall issue and sell its City of New <br />Brighton Industrial Development Revenue Note (Micom Corporation project), <br />in substantially the form set forth in Exhibit A attached hereto and made <br />a part hereof (the "Note"), pursuant to the Act and shall lend the proceeds <br />thereof to the Company to finance the cost of constructing a building <br />and other improvements located at 475 - 8th Avenue N.W., in the City of <br />New Brighton, to be owned by the Company pursuant to the Act (the <br />"Project"). Forms of the following documents relating to the Note and <br />the Project have been submitted to the City Council and are now on file <br />in the office of the City Clerk: <br /> <br />( a) Loan Agreement (the "Loan Agreement") among the City and <br />the Company whereby the City agrees to make a loan to the <br />Company and the Company agrees to construct and improve <br />the project and to pay amounts sufficient to provide for <br />the full and prompt payment of the principal of, premium, <br />if any, and interest on the Note: <br /> <br />(b) A Loan Assignment (the "Loan Assignment") made by the City <br />in favor of Midwest Federal Savings and Loan Association <br />of Minneapolis (the "Lender"), whereby the City assigns <br />to the Lender all of the City's rights under the Loan <br />Agreement, with certain exceptions. <br /> <br />(c) A Mortgage and Security Agreement made by the Company in <br />favor of the Lender, whereby the Company grants to the <br />Lender a first mortgage lien on certain land, the building <br />and other improvements constructed and a first security <br />interest in certain fixtures to be acquired (the "Mortgaged <br />Property") as security for the payment of the Note: <br />