81-2438 - Laserfiche WebLink

Home Browse Search

( \~.,... . . f P, (d) An As signment of Rents and Leases (the "Assignment") from the Company to the Lender, assigning the Company's interest in leases of the Project to the Lender as additional security for the Note. (e) A DiSbursing Agreement (the "Disbursing Agreement") between the Lender and the Company prescribing the terms and conditions under which the Lender will advance funds under the Note and a related Disbursing Agent's Agreement (the "Disbursing Agent's Agreement") between the Lender and Stewart Title Company (Stewart") under which Stewart agrees to perform certain duties on behalf of the Lender under the Disbursing Agreement. 3.) Findings. It is hereby found, determined and declared that: (a) The Project, as described in Paragraph 2 above and in the Loan Agreement, constitutes a project authorized and described in Section 474.02, Subd. 1, of the Act. (b) The purpose of the project is and the effect thereof will be to promote the public welfare by: preventing the emergence of blighted and marginal lands and areas of chronic unemployment; preventing economic deterioration; the development of sound industry and commerce to use the available resources of the community, in order to retain the benefit of the community's existing investment in educational and pUblic service facilities; halting the movement of talented, educated personnel to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; and increasing the tax base of the City and the county and school district in which the Project is located. (c) The Project has been approved by the Commissioner of Securities of the State of Minnesota as tending to further the purposes and policies of the Act. (d) Issuance and sale of the Note, the execution and delivery of the Loan Agreement and the Loan Assignment and the performance of all of the covenants and agreements of the City contained in the Note, the Loan Agreementr and the Loan Assignment, and of all other acts of the City and the State of Minnesota to make the Loan Agreement, the Loan Assignment, and the Note valid and binding Obligations of the City in accordance with their terms, are authorized by the Act. (e) It is desirable that the Note, in the principal amount of $450,000, to be issued by the City upon the terms set forth herein and in the Loan Agreement, be assigned to the Lender pursuant to the Loan Assignment as security for the payment of principal ofr premiumr if any, and 2.