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" RESOLUTION NO. 2363 [Bond Resolution] A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF REVENUE BONDS IN TAX EXEMPT MORTGAGE TRANSACTION PURSUANT TO CHAPTER 474, MINNESOTA STATUTES, TO PROVIDE FUNDS TO BE LOANED TO CHEMICAL TECHNOLOGY, INC. FOR INDUSTRIAL DEVELOPMENT PROJECT BE IT RESOLVED by the City Council of the city of New Brighton, Minnesota, as follows: 1. Authoritf. The City is, by the Constitution and Laws of the State of M~nnesota, including Chapter 474, Minnesota Statutes, as amended (the "Act") authorized to issue and sell its revenue bonds for the purpose of financing the cost of construc- tion of authorized projects and to enter into contracts necessary or convenient in the exercise of the powers granted by the Act and to pledge revenues of the project and otherwise secure the bonds. 2. Authorization of Series of Bonds. The city Council hereby determines that it is necessary and expedient to autho- rize, and the City Council does hereby authorize, the issuance of revenue bonds of the City in the maximum aggregate principal amount of Three Hundred Thousand Dollars ($300,000) pursuant to the Act to provide money to be loaned to Chemical Technology, Inc., a Minnesota corporation (the "Company"), to finance costs of acquiring and installing certain equipment (the "Project Equipment") to be used by the Company in its business and to be located permanently in the building leased by the Company from Irvin P. Moen, its sole shareholder (the "Project Building") (collectively the "Project" as more fully defined in the Loan Agreement hereinafter mentioned). In order to provide financing for the Project, the city shall issue and sell its $300,000 city of New Brighton Industrial Development Revenue Bond (Chemical Technology, Inc. Equipment Project), (the "Bond"). 3. Documents Presented. Forms of the following docu- ments relating to the Bond and the Project have been submitted to and examined by the city Council and are now on file in the office of the City Clerk: (a) Loan and Purchase Agreement (the "Loan Agree- ment"), dated as of August 1, 1980, by and among the city, the Company and the First State Bank of New Brighton (the "Bank") whereby, among other things, the city agrees to sell and the Bank agrees to purchase the Bond, the City agrees to make a loan to the Company of the proceeds of the sale of the Bond and the Company covenants to complete the Project and to pay amounts sufficient to provide for the prompt payment of the principal of and interest on the Bondi