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RESOLUTION NO. 2315 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF REVENUE NOTE IN TAX EXEMPT MORTGAGE TRANSACTION PURSUANT TO CHAPTER 474, MINNESOTA STATUTES, TO PROVIDE FUNDS TO BE LOANED TO IRVIN P. MOEN AND JUDITH F. MOEN FOR INDUSTRIAL DEVELOPMENT PROJECT BE IT RESOLVED by the city Council of the city of New Brighton, Minnesota (the "city"), as follows: 1. Authority. The City is, by the Constitution and laws of the State of Mlunesot:a, including Chapter 474, Minnesota Statutes, as amended (the "Actll), authorized to issue and sell its revenue note for the purpose of undertaking an authorized project 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 note. 2. Authorization of Note. The City Council hereby determines that it is neces'saryand expedient to authorize, and the City Council does hereby authorize, the issuance of a revenue note of the City pursuant to the Act to provide funds to be loaned to Irvin P. Moen and Judith F, Moen (the "Borrowers"), in order that the Borrowers may construct an office and warehouse facility (the "Project") to be leased to Chemical Technology, Inc., a Minnesota corporation (the "Lessee") for use by the Lesee in its business. 3, Documents Presented. Forms of the following docu- -r-------...........................-- ments relating to the ProJect and the financing thereof have been submitted to and examined by the City Council and are now on file in the office of the ci ty CleI..k~1'reasurer: ( a) Loan Agreemerrt (the "Loan Agreement II ), to be dated the date of delivery, between the City, and the Borrowers whereby, among other things, the City agrees to sell the city's $630,000 Commercial Development Revenue Note, Series 1980, (Irvin P. Moen and Judith F. Moen Project) (the "Not,e"), the City agrees to make a loan to the Borrowers of the proceeds of the sale of the Note, and the Borrower:;; covenant to pay amounts sufficient to provide foy the full and prompt payment when due of the principal of, premium, if any, and interest on the Note; and (b) Assignment and Pledge of Loan Agreement (the "Loan Agreement Assignrnentli) to be dated the date of delivery, from the Ci.ty t.o First National Bank of Minneapolis (the "Construc:'Uon Lenderll) whereby the City assigns to the Construction Lender, and its successors as Holder of the Note, all of its interest in the Loan Agreement, and l,oan Repayments of the Borrowers thereunder (except its rights under Sections