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<br />'< <br /> <br />'~ <br /> <br />~ <br /> <br />". <br /> <br />[Bond Resolution] <br /> <br />A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />REVENUE NOTE PURSUANT TO CHAPTER 474, <br />MINNESOTA STATUTES, TO PROVIDE FUNDS TO BE LOANED <br />TO WOLKERSTORFER COMPANY, INC. FOR <br />INDUSTRIAL DEVELOPMENT PROJECT <br /> <br />BE IT RESOLVED by the City Council of the City of New <br />Brighton, Minnesota (the "City"), as follows: <br /> <br />1. Authority. The City is, by the Constitution and <br />laws of the State of M~nnesota, including Chapter 474, Minnesota <br />Statutes, as amended (the "Act"), authorized to issue and sell <br />its revenue note for the purpose of undertaking an authorized <br />project and to enter into contracts necessary or convenient in <br />the exercise of the powers granted by the Act and to pledge <br />revenues of the project and otherwise secure the note, <br /> <br />, <br /> <br />2. Authorization of Note, The City Council hereby <br />determines that it is necessary and expedient to authorize, and <br />the City Council does hereby authorize, the issuance of a revenue <br />note of the City pursuant to the Act to provide funds to be <br />loaned to Wolkerstorfer Company, Inc., a Minnesota corporation <br />(the "Company"), in order that the Company may acquire land and <br />an existing building in the City, remodel the existing building, <br />and construct a building addition adjacent thereto, and to make <br />related site improvements, for use by the Company in its manu- <br />facturing business (the "Project"), <br /> <br />3, Documents Presented, Forms of the following docu- <br />ments relating to the Project and the financing thereof have been <br />submitted to and examined by the City Council and are now on file <br />in the office of the City Clerk-Treasurer: <br /> <br />(a) Loan and Purchase Agreement (the "Loan Agree- <br />ment"), dated as of February 1, 1980, by and among the <br />City, the Company and The Northwestern Mutual Life <br />Insurance Company (the "Lender"), whereby, among other <br />things, the City agrees to sell and the Lender agrees <br />to purchase the City's $1,400,000 Industrial Development <br />Revenue Note (Wolkerstorfer Company, Inc, Project) (the <br />"Note"), the City agrees to make a loan to the Company <br />of the proceeds of the sale of the Note, and the Company <br />covenants to pay amounts sufficient to provide for the <br />full and prompt payment when due of the principal of, <br />premium, if any, and interest on the Note; and <br /> <br />(b) Loan Agreement Assigrunent (the "Loan Agree- <br />ment Assignment") dated as of February I, 1980, from the <br />