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<br />-' <br /> <br /><.' <br /> <br />Councilmember Blomquist introduced the following <br />resolution, the reading of which was dispensed with by unanimous <br />consent, and moved its adoption: <br /> <br />Resolution No. <br /> <br />85~31 <br /> <br />RESOLUTION ACCEPTING ASSIGNMENT <br />OF $5,000,000 INDUSTRIAL DEVELOPMENT <br />BOND ALLOCATION FROM CITY OF BECKER <br /> <br />BE IT RESOLVED, by the City Council (the "Council") of the City <br />of New Brighton, Minnesota (the "City"), as follows: <br /> <br />Section 1. Pursuant to the requirements of Minnesota Statutes, <br />Chapter 474.16 to 474.23 (the "State IDB Allocation Act"), this <br />Council has requested that staff seek from the City of Becker <br />("Becker") an assignment of Becker's 1985 industrial development <br />bond allocation ("Becker IDB allocation") for the purpose of permitting <br />the issuance of industrial development bonds in the City in excess <br />of the City's final certified entitlement allocation for 1985. <br /> <br />Section 2. The staff has requested and received from Becker <br />an assignment in an amount not to exceed five million dollars <br />($5,000,000) from the Becker IDB allocation subject to the conditions <br />that (1) all or that portion of the allocation assigned but not <br />utilized by the City on or before October 1, 1985 revert back to <br />Becker and (2) the City agree to indemnify Becker for all legal, <br />administration and other expenses incurred by Becker in this matter. <br /> <br />Section 3. The Council, with full knowledge of the terms of <br />the Industrial Development Bond A11ocation Agreement, attached hereto <br />as Exhibit A, accepts said assignment from Becker. Staff is directed <br />to execute said contract and to carry out all matters necessary <br />under the requirements of the State lOB Allocation Act. <br /> <br />Adopted by the City Council of the City of New Brighton <br />on March 26, 1985. <br /> <br />The motion for the adoption of the foregoing resolution was <br />duly seconded by Councilmember Benke , and upon vote being <br />taken thereon, the following voted in favor thereof: <br /> <br />~'ayor Harcus, Council members Benke,; '81 omqui st, Janecek, and Schmidt <br /> <br />and the following voted against the same: <br /> <br />None <br /> <br />whereupon said resolution was declared duly passed and adopted. <br /> <br />Attest.: <br /> <br />~~- .. <br /> <br />Ci~lefk-Treasurer <br /> <br />hz /?/ <br />. ~tJ3~ <br />yor <br />