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~ .' RESOLUTION NO. 2468 ,.r".'." A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF REVENUE BONDS PURSUANT TO CHAPTER 474, MINNESOTA STATUTES, TO PROVIDE FUNDS TO BE LOANED TO D & K PARTNERSHIP FOR INDUSTRIAL DEVELOPMENT PROJECT BE IT RESOLVED by the city Council of the City of New Brighton, Minnesota, as follows: 1. Authoritf. The Ci~y is, ,by the constituti?n and Laws of the State of Mlnnesota, lncludlng Chapter 474, Mlnnesota 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. Aut-horization 0 f Ser leG of Bonds. The City Counci 1 heI"eby determines'-tnat it is ne"cessary and - expedient to autho- rize, and the City Council does hereby authorize, the issuance of revenue bonds of the City in the aggregate principal amount of Four Hundred Thousand Dollars ($400,000) pursuant to the Act to provide money to be loaned to D & K Partnership, a Minnesota general partnership (the "Partnership") to finance costs of acquiring, constructing and equipping a manufacturing building in the City (the "PI"oject Building") to be owned by the Partnership and leased to Tecnetics Industries, Inc. together with necessary equipment (the "Project Equipment") to be located permanently in and become a part of the Project Building or the site thereof (the "Project site"), and necessary site improvements (collect- ively 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 $400,000 City of New Brighton Industrial Development Revenue Bond (D & K Partnership Project) (the "Bond"), 3. Documents Presented. Forms of the following docu- ments relating--~Hle--Bulla 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 Ptnchase Agl-eement (the "Loan Agree- ment "), dated as () f ,June I, 1981, by and among the ci ty, the Partner'ship and the Fideli ty Bank and Trust Co. (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 Partnership of the proceeds of the sale of the Bond and the