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RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF <br />$4,500,000 INDUSTRIAL DEVELOPMENT REVENUE BOND <br />(KNOLL PROPERTIES, LLC PROJECT), SERIES 1999A <br /> TO FINANCE A PROJECT <br /> <br /> BE IT RESOLVED by the City Council of the City of Ramsey (the "Issuer"), as <br />follows: <br /> <br />1. The City Council has received a proposal from Knoll Properties, LLC, a Minnesota <br />limited liability company (the "Company"), that the Issuer undertake to finance a certain <br />Project as herein described, pursuant to Minnesota Stamtea, Sections 469.152 through <br />469.165 (the "Act"), through issuance by the Issuer of its $4,500,000 Indus~al Development <br />Revenue Bond (Knoll Properties, LLC Project), 8eries 1999A (the "Bond"). The Issuer held <br />a public hearing with respect to the Project on March 9, 1999 after duly publishing notice <br />thereof. <br /> <br />2. It is proposed that, pursuant to a Loan Agreement (the "Loan Agreement") dated as <br />of April 1, 1999, among the Issuer, GE Capital Public Finance, Inc. (the "Lender") ~d the <br />Company, the Issuer loan the proceeds of the Bond to the Company to finance the acquisition <br />and installation of certaLn manufacturing equipment at the Company's plant described below, <br />and to finance the construction of an approximately 80,000 square foot manufacturing plant <br />located in the City of Ramsey (the acquisition and installation of the equipment and the <br />construction of the manufacturing facility are collectively referred to as the "Project"). <br />Proceeds of the Bond will be funded by the Lender and disbursed from an escrow fund <br />pursuant to the terms of an Escrow Agreement (the "Escrow Agreement") dated as of April <br />1, 1999 by and among the Lender, the Issuer, the Company and Firstar Bank of Mirmesota, <br />N.A., as escrow agent. The basic payments to be made by the Company under the Loan <br />Agreement are fixed so as to produce revenues sufficient to pay the principal of, premium, <br />if any, and interest on the Bond when due. Payment of the Bond will be secured as provided <br />in the Loan Agreement and the Escrow Agreement. <br /> <br />3. Forms of the following documents (collectively, the "Bond Documents") have been <br />submitted to the City Council for approval: <br /> <br />(a) the Loan Agreement <br /> <br />Co) the EscrowAgreement <br /> <br />(c) <br /> <br />the Tax Regulatory Agreement, dated as of April I, 1999, among the Issuer, <br />the Lender and the Company <br /> <br /> <br />