Agenda - Council - 05/23/1995 - Laserfiche WebLink

Home

Councilmember RESOLUTION introduced the following resolution and moved for its adoption: RESOLUTION #95-05- APPROVING AMENDMENT TO TAX-EXEMPT NOTE ~WHEREAS, the City previously issued its $550,000 Commercial Development Revenue Note (Grosslein Project) dated June 25, 1979 (the "Tax-Exempt Note") to Norwest Bank Minnesota, National Association, formerly known as First National Bank in Anoka (the "Holder"); and : iWI-IEREAS, the proceeds of the Tax-Exempt Note were loaned by the City to August E. Grosslein and Laveme G. Grosslein (the "Borrower"), pursuant to that certain Loan Agreement dated as of June 25, 1979, by and between the City and the Borrower (the "Loan Agreement"), to financq the construction and equipping of the "Project", as defined in the Loan Agreement; and :WHEREAS, the City, the Borrower, and the Holder desire to amend the Tax-Exempt Note as set forth in the Amendment No. t to Tax-Exempt Note attached hereto as Exhibit A (the "Amendment"). NOW~THEREFORE, BE IT RESOLVED BY THE CITY couNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the Mayor and the City Administrator of the City of Rarnsey are hereby authorized and directed to execute and deliver the Amendment for and on behalf of, and in the name of, the City of Ramsey. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: and the following abstained: and the following were absent: whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this the 23rd day of May, 1995. Mayor ATTEST: City Administrator I I I I I I