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RESOLUTION GIVING APPROVAL TO INDUSTRIAL <br /> DEVELOPMENT BOND PROJECT ON BEHALF OF <br /> RAMSEY INVESTMENTS, CALLING FOR PUBLIC <br /> HEARING ON ISSUANCE OF REVENUE BONDS <br />AND AUTHORIZING SUBMISSION OF APPLICATION <br />FOR BOND ALLOCATION <br /> <br /> WHEREAS, a proposal has been made to this Council by <br />Ramsey Investments, a Minnesota general partnership (the <br />"Borrower"), to undertake a project in the City of Ramsey (the <br />"City") consisting of the acquisition, construction and <br />equipping of an approximately 63,000 square foot manufacturing <br />facility therein (together with related site improvements, the <br />"Project"), to be located at in the City, and owned <br />by the Borrower for lease by the Borrower to ParaBody, Inc., a <br />Minnesota corporation (the "Lessee"), and to be used by the <br />lessee in its manufacturing business, all pursuant to the <br />Minnesota Municipal Industrial Development Act, Minnesota <br />Statutes, Sections 469.152 to 469.1651, as amended (the "Act"); <br />and <br /> <br /> WHEREAS, financing for the Project is to consist of <br />the issuance by the City of its Industrial Development Revenue <br />Bonds (ParaBody, Inc. Project), Series 1990, in an estimated <br />aggregate principal amount of up to $1,400,000 (the "Bonds"), <br />the proceeds of which are to be loaned by the City to the <br />Borrower pursuant to a Loan Agreement under which the Borrower <br />will agree to make loan repayments at times and in amounts <br />sufficient to pay, when due, all principal of, premium, if any, <br />and interest on the Bonds; and <br /> <br /> WHEREAS, the Bonds shall be additionally secured by <br />such additional security, including, but not limited to, a <br />mortgage on the Project, as is agreed to by the Borrower, the <br />City and Miller, Johnson & Kuehn Incorporated, as underwriter; <br />and <br /> <br /> WHEREAS, this Council has been requested to conduct a <br />public hearing on said proposal and to publish notice of said <br />public hearing not less than 14 days prior to the date fixed for <br />the hearing; and <br /> <br /> WHEREAS, the proposal to issue the Bonds requires an <br />allocation of issuance authority in an amount not to exceed <br />$1,400,000; <br /> <br /> BE IT RESOLVED by the City Council of the City of <br />Ramsey, Minnesota, as follows: <br /> <br /> <br />