Agenda - Council - 06/12/1990 - Laserfiche WebLink

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I I I I I I I I I (Borrower's Letterhead) , 1990 City of Ramsey City Hall Ramsey, Minnesota RE: Proposed City of Ramsey, Minnesota Industrial Development Revenue Bonds (ParaBody, Inc. Project} Dear Sir or Madam: We submit herewith a draft Application to the Minnesota Department of Trade and Economic Development and draft exhibits thereto in connection with a project under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 to 469.165, as amended (the "Act"). We request that the City undertake and finance the Project pursuant to the Act. We request that the City Council give preliminary approval to the Project, after published notice and public hearing as required by the Act, and submit the Application to the Minnesota Department of Trade and Economic Development for the approval as required by the Act. We represent to you that the statements in the draft Application and exhibits are accurate, to the best of our information and belief. As indicated, we believe that the Project, upon completion, will assist in the promotion, attraction, encouragement and development of economically sound industry and commerce through governmental action for the purpose of preventing the emergence of blighted and marginal lands and areas of chronic unemployment. We agree to pay any and all reasonable costs incurred by the City in connection with the Project, including but not limited to items of Project costs, whether or not the Project is approved by the Minnesota Department Trade and Economic Development and whether or not the Project is carried to completion. We also agree that the City shall not be liable on any contracts necessary for the acquisition, construction or installation of the Project. Should we pay any portion of the Project Costs in excess of the proceeds of the Bonds, we shall not be entitled to any reimbursement therefor from the City; nor shall we be entitled to any diminution in or postponement of loan repayments. Io r