Agenda - Council - 06/26/1990 - Laserfiche WebLink

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3) ~) Assigntncnt of l.,cases and Rents (the "Assignment") dated as of June 1, 1990, from the Borrower to thc Trustee, by which thc Borrower assigns to tim Tmm~ its int~t in ~11 leases ~tl ~nts with ~ m the Mortgaged Prupeny (this docutncnt not to be executed by the City); and (c) Guaranty Agreement (thc "Guaranty") dated as of June 1, 1990, from I~nnis L. Sharp, L~dy L. Zclinski, Kylc D. Sharp and Kelly S. Swcigert (collectively the "Guarantors") to thc Trustee, by which thc Guarantors, jointly and severally, guarantee payment of all principal of, premium, if any, and intc~t~t on thc Bonds (this document not to be executed by thc City); and (f) Lease Guaranty Agreement (thc "I.,casc Guaranty'*) dated as of June 1, 1990, from thc Lessee to thc Trustee, whereby thc Lessee guarantees to thc Trustee, for the benefit of the owners of thc Bonds, all payments of rent to bec. omc duc under its lease of thc project from thc Borrower (this document not to be executed by the City); and (g) Bond Purchase Agreement (thc "Bond Purchase Agreement"), by and between Miller, Johnson & Kuehn Incorporated (the '~dnderwfiter"), the Borrower, the Lessee and thc City, providing for the purchase of the Bonds from the City by the Underwriter and setting the terms and conditions of purchase; and Preliminary Offi~ Statement and form of final Official Statement, the form of the Preliminary Official Statement, together with the insertion of the final underwriting details of the Bonds, including the interest rates to be borne thereby, and such other changes as may be necessary or desirable, intended to constitute the form of the final Official Statement, including the Appendices thereto (together the "Official Statement"), describing the offering of the Bonds, and certain terms and provisions of the foregoing documents. h is hereby found, determined and declared that: The Project, based upon information fumishccl by thc Borrower, constitutes a project authorized by and described in thc Act. The purpose of the Project is and the effect thereof will be to promote the public welfare by: Promoting, attracting, encouraging and developing economically sound industry and commerce through governmental action for the purpose of preventing the emergence of blighted and marginal lands and areas of chronic uncmploymcng and increasing the tax base of the City and the county and school district in which the Project is located. (e) The Project has been approved by the Deparunent of Trade and Economic Development for the State of Minnesota, as tending to further the purposes and policies of the Act. Resolution ~'90-06- Page 2