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introduced the following resolution and moved for its adoption:
<br />
<br />RESOLUTION ~s)0-0~-__.
<br />
<br />A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
<br />INDUSTRIAL DEVELOPMENT REVENUE BONDS PURSUANT TO
<br />MINNESOTA STATUTES, SECTIONS 469.152 to 469.165, TO PROVIDE
<br />FUNDS FOR INDUSTRIAL DEVELOPMENT PROJECT ON BEHALF OF
<br />RAMSEY INVESTMENTS, A MINNESOTA GENERAL PARTNERSHIP, AND
<br />PARABODY, INC., A MINNESOTA CORPORATION
<br />
<br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY,
<br />ANOKA COUNTY, STATE OF MINNESOTA, as follows:
<br />
<br />1)
<br />
<br />Authority: The City is, by the Constitution and laws of the State of Minnesota, including
<br />Minnesota Statutes, Sections 469.152 to 469.165, as amended (the "Act"), authorizett to
<br />issue and sell its revenue bonds for the purpose of financing the costs of authorized
<br />projects and to enter into agreetncnts necessary or convenient in the exercise of the powers
<br />grained by thc Act.
<br />
<br />2)
<br />
<br />Authorization of Projec~ Documents Presented: Ramsey Investments, a Mirmcsota general
<br />partnership (the "Borrower"), has proposed to this Council that the City issue and sell its
<br />$1,400,000 City of Ramsey Industrial Development Revenue Bonds 0%mBody, Inc.
<br />Project), Series 1990, in substantially the form set forth in the hereinafter-mentioned Trust
<br />Indenture (the "Bonds") pursuant to the Act and loan the procrzAs thereof to the Borrower
<br />in order to finance the costs of acquiring, constructing and equipping a manufacturing
<br />facility in the City, wgethcr with necessary sim improvements (the "Project"), to be owned
<br />by thc Borrower and to be leased by the Borrower to ParaB~y, Inc., a Minnesota
<br />corporation (the '~cssee"). Forms of thc following documents relating to the Bonds have
<br />been submitted to thc City and arc now on f'tlc in thc office of thc City Cleric.
<br />
<br />(a)
<br />
<br />Loan Agreement (thc ~ Agreement") dated as of June 1, 1990, between
<br />the City and the Borrower, whereby the City agrees to make a loan to the
<br />Borrower of the gross proceeds of sale of the Bonds and the Borrower
<br />agrees to complete the Project and to pay amounts in repayment of the loan
<br />sufficient to provide for ~the full and prompt payment of the principal of,
<br />premium, ff any, and interest on the Bonds; and
<br />
<br />(b)
<br />
<br />Trust Indcntur~ (thc "Trust Indenture") dated as of June 1, 1990, between
<br />the City and First Trust National Association, as Trustee, authorizing the
<br />issuance of the Bonds and pledging c~in revenues, including those to be
<br />dcrivctl from thc Loan Agreement, as security for the Bonds, and setting
<br />forth proposed recitals, covenants and agreements relating thereto; and
<br />
<br />Combination Mortgage, Security Agreement and Fixture Financing
<br />Statement (thc "Mortgage"), dated as of June 1, 1990, from the Borrower to
<br />the Trustee, by which the Borrower grants to the Trustee a mortgage lien on
<br />and security interest in the Mortgaged Property, as defined therein, as
<br />further security for the payment of the Bonds (this document not to be
<br />executed by the City); and
<br />
<br />
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