Agenda - Council - 12/17/1985 - Laserfiche WebLink

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I I I I I I I I I I I I I ,I I ! Fr~3ect: time e~ist; the Lal~d and Imt.~roveme~ts as they may at any Project Costs: the total of all "Construction Costs" an{] "Loan and Carrying Charges," as those terms are defined in the Loan Agreement; Resolution: this Resolution of the City adopted DecemDer 17, 1985, together with any supplement or amendment thereto. Securit~ A~reement: the Security Agreement to be executed by the Borrower in favor of the Lender securing payment of the Note and interest thereon. Ail references in this instrument to designated "Articles," "Sections" and other subdivisions are to the designated Articles, Sections and subdivisions of this instrument as originally executed. The words "herein," "hereof" and "hereunder" and other words of similar import refer to this Resolution as a wnole not to any particular Article, Section or subdivision. 1-2. Legal Authorization. The City is a political subdivision of the State of Minnesota and is authorized under the Act to initiate the revenue producing pro3ect herein referred to, and to issue and sell the Note for tne purpose, in the ma~er and upon the terms and conditions set forth in the Act and in this Resolution. 1-3. Findings. The City Council ~as heretofore determined, and does hereby determine, as follows: (1) the City is authorized by the Act to enter into a Loan Agreement for the public purposes expressed in the Act; (2) the City gave preliminary approval to the Project on March 26, 19~5, after a puDlic hearing duly called and held on the same date and authorized the issuance of a note or bonds in an amount of $300,000 to finance Project Costs; and on December 17, 1985, a new public hearing was duly held to authorize the issuance of a note or bonds in an amount of $350,000, which increase was requested by the Borrower to cover additional costs of the Project;