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

Home

I I I i I ! i I I I Borrower for the establis~nent within the City of a Project consisting of certain property all as more fully described in the Loan Agreement and which will be of the character and accomplish the purposes provided by the Act, and the City has by this Resolution authorized the Project and execution of the Loan Agreement, the Pledge Agreement, the Note and the Construction Loan Agreement, which documents specify the terms and conditions of the acquisition and financing of the Project; the City has made the necessary arran¢3ements with tile (4) in authorizing the Project the City's purpose is, ano in its judgment the effect thereof will be, to promote the public welfare by: the attraction, encouragement and development of economically sound industry and co~nerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment; the develop- ment of revenue-producing enterprises to use the available resources of the community, in order to retain the Denefit of the community's existing investment in educational and public service facilities; the halting of the movement of talented, educated personnel of all ages to other areas thus preserving the economic and human resources needed as a base for providing governmental services and facilities; the provision of acces- sible employment opportunities for residents in the area; the expansion of an adequate tax base to finance the cost of governmental services, includi~g educational services for the school district serving the community in which the Project is situated; (5) the amount estimated to be necessary to partially finance the Project Costs, including the costs and estimated costs permitted by Section 474.05 of the Act, will require the issuance of the Note in the principal ~ount of $350,000 as hereinafter provided; (~) it is desirable, feasible and consistent with the objects and purposes of the Act to issue the Note, for the purpose of partially financing the Project; (7) the Note and the interest accruing thereon do not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation and do not constitute or give rise to a pecuniary liaOility or a charge against the general creoit or taxing powers of tile City and neither ti%e full faith and credit nor the taxing powers of the City is pledged for the payment of the Note or interest thereon; and 4