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• <br />Councilmember Connolly introduced the following resolution and moved for its adoption: <br />RESOLUTION #00 -02 -037 <br />RESOLUTION APPROVING AMENDMENT TO TAX - EXEMPT NOTE <br />WHEREAS, the City previously issued its $550,000 Commercial Development <br />Revenue Note (Grosslein Project) dated June 25, 1979 (the "Tax- Exempt Note ") to Norwest <br />Bank Minnesota, National Association, formerly known as First National Bank in Anoka (the <br />"Holder "); and <br />WHEREAS, the proceeds of the Tax - Exempt Note were loaned by the City to August E. <br />Grosslein and Laverne G. Grosslein (the "Borrower "), pursuant to that certain Loan Agreement <br />dated as of June 25, 1979, by and between the City and the Borrower (the "Loan Agreement "), to <br />finance the construction and equipping of the "Project" , as defined in the Loan Agreement; and <br />WHEREAS, the City, the Borrower, and the Holder desire to amend the Tax - Exempt <br />Note as set forth in the Amendment No. 1 to Tax - Exempt Note attached hereto as Exhibit A (the <br />"Amendment "). <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br />1) That the Mayor and the City Administrator of the City of Ramsey are hereby authorized <br />and directed to execute and deliver the Amendment for and on behalf of, and in the name <br />of, the City of Ramsey. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Zimmerman and upon vote being taken thereon, the following voted in favor thereof: <br />Mayor Gamec <br />Councilmember Connolly <br />Councilmember Zimmerman <br />Councilmember Anderson <br />Councilmember Hendriksen <br />and the following voted against the same: <br />None <br />and the following abstained: <br />None <br />and the following were absent: <br />None <br />whereupon said resolution was declared duly passed and adopted by the Ramsey City Council <br />this the 8' day of February, 2000. <br />• ATT . T: <br />City At I mi ' istrator <br />Mayor <br />