Resolution - #05-06-188 - 06/28/2005

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Councilmember Elvig introduced the following resolution and moved for its adoption: RESOLUTION #05-06-188 AUTHORIZING THE ISSUANCE AND SALE OF THE $70,000 INDUSTRIAL DEVELOPMENT REVENUE NOTE OF 2005 (KILKENNY LIMITED LIABILITY COMPANY PROJECT) RESOLVED by the City Council of the City of Ramsey, Minnesota (the "City"): Section 1. Findings. The City Council has heretofore determined, and does hereby determine, as follows: 1.1. the City is authorized by Minnesota Statutes, Chapter 469.152-1651, as amended (the "Act"), to finance the acquisition, renovation and equipping of an approximately 108,000 square foot manufacturing facility located at 6400 Bunker Lake Boulevard in the City (the "Project") to be undertaken by Kilkenny Limited Liability Company, a Minnesota limited liability company (the "Borrower") and to enter into a Loan Agreement with the Borrower (the "Loan Agreement") for the public purposes expressed in the Act; 1.2. in authorizing the financing of the Project the City's purpose is, and in its judgment the effect thereof will be, to promote the public welfare by: the attraction, encouragement and development of economically sound industry and commerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment; the development of improved health care facilities available to the community; 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 accessible employment opportunities for residents in the area; 1.3. it is desirable, feasible and consistent with the objects and purposes of the Act to issue the $70,000 Industrial Development Revenue Note of 2005 (Kilkenny Limited Liability Company Project) (the "Note") to finance certain costs of issuance relating to the Project; and 1.4. 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 liability or a charge against the general credit or taxing powers of the City and neither the full faith and credit nor the taxing powers of the City is pledged for the payment of the Note or interest thereon.