Resolution - #79-12 - 02/26/1979

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Member Cox introduced the following resolution and moved its adoption: RESOLUTION NO. _ ?gr.~f RESOLUTION AUTHORIZING THE AcQuISITION AND CONSTRUCTION OF A PROJECT UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND THE SALE AND ISSUANCE OF MEDICAL CLINIC REVENUE BONDS TO FINANCE THE PROJECT BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: 1. It has been proposed that the City issue its Medical Clinic Revenue Bonds (CR Building Company Project), Series 1979 (the Bonds), and loan the proceeds thereof to CR Building Company (the Partnership) to finance the construc- tion and equipping of a medical clinic (the Project). The total cost of the Project is estimated at $750,000. The Council gave preliminary approval to the Project by resolution duly adopted July 24, 1978, and, pursuant to that resolution, the following documents relating to the Project have been sub- mitted to the Council and are now, or shall be placed, on file in the office of the City Administrator: (a) Loan Agreement, dated as of February 1, 1979, proposed to be made and enter-ed into between the City and the Partnership; (b) Indenture of Trust (the Indenture) dated as~ of February' 1, 1979, proposed to be made and entered into between the City and the Marquette National Bank of Minneapolis, in Minneapolis, Minnesota (the Trustee); and (c) Mortgage and Security Agreement, dated February 1, 1979, to be executed by the Partnership and delivered to the Trustee as additional security for the Bonds. 2. It is hereby found, determined and declared that: (a) the Project heretofore described constitutes a "project" authorized by the Municipal Industrial Development Act, Chapter 474, Minnesota Statutes (the Act);