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Member Cox introduced the <br />following resolution and moved its adoption: <br /> <br /> RESOLUTION NO. 47 <br />RESOLUTION RELATING TO $550,000 <br />COMMERCIAL DEVELOPMENT REVENUE NOTE; <br />AUTHORIZING THE ISSUANCE THEREOF <br />PURSUANT TO MINNESOTA STATUTES, CHAPTER <br />474. <br /> <br /> BE IT RESOLVED by the City Council of the City of <br />Ramsey, Minnesota as follows: <br /> <br />Section 1. Definitions. In this Resolution the following <br />terms, when used with initial capital letters, have the <br />following respective meanings unless the context hereof or <br />use herein clearly requires otherwise: <br /> <br /> Act: the Minnesota Municipal Industrial <br />Development Act, Minnesota Statutes, Chapter 474, as <br />amended; <br /> <br /> Borrower: collectively, August E. Grosslein and <br />LaVerne G. Grosslein, husband and wife who are residents <br />of the State of Minnesota, and their successors and <br />assigns; <br /> <br /> City: the City of Ramsey, Minnesota, its <br />successors and assigns; <br /> <br /> Improvements: the office-warehouse facility of <br /> approximately 33,250 square feet to be constructed by the <br /> Borrower on the Land in accordance with the Plans and <br />.Specifications, together with all related facilities; <br /> <br /> Land: the real estate described in Exhibit A t© <br /> the Mortgage; <br /> <br /> Lender: First National Bank in Anoka, a national <br />banking association of Anoka, Minnesota,. its successors <br />and assigns; <br /> <br /> Loan Agreement: the Loan Agreement to be <br />executed by the City and the Borrower; <br /> <br /> Mortgage: the Combination Mortgage, Security <br />Agreement and Fixture Financing Statement to be entered <br />into between the Borrower, as mortgagor and debtor, and <br />the Lender, as mortgagee and secured party; <br /> <br /> <br />