Resolution - #80-27 - 05/02/1980

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the retention and development of industry to use the available resources of the community, in order to retain ~he benefit of their existing investment in educational and public service facilities, by halting the movement of talented and educated personnel of mature age to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; the more intensive develop- ment of land available in the area; and the more intensive develop- ment of land available in the area to provide a more adequate tax base to finance the cost of governmental services in the City, County, and School District where the Project is located. 4. The Borrower has entered into preliminary discussions wi~h The Wayzata Bank and Trust Co., as Purchaser, and the Purchaser has reported that the Project and the sale of bond therefor are feasible. 5. The Project is hereby given preliminary approval by the City subject to approval of the Project by the Commissioner of Securities and subject to final approval by this Council and by the purchasers of any bonds to be issued and as to the ultimate details of the Project. 6. In accordance with Section 474.01, Subd. 7, Minnesota Statutes, the Mayor, City Manager, the City Clerk, and such other officers and representatives of the City as may from time to time be designated are hereby authorized and directed to submit the proposal for the Project to the Commissioner of Securities and request her approvaT thereof, and the Mayor, City Manager, the City Clerk, and other officers, employees-and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as she may require. The Borrower, Messrs. Faegre & Benson as bond counsel, the City Attorney, and other City officials are also authorized to initiate the preparation. of a proposed loan agreement, lease agreement, mortgage and such other documents as may be necessary or appropriate to the Project so that, when and if the proposed Project is approved by the Commissioner and this Council gives its final approval thereto, the Project may be carried forward expeditiously. 7. The Borrower has agreed to pay any and all costs incurred by the City in connection with the Project whether or not the Project is approved by the Commissioner and whether or not the Project is carried to completion. 8. The Borrower is hereby authorized to enter into such contracts, in his own name and not as agent for the City, as may be necessary for the construction of the Project by any means available to him and in the manner he determines without advertise- ment for bids as may be required for the acquisition or construc- tion of other municipal facilities, but the City shall not be liable on any such contracts.