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Bond Resolution <br /> <br /> RESOLUTION 80-51 <br /> A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br /> REVENUE BOND PURSUANT TO CHAPTER ~7~, <br />MINNESOTA STATUTES, TO PROVIDE FUNDS TO BE LOANED <br />TO CHARLES B. SODERHOLM AND SHIRLEY A. SODERHOLM FOR <br /> INDUSTRIAL DEVELOPMENT PROJECT <br /> <br /> BE IT RESOLVED by the City Council of the City of <br />Ramsey, Minnesota (the "City"), as follows: <br /> <br /> 1. Authority. The City is, by the Constitution and <br />laws of the State of Minnesota, including Chapter ~7~, Minnesota <br />Statutes, as amended (the "Act~'), authorized to issue and sell <br />its revenue bond for the purpose of undertaking an authorized <br />project and to enter into contracts necessary or convenient in <br />the exercise of the powers granted by the Act and to pledge <br />revenues of-the project and otherwise secure the bond. <br /> <br /> 2. Authorization of Project. The City Council hereby <br />determines tha~ it is necessary and expedient to authorize, and <br />the City Council does hereby authorize, the issuance of a revenue <br />bond of the City pursuant to the Act to provide funds to be <br />loaned to Charles B. Soderholm and Shirley A. Soderholm (the <br />"Borrower"), in order that the Borrower may acquire, construct <br />and equip a manufacturing and storage building in the City (the <br />"Project"), which will be leased to Soderholm & Associates, Inc. <br />and Water Control Corporation of Minnesota, Inc. <br /> <br /> 3. Documents Presented. Forms of the following docu- <br />ments relating to the Project and the financing thereof have been <br />submitted to and examined by the City Council and are now on file <br />in the office of the City Clerk: <br /> <br /> (a) Loan and Purchase Agreement (the "Loan Agree- <br />ment''), dated as of June 1, 1980, by and among the <br />City, the Borrower and the Wayzata Bank & Trust Company <br />(the "Lender"), whereby, among other things, the City <br />agrees to sell and the Lender agrees to purchase the <br />City's $225,000 Industrial Development Revenue Bond <br />(Soderholm Project) (the "Bond"), the City agrees to <br />make a loan to the Borrower of the proceeds of the sale <br />of the Bond, and the Borrower covenants to pay amounts <br />sufficient to provide for the full and prompt payment <br />when due of the principal of, premium, if any, and <br />interest on the Bond; and <br /> <br /> <br />