Resolution - #81-191 - 11/25/1981

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RESOLUTION #81-191 RESOLUTION AUTHORIZING THE ISSUANCE OF A INDUSTRIAL DEVELOPMENT REVENUE NOTE TO PAY ALL OR PART OF THE COST OF A PROPOSED PROJECT; PROVIDING FOR TIE PAYMENT OF SUCH NOTE kND THE INTEREST THEREON FROM REVENUES OF THE BORROWER~ AND SETTING FORTH THE RIGHTS AND REMEDIES OF THE HOLDER OF SUCH NOTE. BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: ARTICLE ONE DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS Section 101. Definitions The terms used herein, unless the context hereof shall require otherwise, shall have the following meanings, and any other terms defined in the Loan Agreement shall have the same meanings ~en used herein as assigned to them in the Loan Agreement unless the context or use thereof indicates another or different ~neaning or intent. Act means the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as ~nended; Assignment of Leases and Rents means the agreement to be executed by the Borrower assigning all the rents, issues and property derived from the Project to the Lender to secure the repayment of the Note and interest thereon; Bond Counsel means the firm of Lindquist & Vennum, of Minneapolis, Minnesota, and any opinion of Bond Counsel shall be a written opinion signed by such Counsel; Borrower means Alan C. Phillips, his legal representatives and perm'itted assigns; City means the City of Ramsey, Minnesota, its successors and assigns; Disbursing Agreement means the agreement to be executed by the City, the Borrower and the Lender, relating to the disbursement of the proceeds of the Note; ~uaranty means the guaranty agreement to be executed by Altron, Inc., and Delores Phillips in favor of the Lender. Improvements means the structures and other improvements, including any tangible personal property, constructed or installed by the Borrower on the Land in accordance with the Plans and Specifications;