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

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Section 102. Legal Authorization The City is a political subdivision of the State of Minnesota and is authorized under the Act to initiate the revenue producing Project herein referred to and to issue and sell bonds in the form of a' single debt instrument such as the Note for the purpose, in the manner and upon the terms and conditions set forth in the Act and in this Resolution. Section 103. Findings The City Council has heretofore determined and does hereby determine, as follows: (1) The City is authorized by the Act to enter into a Loan Agreement for the public purposes expressed in the Act; (2) The City has made the necessary arrangements with the Borrower for the establishment within the City of a Project consisting of certain property all as more fully described in the Loan Agreement with the Borrower and which will be of the character and accomplish the purposes provided by the Act, and the City has, by this Resolution, authorized the Project and execution of the Loan Agreement, Assignment of Loan Agreement, Note and Disbursing Agreement, specifying the terms and conditions of the acquisition, installation, construction and financing of the Improvements to be included in the Project; (3) In authorizing the Project the City's purpose is and, in its judgment, the effect thereof will be to promote the public welfare by: the attraction, encouragement and development of economically sound industry and cormnerce so as to prevent, so far as possible, the eraergence, of blighted and marginal lands and areas of chronic unemployment; the development of revenue- producing enterprises to use the available resources of the co~nunity, in order to retain the benefit of the community's existing investment in educational and public service facilities; the halting of the movement of talented, educated personnel of all ages to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; the provision of accessible employment opportunities for residents in the area; the expansion of an adequate tax base to finance the increase in the amount and cost of governmental services, including educational services for the school district serving the co~nunity in which the Project is situated; (4) The amount estimated to be necessary to finance the Project Costs, including the costs and estimated costs permitted by Section 474.05 of the Act, will require the issuance of the Note in the principal amount of $575,000 as hereinafter provided; (5) It is desirable, feasible and consistent with the objects and purposes of the Act to issue the Note, for the purpose of financing the Improvements to the Project; 3