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<br />Resolution #83-93
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<br /> WHEREAS, the City has received from Prestressed Concrete, Inc.
<br />(the "Developer"), a proposal that the City finance a project for purposes
<br />consistent with the Act, said project to consist of the acquisition, con-
<br />struction and installation of a pipe plant manufacturing facility (the
<br />"Project") in the City; and
<br />
<br /> WHEREAS, by resolution adopted by April 26, 1983, the City
<br />approved the proposal of the Development that the City undertake to provide
<br />financing for the Project and gave preliminary approval to the financing of
<br />the Project, including the issuance, sale and delivery of the Bonds, as here~
<br />inafter defined, subject to final approval by the City; and
<br />
<br /> WHEREAS, the City proposes to finance the acquisition, construction
<br />and installation of the Project pursuant to authority conferred by the Act
<br />through the issuance of the Bonds, as hereinafter defined; and
<br />
<br /> WHEREAS, Dougherty, Dawkins, Strand & Yost Incorporated (the
<br />"Underwriter") proposes to purchase said Bonds; and
<br />
<br /> WHEREAS, said Bonds issued under this resolution will be secured
<br />by a pledge and assignment of the Loan Agreement, as hereinafter defined, and
<br />of the revenues derived by the City from the Loan Agreement, and said Bonds
<br />and the interest on said Bonds shall be pable solely from the revenue pledged
<br />therefor and the Bonds shall not constitute a debt of the City within the
<br />meaning of any constitutional, charter, or statutory limitation nor shall
<br />constitute nor give rise to a pecuniary liability of the City or a charge
<br />against its general credit or taxing powers and shall not constitute a
<br />charge, lien, or encumbrance, legal or equitable, upon any property of the
<br />City other than its interest in the Loan AGreement.
<br />
<br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, CITY OF RAMSEY, ANOKA
<br />COUNTY, STATE OF MINNESOTA, as follows:
<br />
<br /> 1) That the City Council of the City of Ramsey finds, deter-
<br />mines, and declares that the acquisition and construction of the Project
<br />within the City will expand the business and employment opportunities
<br />within the City, will promote the development of property within the City,
<br />will generally aid and assist the City.
<br />
<br /> 2) That for the purpose of financing the acquisition and con-
<br />struction of the Project there is hereby authorized the issuance, sale and
<br />delivery of revenue bonds in the aggregate principal amount of $1,100,000
<br />to be designated the City of Ramsey, Minnesota, Industrial Development
<br />Revenue Bonds (Prestressed Concrete, Inc. Project) (the "Bonds") to the
<br />Underwriter. The Bonds shall be in such denomination, shall be numbered,
<br />and shall be dated, shall be subject to redemption prior to maturity, shall
<br />be in such form, and shall have such other details and provisions as are
<br />prescribed in the Indenture of Trust dated as of the date of the Bonds
<br />(the "Indenture") between the City and First National Bank of Minneapolis,
<br />in Minneapolis, Minnesota, as trusted (the "Trustee").
<br />
<br /> 3) That the Bonds shall not be general obligations but shall
<br />be special limited obligations of the City payable solely from the revenues
<br />derived from the Loan Agreement dated as of the date of the Bonds, and ex-
<br />ecuted by the City and the Development (the "Loan Agreement") in the manner
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