Resolution - #85-068 - 03/26/1985

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connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision la of Section 474.02 of the Act; that the Project furthers the purposes stated in Section 474.01, Minnesota Statutes; that the Project would not be undertaken but for the availability of industrial bond financing; that the availability of the financing under the Act and willingness of the City to furnish such financing will be a substantial inducement to Company to undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the development of economically sound industry and commerce, to assist in the prevention of the emergence of blighted and marginal land, to help prevent chronic unemployment, to help the City retain and improve the tax base and to provide the range of service and employment opportunities required by the population, to help prevent the movement of talented and educated persons out of the state and to areas within the state where their services may not be as effectively used, to promote more intensive development and use of land within the City and eventually to increase the tax base of the community. 3) The Project is hereby given preliminary approval by the City subject to the approval of the Project by the Minnesota Energy and Economic Development Authority or such other state officer having authority to grant approval (the "Authority"),and subject to final approval by this Council, Company, and the purchaser of the Revenue Bonds as to the ultimate details of the financing of the Project. 4) In accordance with Subdivision 7a of Section 474.01 Minnesota Statutes, the Mayor of the City of Ramsey is hereby authorized and directed to submit the proposal for the Project to the Authority requesting its approval, and other officers, employees and agents of the City are hereby authorized to provide the Authority with such preliminary information as it may require. 5) Company has agreed and it is hereby determined that any and all costs incurred by the City in connection with the financing of the Project whether or not the Project is carried to completion and whether or not approved by the Authority will be paid by Company. 6) Briggs and Morgan, Professional Association, acting as bond counsel is authorized to assist in the preparation and review of necessary documents relating to the Project, to consult with the City Attorney, Company and the purchaser of the Revenue Bonds as to the maturities, interest rates and other terms and provisions of the Revenue Bonds and as to the covenants and other provisions of the necessary documents and to submit such documents to the Council for final approval. 7) Nothing in this resolution or in the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues derived from the -3-