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Councilmt;mbcr Pctcrson introduced the following resolution and moved for its adoption:
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<br />RESOLUTION #90-06-183
<br />
<br />A RES(JI. UT[ON PROVIDING FOR THE ISSUANCE AND SALE OF
<br />INDUSTRIAl, DEVELOPMENT REVENUE BONDS PURSUANT TO
<br />MINNESOTA STATUTES, SECTIONS 469.152 to 469.165, TO PROVIDE
<br />FUNDS FOR INDUSTRIAL DEVELOPMENT PROJECT ON BEHALF OF
<br />RAMSEY ]INVESTMENTS, A MINNESOTA GENERAL PARTNERSHIP, AND
<br />PARABODY, INC, A MINNESOTA CORPORATION
<br />
<br />BE IT RES(}LVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY,
<br />ANOKA C'.'¢)UNTY, STATE OF MINNESOTA, as follows:
<br />
<br />1)
<br />
<br />Authority: The City is, by the Constitution and laws of the State of Minnesota, including
<br />Minnesota Statutes, Sections 469.152 to 469.165, as amended (the "Act"), authorized to
<br />issue a~,d :~;ell its revenue bonds for the purpose of financing the costs of authorized
<br />projects an,.l to enter into agreements necessary or convenient in the exercise of the powers
<br />gr~',nted by .:he Act.
<br />
<br />2)
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<br />Authorization of Project; Documents Presented: Ramsey Investments, a Minnesota general
<br />parmersbip (the "Bon'ower"), has proposed to this Council that the City issue and sell its
<br />$ l~400,(10(i City of Ramsey Industrial Development Revenue Bonds (ParaBody, Inc.
<br />Pro jo:ct), S eries 1990, in substantially the form set forth in the hereinafter-mentioned Trust
<br />In(lcmt~re (.:he "Bonds") pursuant to the Act and loan the proceeds thereof to the Borrower
<br />in order~ ~o finance the costs of acquiring, constructing and equipping a manufacturing
<br />facility ia the City, together with necessary site improvements (the "Project"), to be owned
<br />by thc Bocrower and to be leased by the Borrower to ParaBody, Inc., a Minnesota
<br />co~ potation (the "Lessee"). Forms of the following documents relating to the Bonds have
<br />been submitted to the City and are now on file in the office of the City Clerk:
<br />
<br />Ix)an Agreement (the "Loan Agreement") dated as of June 1, 1990, between
<br />the City and the Borrower, whereby the City agrees to make a loan to the
<br />Borrower of the gross proceeds of sale of the Bonds and the Borrower
<br />agrees to complete the Project and to pay amounts in repayment of the loan
<br />sufficient to provide for #the full and prompt payment of the principal of,
<br />premium, if any, and interest on the Bonds; and
<br />
<br />Trust Indenture (the "Trust Indenture") dated as of June 1, 1990, between
<br />the City and First Trust National Association, as Trustee, authorizing the
<br />issuance of the Bonds and pledging certain revenues, including those to be
<br />derived from the Loan Agreement, as security for the Bonds, and setting
<br />forth proposed recitals, covenants and agreements relating thereto; and
<br />
<br />(c)
<br />
<br />Combination Mortgage, Security Agreement and Fixture Financing
<br />Statement (the "Mortgage"), dated as of June 1, 1990, from the Borrower to
<br />the Trustee, by which the Borrower grants to the Trustee a mortgage lien on
<br />and security interest in the Mortgaged Property, as defined therein, as
<br />further security for the payment of the Bonds (this document not to be
<br />executed by the City); and
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