Resolution - #95-05-109 - 05/23/1995

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Councilmember Beyer introduced the following resolution and moved for its adoption: RESOLUTION #95-05-109 RESOLUTION APPROVING AMENDMENT TO TAX-EXEMPT NOTE WHEREAS, the City previously issued its $550,000 Commercial Development Revenue Note (Grosslein Project) dated June 25, 1979 (the "Tax-Exempt Note") to Norwest Bank Minnesota, National Association, formerly known as First National Bank in Anoka (the "Holder"); and WHEREAS, the proceeds of the Tax-Exempt Note were loaned by the City to August E. Grosslein and Laverne G. Grosslein (the "Borrower"), pursuant to that certain Loan Agreement dated as of June 25, 1979, by and between the City and the Borrower (the "Loan Agreement"), to finance the construction and equipping of the "Project", as defined in the Loan Agreement; and WHEREAS, the City, the Borrower, and the Holder desire to amend the Tax-Exempt Note as set forth in the Amendment No. 1 to Tax-Exempt Note attached hereto as Exhibit A (the "Amendment"). NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the Mayor and the City Administrator of the City of Ramsey are hereby authorized and directed to execute and deliver the Amendment for and on behalf of, and in the name of, the City of Ramsey. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Beahen and upon vote being taken thereon, the following voted in favor thereof: Mayor Hardin Councilmember Bey~ Couneilmember Beahen Councilmember Peterson Couneilmember Zimmerman and the following voted against the same: None and the following abstained: None and the following were absent: None whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this the 23rd day of May, 1995. ~~_~_</x.~.~ Mayor