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Councilmember Sorteberg introduced the following resolution and moved for <br />its adoption: <br /> <br />RESOLUTION #83-93 <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCEt SALE AND DELIVERY OF THE CITY OF RAMSEY, <br />MINNESOTA, INDUSTRIAL DEVELOPMENT REVENUE BONDS (PRESTRESSED CONCRETE, INC. <br />PROJECT), WHICH BONDS AND THE INTEREST AND ANY PREMIUM THEREON SHALL BE PAY- <br />ABLE SOLELY FROM THE REVENUES DERIVED FROM THE LOAN AGREEMENT; APPROVING THE <br />FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE INDENTURE OF TRUST, <br />AND THE LOAN AGREEMENT, AND THE BOND PURCHASE AGREEMENT; APPROVING CERTAIN <br />OTHER DOCUMENTS AND AUTHORIZING EXECUTION OF CERTAIN DOCUMENTS; APPROVING THE <br />FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS; AND PROVIDING <br />FOR THE SECURITY, RIGHTS AND REMEDIES OF THE HOLDERS OF SAID BONDS. <br /> <br /> WHEREAS, the purpose of the Minnesota Municipal Industrial Develop- <br />ment Act, Minnesota Statutes, Chapter 474, as amended (the "Act"), as found <br />and determined by the Legislature of the State of Minnesota, is to promote <br />the welfare of the State of Minnesota by the active attraction, encouragement, <br />and development of economically sound industry and commerce to prevent so far <br />as possible the emergence of blighted and marginal lands and areas of chronic <br />unemployment, and for this purpose the State of Minnesota has encouraged action <br />by local governmental units; and <br /> <br /> WHEREAS, factors necessitating the active promotion and development <br />of economically sound industry and commerce are the increasing concentration of <br />population in urban and metropolitan areas, the rapidly rising increase in the <br />amount and cost of governmental services required to meet the needs of the in- <br />creased population, and the need for development and use of land which will <br />provide an adequate tax base to finance these increased costs; and <br /> <br /> WHEREAS, the City of Ramsey, Minnesota (the "City"), desires to <br />expand the business and employment opportunities, and the available tax base <br />of the City, and to promote the development of property within the City; and <br /> <br /> WHEREAS, the City is authorized by the Act to enter into a revenue <br />agreement with any person, firm, or public or private corporation or federal <br />or state governmental subdivision or agency in such manner that payments re- <br />quired thereby to be made by the contracting party shall be fixed, and revised <br />from time to time as necessary, so as to produce income and revenue sufficient <br />to provide for the prompt payment of principal of and interest on all bonds <br />issued under the Act when due, and the revenue agreement shall also provide <br />that the contracting party shall be required to pay all expenses of the <br />operation and maintenance of the project including, without limitation, <br />adequate insurance thereon and insurance against all liability for injury <br />to persons or property arising from the operation thereof, and all taxes <br />and special assessments levied upon or with respect to the project and pay- <br />able during the term of the revenue agreement; and <br /> <br /> WHEREAS, the Act further authorizes the City to issue revenue <br />bonds, in anticipation of the collection of revenues of a project, to finance <br />in whole or in part, the cost of acquisition, construction, reconstruction, <br />improvement, betterment, or extension of such project; and <br /> <br />Page 1 of 6 <br /> <br /> <br />