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S <br /> Member Toth introduced the <br /> following resolution and moved its adoption: <br /> RESOLUTION NO. 82-10 <br /> RESOLUTION RELATING TO A $1, 500 , 000 <br /> INDUSTRIAL DEVELOPMENT REVENUE NOTE; <br /> AUTHORIZING THE ISSUANCE THEREOF <br /> PURSUANT TO MINNESOTA STATUTES, CHAPTER <br /> 474 <br /> BE IT RESOLVED by the City Council of the City of <br /> Elk River , Minnesota, as follows: <br /> Section 1. Definitions. In this Resolution the following <br /> terms, when used with initial capital letters, have the <br /> following respective meanings unless the context hereof or <br /> use herein clearly requires otherwise: <br /> Act: the Minnesota Municipal Industrial <br /> Development Act, Minnesota Statutes, Chapter 474, as <br /> amended ; <br /> • Borrower : Tescom Corporation, a Minnesota <br /> Corporation, and its successors and assigns; <br /> City: the City of Elk River , Minnesota, its <br /> successors and assigns; <br /> Construction Loan Agreement: the Construction <br /> Loan Agreement to be entered into among the City, the <br /> Borrower and the Lender ; <br /> Improvements: the manufacturing and office <br /> facility of approximately 33 , 600 square feet to be <br /> constructed by the Borrower on the Land in accordance with <br /> the Plans and Specifications, together with all related <br /> facilities; <br /> Land : the real estate described in Exhibit A to <br /> the Mortgage; <br /> Lender : First National Bank of Minneapolis, in <br /> Minneapolis, Minnesota, its successors and assigns; <br /> Loan Agreement: the Loan Agreement to be <br /> executed by the City and the Borrower; <br /> 410 Mortgage: the Combination Mortgage and Security <br /> Agreement and Fixture Financing Statement to be entered <br /> • <br /> • <br />