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CITY COUNCIL
<br /> III OF THE
<br /> CITY OF ELK RIVER, MINNESOTA
<br /> Resolution No. 82-28
<br /> A RESOLUTION OF THE CITY OF ELK RIVER, SHERBURNE
<br /> COUNTY, MINNESOTA, AUTHORIZING THE ISSUANCE OF
<br /> $400 ,000 AGGREGATE PRINCIPAL AMOUNT CITY OF ELK
<br /> RIVER, MINNESOTA, INDUSTRIAL DEVELOPMENT REVENUE
<br /> BONDS (ELK RIVER POST OFFICE PROJECT) , SERIES 1982,
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<br /> WHICH BONDS AND THE INTEREST AND ANY PREMIUM4;
<br /> THEREON SHALL BE PAYABLE SOLELY FROM THE REVENUES
<br /> DERIVED PURSUANT TO THE LOAN AGREEMENT OR OTHER '; 3
<br /> DISPOSITION OF THE MORTGAGED PROPERTY; PRESCRIBING I' °ni>'q'
<br /> THE FORM OF AND AUTHORIZING THE EXECUTION AND DE- �" 4�>Vr
<br /> LIVERY OF AN INDENTURE OF TRUST; AUTHORIZING THE { �
<br /> EXECUTION AND SALE OF THE BONDS AND DIRECTING THE , r ; ', ; 41,`
<br /> AUTHENTICATION AND DELIVERY THEREOF; PRESCRIBING j,] : 441J2: ',•�
<br /> THE FORM OF AND AUTHORIZING THE EXECUTION AND DE- ' � ,�. ', 1 t
<br /> LIVERY OF A LOAN AGREEMENT, BY AND BETWEEN THE C�
<br /> OF ELK RIVER, MINNESOTA, AND EUGENE P. DONAHUE, AN ; Iy _ ; °
<br /> INDIVIDUAL RESIDING IN THE STATE OF MINNESOTA AS 71- �d "' �
<br /> BORROWER; AUTHORIZING THE CONFIRMATION AND ACCEPT- - ' 1 ` 'i . 'k
<br /> ANCE OF THE BOND PURCHASE AGREEMENT; AND PROVIDING •¢ "+ ; ' ;(`1R '� `
<br /> FOR THE SECURITIES, RIGHTS AND REMEDIES OF THE ' t , ' '
<br /> HOLDERS OF SAID BONDS. `w' 14 ' '`'
<br /> :Y?$ ',ate' 1p `
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<br /> WHEREAS, the Municipal Industrial Development Act, A�e ,f , ,1 „,%
<br /> amended and supplemented, constituting Minnesota Statute , i= ; f , .
<br /> Chapter 474 (the "Act") , finds, declares and prow es ,fit ; ��v �",ii
<br /> the welfare of the State of Minnesota (the "State' ) requires � 0 ,
<br /> active promotion, attraction, encouragement and develot ,...,,,,t-.1=
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<br /> of economically sound industry and commerce through govern. it ijt,
<br /> mental action to prevent, so far as possible, a rgence0 t . °w' ,r,1, TT
<br /> blighted lands and areas of chronic unemployment, and it le
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<br /> the policy of the State to facilitate and encourage actin 4 ' 44
<br /> by local government units to prevent the economic deteriora- ;��.•
<br /> tion of such areas to the point where the process can be . �{° '
<br /> III reversed only by total redevelopment through the use of W'
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