RES 20-67 - Laserfiche WebLink

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(f) The outstanding and unpaid principal amount of each Loan shall bear interest at the rate prescribed by the statute (Minnesota Statutes, Section 469.178, Subdivision 7), which is the greater of the rates specified under Minnesota Statutes, Sections 270C.40 or 549.09 at the time a Loan, or any part of it, is first made, subject to the right of the City Finance Director to specify a lower rate (but not less than the City's then -current average investment return for similar amount and term). (g) Such Loans within the above guidelines are pre -approved. The Loans need not take any particular form and may be undocumented, except that the City Finance Director shall specify the principal amount and interest rate and maintain all necessary or applicable data on the Loans. Section 4. Approval of Agreement. 4.01. The Developer has presented the City with a proposal for the construction of the Development and there has been prepared the Agreement between the City and the Developer, stating the terms and conditions of the Developer's responsibilities with respect to the Development and the City's the assistance therefor, which has been presented to the Council for its consideration. 4.02. The Council hereby approves the Agreement substantially in the form presented to the Council, including the provisions granting a business subsidy to the Developer, together with any related documents necessary in connection therewith, including but not limited to the TIF Note and any documents or certifications referred to in the Agreement or attached thereto (collectively, the "Development Documents"), and hereby authorizes the Mayor and City Clerk, in their discretion and at such time, if any, as they may deem appropriate, to execute the same on behalf of the City, and to carry out, on behalf of the City, the City's obligations thereunder. 4.03. The approval hereby given to the Development Documents includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the City and by the officers authorized herein to execute said documents prior to their execution; and said officers are hereby authorized to approve said changes on behalf of the City. The execution of any instrument by the appropriate officers of the City herein authorized shall be conclusive evidence of the approval of such document in accordance with the terms hereof. In the event of absence or disability of the officers, any of the documents authorized by this Resolution to be executed may be executed without further act or authorization of the Council by any duly designated acting official, or by such other officer or officers of the Council as, in the opinion of the City Attorney, may act in their behalf. 4.04. Upon execution and delivery of the Development Documents, the officers and employees of the City are hereby authorized and directed to take or cause to be taken such actions as may be necessary on behalf of the City to implement the Development Documents, including without limitation the issuance of the Tax Increment Revenue Note thereunder. p01En19 81 NATURE