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<br />. <br /> <br />the City within the meaning of any constitutional or statutory <br />limitation. <br /> <br />(j) No member of the City Council (i) has a direct or <br />indirect interest in the Project, the Loan Agreement, the <br />Assignment or Bond, (ii) owns any capital stock of or other <br />interest in the Project, the Partnership or the Bank, (iii) <br />will be involved in supervising the completion of the <br />Project on behalf of the Partnership, or (iv) will receive <br />any commission, bonus or other remuneration for or in <br />respect of the Project, the Loan Agreement or the Bond. <br /> <br />. <br /> <br />5. Approval and Execution of Documents. The forms of <br />Mortgage, Loan Agreement, Guaranty Agreements and Assignment <br />referred to in paragraph 3 are approved. The Loan Agreement and <br />Assignment shall be executed in the name and on behalf of the <br />City by the Mayor and the City Clerk- Administrator, in substantially <br />the form on file, but with all such changes therein, not incon- <br />sistent with the Act or other law, as may be approved by the <br />Mayor, the City Clerk-Administrator or the City Attorney, which <br />approval shall be conclusively evidenced by the execution thereof. <br />The Mayor and City Clerk-Administrator are hereby authorized to <br />approve such changes in the Loan Agreement and Assignment as may <br />be occasioned by the receipt of less than $400,000 of 1985 <br />issuance authority for the Bond. The Mortgage and the Guaranty <br />Agreements may contain such revisions as may be approved by the <br />Bank, the Guarantors or the Partnership, as the case may be. <br /> <br />6. Approval of Terms and Sale of Bond. The City shall <br />proceed forthwith to issue its City of Elk River Industrial <br />Development Revenue Bond (Jay Morrell & John Plaistad Partnership <br />Project), in the authorized principal amount of not to exceed <br />$400,000, substantially in the form, maturing, bearing interest, <br />payable in the installments and otherwise containing the provi- <br />sions set forth in the form of Bond attached hereto as Exhibit 1, <br />which terms and provisions are hereby approved and incorporated <br />in this Bond Resolution and made a part hereof. If the City does <br />not receive $400,000 of 1985 bond issuance authority for the <br />Bond, the Bond shall be issued in an amount not greater than the <br />allocation of issuance authority received. <br /> <br />. <br /> <br />A single Bond, substantially in the form of Exhibit 1 <br />to this Bond Resolution, shall be issued and delivered to the <br />Bank in the authorized principal amount of not to exceed $400,000, <br />and as authorized by the Act, principal of and interest on the <br />Bond shall be payable at the office of the Bank in Minneapolis, <br />Minnesota. The proposal of the Bank to purchase such Bond at a <br />price of 100% of par value is hereby found and determined to be <br />reasonable and is hereby accepted. Pursuant to the Loan Agreement <br />the Bank has agreed to pay the purchase price of the Bond by <br />depositing the authorized principal amount of the Bond in a <br />Construction Fund to provide funds to be loaned by the City to <br /> <br />-4- <br />