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Member Engstrom introduced the <br /> following resolution and moved its adoption: <br /> RESOLUTION NO. 79-12 <br /> RESOLUTION RELATING TO A $320, 000 <br /> COMMERCIAL DEVELOPMENT REVENUE NOTE; <br /> AUTHORIZING THE ISSUANCE THEREOF <br /> PURSUANT TO MINNESOTA STATUTES, <br /> CHAPTER 474 <br /> BE IT RESOLVED by the City Council of the City of <br /> Elk River, Minnesota, as follows : <br /> Section 1. Definitions. <br /> 1. 01. In this Resolution the following terms <br /> have the following respective meanings unless the context <br /> hereof or use herein clearly requires otherwise: <br /> Act: the Minnesota Municipal Industrial <br /> Development Act, Minnesota Statutes, Chapter 474, as <br /> amended; <br /> Agreement: the Loan Agreement to be executed by <br /> and between the City and Plaisted; <br /> • Assignment of Rents and Leases : the Assignment <br /> of Rents and Leases to be given by Plaisted to the Lender ; <br /> City: the City of Elk River, Minnesota, its <br /> successors and assigns; <br /> Construction Loan Agreement: the Construction <br /> Loan Agreement to be executed by and among the City, <br /> Plaisted and the Lender; <br /> Facilities : the Land and the Project, as they <br /> may at any time exist; <br /> Fixtures : those items defined in Section 1-1 of <br /> the Mortgage; <br /> Guaranty: the Guaranty Agreement to be given by <br /> Plaisted and accepted by the Lender; <br />