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<br />. <br /> <br />.. <br /> <br />. <br /> <br />RESOLUTION 89 - 45 <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION APPROVING QUALIFIED SELLER AGREEMENT <br />WITH COMMUNITY REINVESTMENT FUND <br /> <br />WHEREAS, <br /> <br />the City of Elk River desires to participate in a program sponsored <br />by Community Reinvestment Fund, Inc., a Minnesota Nonprofit <br />Corporation (CRF), pursuant to which various municipalities, <br />development corporations, nonprofit corporations and others who have <br />made and/or presently own certain types of Development Loans desire <br />to sell such Development Loans for the purpose of raising funds to be <br />used for reinvestment in new Development Loans or certain other <br />permitted purposes; and, <br /> <br />WHEREAS, on the date the City has received a form of Qualified Seller <br />Agreements from CRF setting forth the requirements of CRP <br />applicable: <br /> <br />1. To the development loans (as herein described) <br />2. To entities qualified to sell Development Loans to CRF (herein <br />"Qualified Sellers"); and, <br /> <br />WHEREAS, the City deems the sale of one or more Development Loans to CRF <br />pursuant to the proposed Qualified Seller Agreement to be in the best <br />interest of this body. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River as <br />follows: <br /> <br />1. The City of Elk River hereby determines that it qualifies as a <br />seller of Development Loans under the Qualified Seller Agreement and wishes to <br />become a "Qualified Seller." <br /> <br />2. The Economic Development Coordinator of Elk River shall be <br />authorized to execute, deliver, and perform the Qualified Seller Agreement and <br />any assignment, agreement, instrument, certificate or other document <br />contemplated by the Qualified Seller Agreement. <br /> <br />3. The Qualified Seller Agreement shall be in substantially the form <br />approved hereby, but with all such changes herein not inconsistent with law or <br />shall be approved by the officer authorized to execute and deliver the same, <br />which approval shall be conclusively evidenced by the execution thereof. <br /> <br />Passed and adopted this 19th day of June, 1989, by the City Council of the <br />City of Elk River. <br /> <br />ATTEST: <br /> <br />/ .--/;~> <br />~k-<-L~ ,4- ~L/" <br /> <br />James A. Tralle, Mayor <br /> <br />$-~R /~ <br /> <br />Patrick D. Klaers, City Administrator <br />