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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 89-47 <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION APPROVING THE SALE OF LOAN TO <br />COMMUNITY REINVESTMENT FUND <br /> <br />WHEREAS, <br /> <br />the City of Elk River (the "Qualified Seller") is authorized and <br />empowered to sell the A11tool Manufacturing Loan (the "Loan") to <br />Community Reinvestment Fund, Inc., a Minnesota nonprofit corporation <br />and/or its assigns ("CRF"); and, <br /> <br />WHEREAS, the City of Elk River has heretofore entered into the Qualified <br />Seller Agreement; and, <br /> <br />WHEREAS, on this day, the City has received a proposed Loan Purchase Agreement <br />and has been advised of the estimate purchase price which CRF is <br />willing to pay for the Loan; and, <br /> <br />WHEREAS, the City of Elk River deems the sale of the Loan to CRF pursuant to <br />the proposed Loan Purchase Agreement to be in the best interest of <br />the City. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the governing body of the City of Elk River <br />as follows: <br /> <br />1. <br /> <br />The sale of the Loan to CRF pursuant to the Loan Purchase Agreement is <br />authorized and approved upon signature of the Loan Purchase Agreement by <br />the Economic Development Coordinator. <br /> <br />2. <br /> <br />The Economic Development Coordinator of the City Elk River shall be <br />authorized to execute, deliver and perform the Loan Purchase Agreement <br />and any assignment, agreement, instrument, certificate or other document <br />contemplated by the Loan Purchase Agreement in order to effectuate the <br />sale of the Loan to CRF pursuant to the Loan Purchase Agreement. <br /> <br />3. The Loan Purchase Agreement shall be in substantially the form approved <br />hereby, but with all such changes therein not inconsistent with law as <br />shall be approved by the officers authorized to execute and deliver the <br />same, including any final purchase price established pursuant to such <br />Loan Purchase Agreement, which approval of any such changes by such <br />officers shall be conclusively evidenced by the execution thereof. <br /> <br />Passed and adopted by the City Council of the City of Elk River this 10th day <br />of July, 1989. <br /> <br />J~#~ <br /> <br />James A. Tralle, Mayor <br /> <br />ATTEST: <br /> <br />!lid Q~ <br /> <br />Patrick K. Klaers, City Administrator <br />