HomeMy WebLinkAbout84-050
RESOLUTIONS - 1984 - continued
No.
84 -38
84-39
84-40
84-41
.
84-42
84-43
84-44
84-45
84-46
84-47
84-48
84-49
84-50
.
Name Date Passed
Awarding Bid for Impr. Nos. SS-W-P-ST 84-1 10/15/84
and 84-3 (Royal Hi lis North and McClung
3rd Addition)
Approving Agreement with County of Ramsey
for Law Enforcement Services for the year
1985.
Number not used.
Handicap Section 504 Self-Evaluation
10/15/84
10/15/84
Relating to Project Under Municipal Indus- 10/15/84
trial Development Act: Giving Prelimin-
ary Approval to the Project and the Issu-
ance of Revenue Bonds to Finance the Pro-
ject, and Calling for a Public Hearing
Thereon. (Routhe Animal Hospital)
Apportioning Assessments for Impr. No.
P-80-I, Woodbridge Properties Phase I.
Apportioning Assessments for Impr. No. P-
77-4, Woodbridge Properties Phase I.
Apportioning Assessments for Impr. No.
SS-W-P-ST 81-3 (Dunnett)
Resolution Reciting Proposal for a Com-
mercial Faci lities Development Project
Giving Preliminary Approval to the Pro-
ject Pursuant to the Minnesota Municipal
Industrial Development Act Authorizing
the Submission of an Appl ication for
Approval of the Project to the Energy &
Economic Development Authority of the
State of Minnesota and Authorizing the
Preparation of Necessary Documents and
Materials in Connection with the Project.
Approving Amendment Agreement No. I,
Cable TV.
Approving MnDOT Prel iminary Plans - Lay-
out No. 15.
Approving Classification and Sale of Tax
Forfeited Land, Lot 7, Block I and Lot 6,
Block 2, Janet Estates.
10/29/84
10/29/84
10/29/84
I 1/8/84
Not Passed
in 1984
12/17/84
12/17/84
Final Note Resolution (Pet Care Partnership 12/17/84
Project)
RESOLUTIONS - 1984 - continued
No.
84 -2 0
Name Date Passed
84-21
84-22
84 -2 3
.
84-24
Approving Plans & Specifications & Order- 6/25/84
ing Advertisement for Bids, Impr. No.
SS-W-P-ST 84-2, Lametti Addition.
Ordering Construction of Impr. No. SS-W-P- 7/30/84
ST 84-1.
Resolution Accepting Resignation & Declaring 7/9/84
Vacancy Exists as Council Member.
Resolution Appointing Councl Imember to
F i I I Un e x p I re d T e r m .
8/20/84
Awarding Bid for Impr. No. SS-W-P-ST 84-2, 8/13/84
Lamettl Addition.
84-25 Accepting Feaslbi Ilty Report & Ordering 8/13/84
Plans & Specifications for Impr. No. SS-W-
P-ST 84-3, McClung 3rd Addition.
84-26(a) Resolution Consolidating Improvements Nos. 8/13/84
SS-W-P-ST 84-1 and SS-W-P-ST 84-3.
$4-26(b) Resolution Approving Plans and Speclfica- 8/13/84
tlons & Ordering Advertisement for Bids on
Consolidated Improvements No. SS-W-P-ST 84-1
and SS-W-P-ST 84-3.
84-27 Establishing Width & Traffic Lanes of 9/10/84
Hamllne Avenue.
84-28
84-29
84-30
84-31
84-32
.
84-33
84-34
84-35
84-36
84-37
Approving Appraisal Value of City's Taking
of Permanent Roadway and Utili ty Easement
and Temporary Slope Easement from George
J. Re I I i n g .
Certl fy i ng Speci a I Assessment I nsta Ilment 9/24/84
to Ramsey County for Collection with
Taxes (Rosevi lie Water Connections)
CerTi fyl ng Speci a I Assessment Installment 9/24/84
for Diseased Tree Removal to Ramsey County
for County for Collection with Taxes.
Certifying Special Assessment Installments 9/24/84
for Del inquent Sewer and Water Accounts to
Ramsey County for Collection with Taxes.
Approving Sums of Money to be Levied for 9/24/84
Levy Year 1984, payab Ie In 1985 and Amend-
ing the Levy on 1972 Improvement Bonds
Series 2 and 1977 General Obligation Re-
funding Bonds.
Commending Arden Hi lis Express Soccer
Team on Its Achievements.
9/24/84
Commending Gemini Soccer Team on its
Ach I evements.
9/24/84
App~ionlng Assessments Relating to Sani- 9/24/84
tary Sewer 4, Water 68-2 & San Sewer 14.
In Support of Locating a Regional Speed- 9/24/84
skating Facility In the City of Rosevllle.
Number not used.
RESOLUTIONS
No_'--____..__ Name__________________..._____j)a te Pa s sed
84-1
84-2
84-3
84-4
.
84-5
84-513
84-6
84-7
84-8
,84-9
84-10
84- I I
84-12
84-13
.
84-14
84-15
84-16
84-17
84-18
84-19
1- 3-84
Designation of DepositorIes and Corporate
Authorization Resolution.
Designation of Additional DeposItorIes
for Investment Purposes.
"
DesIgnatIng Brokerage Firms for Investment
In Federa I Government Instruments.
"
Resolution for Transfer of Funds by
Telephonic instructions.
"
Declaring Vacancy as Councilman and
Appointing CouncIlman to Fill Unexpired
Term (Rauenhorstl.
1-30-84
Congratulating DavId Reid for Attaining
the Rank of Eagle Scout.
apposing Expansion of Lake Johanna
Volunteer Fire Department. Facilities at
Lexington and County Road I, Shoreview.
2-13-84
2-27-84
Accepting Feasibility Report & SchedulIng " ~!-j~j
Publ ic Hearing for Impr. No. SS-83-6, Sewer~ #7"<r
Extension South of Round Lake.
Recommending that the State of Minnesota 3-12-84
Local Government AId Formula be frozen
for Fiscal Year 1985.
Opposing Proposed Legislation Relative to 3/12/84
Publication of All Council Proceedings in
Official Newspaper '.
Accepting PetitIon for City to Install 3/26/84
Streets and Uti I ities and Ordering Feasi-
bility Report for Impr. No. SS-W-P-ST 84-1,
Royal Hi lis North.
Accepting Feasibility Report and Scheduling 3/26/84
Public Hearing for Impr. No. SS-83-6, Sewer
Extension South of Round Lake.
Accepting Petition and Ordering Feasibility 4/9/84
Report for Impr. No. SS-W-P-ST 84-2,
Lametti Addition.
Accepting Petition and Ordering Feasibility 4/9/84
Report for Impr. No. SS-W-P-ST 84-3, McClung
3rd Addition
Ordering Plans and Specifications for Impr. 4/9/84
No. SS-83-6, Sewer Extension South of
Round Lake.
Ordering Preparation of Plans & Specifica- 5/29/84
tions for Impr. No. SS-W-P-ST 84-2, Lametti
Addition.
Requesting Speed Reduction for Haml ine Ave. 5/29/84
from STH 96 to W. County Rd. F
Revising Water Uti I ity Rates Effective
7/1/84.
5/29/84
Approving Cable (Not adopted In 1984.
See 1985 Resolutions.
Receiving Report & Scheduling Public Hear- 6/25/84
ing for Impr. No. SS-W-P-ST 84-1, Royal
Hi lis North.
No,
83-66
.
83-67
83- 68
83-69
83-70
83-71
.
RESOLUTIONS
Name
Dl'.!.~_'!2_s e ~
Resolution Reciting a Proposal for a 11-28-83
CommercIal FacilitIes Development Project
giving Preliminary Approval to the Project
Pursuant to the Minnesota Municipal
IndustrIal Development Act Authorizing the
SubmissIon of an Application for Approval of
Said Project to the Commissioner of Energy,
Planning & Development of the State of
Minnesota & AuthorIzIng the Preparation of
Necessary Documents & Materials In ConnectIon
with Said Project.
(Phase I I)
Resolution Reciting a Proposal for a
Commercial Facilities Development Project
giving PrelIminary Approval to the Project
Pursuant to the Minnesota MunicIpal
Industrial Development Act Authorizing the
Submission of an Application for Approval of
Said Project to the Commissioner of Energy,
Planning & Development of the State of
Minnesota & Authorizing the Preparation of
Necessary Documents & Materials In ConnectIon
with Said Project.
(Phase I I I)
"
Resolution Postponing opening of BIds on
Improvement No. W-83-4
"
AwardIng Bid for Water Improvement
No. W-83-4. (North of 96)
12- 1-83
ApportIonment of Assessments - Dorothy
McCI ung (Sewer Impr. No. 12 & 13)
12-12-83
Apportionment of Assessments - Dorothy
McClung (Water 77-5 & 78-2)
"
RESOLUTIONS
83- 56
No ._____~!'l.e..._______._._____ _________
_ P_(I.tEO...l'~S sed
83- 57
83- 58
.
83-59
83-60
83-61
83-62
83-63
83-64
83-65
.
Establishing Fees for Bldg. Permits,
Re - Inspections & Misc. Construction
Permits & Abolishing Res. 81-8.
10-11-83
Designation of American Savings and Loan
as Addltonal Depository of Funds of the
City of Arden Hills.
"
Voiding Receipt No. C000911 and Issuing
Receipt No. C000913 for Payment of
SpecIal Assessments to Municipality for
Improvement No. 81-3.
(Arden Oaks)
10-31-83
Calling for Public Hearing on a Proposal
for Commercial Facllltes Development
Project Pursuant to ~N Municipal Industrial
Development Act Authorizing the Publication
of a Notlc of Said Hearing.
(Phase I)
"
Calling for Public Hearing on a Proposal
for Commercial Facllltes Development Project
Pursuant to MN MunIcIpal Industrial
Development Act Authorizing the Publication
of a Notice of SaId Hearlna.
(Phase I I) -
"
Calling for Public Hearing on a Proposal
for Commercial Facllltes Development Project
Pursuant to ~N '1unlclpal Industrial
Development Act Authorizing the Publication
of a Notice of Said Hearing.
(Phase III)
"
Approving Plans & Specs and Ordering 10-31-83
Advertisement for Bids Impr. No. W-83-4.
(Water North of Highway 96)
Authorizing Classification of Tax
Forfeited Land as Non-Conservation and
the Sale Thereof.
(Karth Lake Estates, Outlot A)
Establishing Application Requirements for
Considering Industrial Revenue Bond Financing
for the Proposed Arden Hills Business Center.
"
Resolution Reciting a Proposal for a 11-28-83
Commercial Facilities Development Project
giving Preliminary Approval to the Project
Pursuant to the Minnesota Municipal
Industrial Development Act Authorizing the
Submission of an ApplicatIon for Approval of
Said Project to the Commissioner of Energy,
Planning & Development of the State of
Minnesota & Authorizing the Preparation of
Necessary Documents & Materials In Connection
with Said Project.
(Phase I)
No.
RESOLUTIONS
Name
Date Passed
83-40
8-9-83
83-41
83-42
83-43a
.
83-43b
83-44
83-45
83-46
8 3- 4 7
83-48
83-49
83-50
83-51
83- 52
.
83-53
83-54
83- 5 5
Receiving Report & Providing for
Public Hearing on Impr. No. W-83-4
Receiving Report & Providing for
Public Hearing on Impr. No. W-83-5
Approving Proposed Special Assessment
Rolls & Providing for Hearings
Amending the Assessments for Impr. No.
SS-W-P-ST-83-3
(Hazelnut Park)
Adopting and Confirming Assessments for
Impr. No. SS-W-P-ST-83-3
(Hazelnut Park Addition)
Adopting and Confirming Assessments for
Impr. No. SS-W-P-ST-81-5
(Royal Hills)
Amending Assessments for Impr. No.
SS-W-P-ST-81-3
(Arden Oaks)
Adopting and Confirming Assessments as
Amended for Impr. No. SS-W-P-ST-81-3
(Arden Oaks)
Adopting and Confirming Assessments
for Impr. No. SS-83-2
Ordering Preparation of a Feasibility
Report for the Impr. No. SS-83-6
New Brighton Interceptor Project
Approving Sums of Money to be Levied
for Levy Year 1983 Payable in 1984, and
Amending the Levy on 1972 Improvement
Bonds Series 2 and 1977 General
Obligation Refunding Bonds
Certifying Special Assessment Installment
to Ramsey County for Collection with
Taxes
(Roseville Water Connection)
CertifY!~B.~pecial Assessment Installments
for Dis~Tree Removal to Ramsey County
for Collection with Taxes
Certifying Special Asseasments for
Delinquent Sewer & Water Accounts to
Ramsey County for Collection with taxes
Approving Agreement with County of Ramsey
for Law Enforcement Services for the year
1984
Establishing Fee for Inspection and
Certification of Mobile Homes Sold in
Mobile Home Parks
It
It
8-29-83
It
It
It
It
It
II
9-26-83
II
It
II
II
10-11-83
.
Establishing Fees & Liability Insurance 10-31-83
Requirements for Alcolholic Beverages,
Amusements & Recreation, Various Businesses
Itinerant Food Vendors, Vending Machings,
Amending Resolutions 81-6, 81-12, 82-8,
82-41 & Abolishing 81-11.
No.
RESOLUTIONS
Name
83-21
83-22
83-23
83-24
.
83-25
83-26
83-27
83-28
83-29
83- 30
83-31
83-32
83-33
83-34
83-35
83-36
. 83-37
83-38
83-39
83-39a
Apportioning Assessments Water Impr. No.
68-1 (Pascal Hammerhead-Arden Oaks)
Ordering Preparation of Plans and Specifi-
cations for Impr. No. SS-83-2, (Sewer
Extension to 1315 Red Fox Rd.)
Ordering Preparation of Plans and Specifi-
cations for Impr. No. SS-W-P-ST-83-3, Hazel-
nut Park Addition Phase 1
Requesting Appropriation of Municipal State-
Aid Funds for Lexington Ave. Impr. No. 83-1
Resolution Authorizing Sanitary Sewer Con-
nection to the New Brighton Sanitary Sewer
System and Amend the City Comprehensive
Sewer Policy Plan
Approving Plans and Specifications and Order-
ing Advertisement for Bids on Improvement
No. SS-W-P-ST-83-3
Approving Plans & Specifications & Ordering
Advertisement for Bids on Impr. S8-83-2 .
(Sewer Extension to 1315 Red Fox Rd.)
Apportioning Assessments, Water Impr. 67-1
and 67-2 (Starco/Scott Roberts)
Apportioning Assessments Sewer Impr. 6
(Starco/Scott Roberts)
Apportioning Assessments, 8T81-2
(Starco/Scott Roberts)
AwardIng BIds for Impr. No. SS-W-P-ST-83-3
(Hazelnut, Phase 1)
Awarding BIds for Impr. No. 55-83-2
Sewer Exclusion on Red Fox Road
Apportioning Assessments, Water Impr. 68-1
(Arden Oaks)
AuthorIzIng PreparatIon of Assessment
Rolls - Royal HIlls
Authorizing PreparatIon of Assessment
Rolls - Arden Oaks
AuthorIzIng Preparation of Assessment
Rolls - Hazelnut Park Addition
AuthorizIng Preparation of Assessment
Red Fox Road Sewer ExtensIon
AuthorIzIng Preparation of FeasIbility
Report - Water 83-4 and Water 83-5
Vacating Drainage & utility Easements
Between Lot 4 and 5, Block 4
Brlarknoll 2nd AdditIon
ResolutIon regarding Size of RIce Creek
Watershed
Board of Managers
Date Passed
3-28-83
..
II
4-11-83
,.
4-25-83
5-23-83
II
..
II
5-31-83
6-13-83
II
7-11-83
"
It
It
7-25-83
Tabled
8-29-83
No.
~3-1
83-2
83-3
83-4
. 83-5
83-6
RESOLUTIONS
Name
Date Passed
83-7
83-8
83-9
83-10
83-11
83-12
83-13
83-14
83-15
83-16
. 83-17
83-18
83-19
83-20
Designation of Depositaries and Corporate
Authorization Resolution
Designation of Additional Depositories for
Investment Purposes.
Designation of Brokerage Firms for
Investment Purposes.
Resolution for Transfer of Funds by Tele-
phonic Instructions.
Commending Robert O. Ashbach
Authorizing the Joint & Cooperative Agree-
ment for Administration of a Cable Com-
munication System
1-3-83
h
h
h
<<
1-11-83
Apportioning Assessments - Water Impr. 68-3 1-11-83
(Kulman/Carlson)
Authorize Engineer to Prepare Feasibility 1-31-83
Report for Impr. P-83-1 (Lexington Impr.
to County Rd. G-2)
Authorize Engineer to Prepare Feasibility
Report for Impr. SS-83-2 (Sewer Extension
to 1315 Red Fox Rd.)
Receiving Report and Providing for Public
Hearing on Impr. P-83-1
Receiving Report and Providing for Public
Hearing On Impr. SS-83-2 (Red Fox Rd.)
Declaring Adequacy of Petition & Ordering
Preparation of Report On Impr. No. SS-W-P-
ST-83-3, Hazelnut Park, Phase I
Requesting State of Minnesota Dept. of
Transportation to Enter Into a Cooperative
Agreement for Funding for Improvements to
TH 51/694 Interchange at Hamline Ave.
2-14-83
2-14-83
<<
<<
Ordering the Construction of Impr. No. P-83-1 2-28-83
(Lexington Between County Rd. F and County
Rd. G-2)
Restricting Parking on West Side of Lexing-
ton Ave.
Rescinding Resolution 83-11 and Providing
for Public Hearing on March 14th
Approving Plans & Special Provisions for
Intersection Revisions on TH 51 at
Junction of Hamline and Snelling Avenues
Opposing Proposed Ramsey County
Motel/Hotel Tax
Congratulating the 1983 Mounds View High
School Boys' Swimming & Diving Team
Authorizing a Joint Powers Agreement
Between Arden Hills/Shoreview for Main-
tenance of Certain Bikepaths
"
"
3-14-83
3-14-83
"
"
,-
..
566BB
.
.
FINAL NOTE RESOLUTION
CITY OF ARDEN HILLS
~ 5h rf3~-~
$235,000 COMMERCIAL DEVELOPMENT REVENUE NOTE OF 1984
(PET CARE PARTNERSHIP PROJECT)
ADOPTED: December 17. 1984
.
NOTE RESOLUTION
(This Table of Contents is not a part of this
Resolution, but is included for convenience only)
.
TABLE OF CONTENTS
Definitions......................
Legal Authorization..............
Findings.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..
Authorization and Ratification
Page
1
1
3
3
ARTICLE ONE - DEFINITIONS, LEGAL AUTHORIZATION
AN'D FINDINGS........................................................................
Section 1-1.
Section 1-2.
Section 1-3.
Section 1-4.
of Project....................... 5
ARTICLE T'WO - NOTE...................................................................... 6
Section 2-1. Authorized Amount and Form
Section 2-2.
Section 2-3.
Section 2-4.
Section 2-5.
Section 2-6.
Section 2-7.
Section 2-8.
Section 2-9.
of Note...................................... <II .. .. .. .. .. .. 6
Th~ Note................................................. 15
Execution. .. .. .. .. .. .. .. .. .. .. .. .. .... .. .. .. .. .. .. .. .. .. 15
Delivery of Note................. 15
Disposition of Note Proceeds..... 16
Registration of Transfer......... 16
Mutilated, Lost or Destroyed
Note..... .................................................. 17
Ownership of Note................. 17
Limitation on Note Transfers..... 17
ARTICLE THREE - GENERAL COVENANTS..................... 18
Section 3-1. Payment of principal and Interest. 18
Section 3-2. Performance of and Authority
for Covenants..................... 18
Section 3-3.
Section 3-4.
Enforcement and Performance of
Covenants.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..
Nature of Security................
18
19
ARTICLE FOUR - MISCELLANEOUS.......................... 20
Section 4-1. Severability....................... 20
Section 4-2. Authentication of Transcript...... 20
Section 4-3. Registration of Resolution........ 20
Section 4-4. Authorization to Execute
Agreements.. . . . . .. . . . . .. . . . . . . . .. .. . . . . 20
SIGNATURES. . . . . . . . ... .. . . ... .. . . . .. . . . . .. . . . . . . .. .. .. . . . .. . . .. .. .. . .. .. 21
.
.
NOTE RESOLUTION j1&. cf'.Jj of"O
BE IT RESOLVED by the City Council of the City of
Arden Hills, Minnesota, as follows:
ARTICLE ONE
.
DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS
1-1. Definitions.
The terms used herein, unless the context hereof
shall require otherwise shall have the following meanings, and
any other terms defined in the Loan Agreement shall have the
same meanings when used herein as assigned to them in the Loan
Agreement unless the context or use thereof indicates another
or different meaning or intent.
Act: the Minnesota Municipal Industrial Development Act,
Minnesota Statutes, Chapter 474, as amended:
Assignment of Leases and Rents: the agreement to.be
executed by the Borrower assigning all the leases, rents,
issues and profits derived from the Project to the Lender to
secure the repayment of the Note and interest thereon:
Bond Counsel: the firm of Briggs and Morgan, Professional
Association, of St. Paul and Minneapolis, Minnesota, and any
opinion of Bond Counsel shall be a written opinion signed by
such Counsel:
Borrower: Pet Care Partnership, a Minnesota general
partnership, its successors, assigns, and any surviving,
resulting or transferee business entity which may assume its
obligations under the Loan Agreement:
Ci~y: the City of Arden Hills, Minnesota, its successors
and ass~gns:
Construction Loan Agreement: the agreement to be executed
by the City, the Borrower and the Lender, relating to the
disbursement and payment of Project Costs out of the
Construction Fund for the acquisition of the Land and the
construction and installation of the Improvements:
.
.
Guarantors: collectively, Richard H. Routhe D.V.M,
Richard M. Hiner, Cheryl L. Hiner, Ronald Zimmerman, Arden
Shoreview Animal Hospital P.C.;
Guaranty: the guaranty to be executed by the Guarantors
in favor of the Lender;
.
Improvements: the structures and other improvements, to
be constructed or installed by the Borrower on the Land in
accordance with the Plans and Specifications;
Land: the real property and any other easements and
rights described in Exhibit A attached to the Loan Agreement;
Leases: all leases now or hereafter affecting the Land;
Lender: North Star State Bank, in Roseville, Minnesota,
its successors and assigns;
Loan Agreement: the agreement to be executed by the City
and the Borrower, providing for the issuance of the Note and
the l>oan of the proceeds thereof to the Borrower, including any
amendments or supplements thereto made in accordance with its
provisions;
Mortgage: the Mortgage, Security Agreement and Fixture
Financing Statement to be executed by the Borrower, as
mortgagor, to the Lender, as mortgagee, securing payment of the
Note and interest thereon;
Note: the $235,000 Commercial Development Revenue Note of
1984 (Pet Care Partnership project), to be issued by the City
pursuant to this Resolution and the Loan Agreement;
Note Register: the records kept by the City Clerk to
provide for the registration of transfer of ownership of the
Note;
Plans and Specifications: the plans and specifications
for the construction and installation of the Improvements on
the Land, which are approved by the Lender, together with such
modifications thereof and additions thereto as are reasonably
determined by the Borrower to be necessary or desirable for the
completion of the Improvements and are reasonably approved by
the Lender; >
.
2
.
Pledge Aqreement: the agreement to be executed by the
City and the Lender p-ledging and assigning the Loan Agreement
to the Lender to the extent provided therein;
Principal Balance: so much of the principal sum on the
Note as remains unpaid at any time:
project: the Land and Improvements as they may at any
time exist:
.
project Costs:
"Loan and Carrying
Loan Agreement;
the total of all "Construction Costs" and
Charges," as those terms are defined in the
Resolution: this Resolution of the City adopted December
17, 1984, together with any supplement or amendment thereto;
security Agreement: the Security Agreement to be executed
by the Borrower in favor of the Lender to secure the Note.
All references in this instrument to designated
"Articles," "Sections" and other subdivisions are to the
designated Articles, Sections and subdivisions of this
instrument as originally executed. The words "herein,"
"hereof" and "hereunder" and other words of similar import
refer to this Resolution as a whole not to any particular
Article, Section or subdivision.
1-2. Legal Authorization.
The City is a political subdivision of the State of
Minnesota and is authorized under the Act to initiate the
revenue producing project herein referred to, and to issue and
sell the Note for the purpose, in the manner and upon the terms
and conditions set forth in the Act and in this Resolution.
1-3. Findings.
The City Council has heretofore determined, and does
hereby determine, as follows:
(l) The City is authorized by the Act to enter into a
Loan Agreement for the public purposes expressed in the Act;
(2) The City has made the necessary arrangements with the
Borrower for the establishment within the City of a project
consisting of certain property all as more fully described in
the Loan Agreement and which will be of the character and
3
.
accomplish the purposes provided by the Act, and the City has
by this Resolution authorized the Project and execution of the
Loan Agreement, the Pledge Agreement, the Note and the
Construction Loan Agreement, which documents specify the terms
and conditions of the acquisition and financing of the Project;
.
(3) in authorizing the project the City's purpose is, and
in its judgment the effect thereof will be, to promote the
public welfare by: the attraction, encouragement and
development of economically sound industry and commerce so as
to prevent, so far as possible, the emergence of blighted and
marginal lands and areas of chronic unemployment; the develop-
ment of revenue-producing enterprises to use the available
resources of the community, in order to retain the benefit of
the community's existing investment in educational and public
service facilities; the halting of the movement of talented,
educated personnel of all ages to other areas thus preserving
the economic and human resources needed as a base for providing
governmental services and facilities; the provision of acces-
sible employment opportunities for residents in the area; the
expansion of an adequate tax base to finance the cost of
governmental services, including educational services for the
school district serving the community in which the Project is
situated;
(4) the amount estimated to be necessary to finance the
Project Costs, including the costs and estimated costs
permitted by Section 474.05 of the Act, will require the
issuance of the Note in the principal amount of $235,000 as
hereinafter provided;
(5) it is desirable, feasible and consistent with the
objects and purposes of the Act to issue the Note, for the
purpose of partially financing the Project;
(6) the Note and the interest accruing thereon do not
constitute an indebtedness of the City within the meaning of
any constitutional or statutory limitation and do not
constitute or give rise to a pecuniary liability or a charge
against the general credit or taxing powers of the City and
neither the full faith and credit nor the taxing powers of the
City is pledged for the payment of the Note or interest
thereon; and .
(7) The Note is an industrial development bond within the
meaning of Section 103(b) of the Internal Revenue Code and is
to be issued within the exemption provided under subparagraph
.
4
(A) of Section 103(b}(6} of the Code with respect to an issue
of $1,000,000 or less: provided that nothing herein shall
prevent the City from hereafter qualifying the Note under a
different exemption if, and to the extent, such exemption is
permitted by law and consistent with the objects and purposes
of the Project.
.
1-4. Authorization and Ratification of Project.
The City has heretofore and does hereby authorize the
Borrower, in accordance with the provisions of Section
474.03(7} of the Act and subject to the terms and conditions
set forth in the Construction Loan Agreement, to provide for
the construction and installation of the project pursuant to
the Plans and Specifications by such means as shall be
available to the Borrower and in the manner determined by the
Borrower, and without advertisement for bids as may be required
for the construction and acquisition of municipal facilities:
and the City hereby ratifies, affirms, and approves all actions
heretofore taken by the Borrower consistent with and in
anticipation of such authority and in compliance with the Plans
and Specifications.
.
5
ARTICLE TWO
NOTE
2-1. Authorized Amount and Form of Note.
.
The Note issued pursuant to this Resolution shall be
in substantially the form set forth herein, with such
appropriate variations, omissions and insertions as are
permitted or required by this Resolution, and in accordance
with the further provisions hereof; and the total principal
amount of the Note that may be outstanding hereunder is
expressly limited to $235,000 unless a duplicate Note is issued
pursuant to Section 2-7. The Note shall be in substantially
the following form:
.
6
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF ARDEN HILLS
Commercial Development Revenue Note of 1984
(Pet Care Partnership Project)
.
$235,000
FOR VALUE RECEIVED the CITY OF ARDEN HILLS, Ramsey
County, Minnesota, (the "City") hereby promises to pay North
Star State Bank, in Roseville, Minnesota, its successors or.
registered assigns (the "Lender"), from the source and in the
manner hereinafter provided, the principal sum of TWO HUNDRED
THIRTY-FIVE THOUSAND AND 00/100 DOLLARS ($235,000), or so much
thereof as may have been advanced to or for the benefit of the
Ci ty and remains unpaid from time to time (the "Principal
Balance"), with interest thereon at the rate or rates
hereinafter set forth in any coin or currency Which at the time
or times of payment is legal tender for the payment of public
or private debts in the United States of America, in accordance
with the terms hereinafter set forth.
1. From and after the date hereof through April 30,
. 1988, interest shall accrue on the principal Balance at a rate
per annum equal to eleven and five-eighths percent (11 5/8%).
Accrued interest only shall be payable on April 1, 1985.
Additional interest for the period beginning on the date of
this Note and ending December 31, 1985 shall be payable on the
date of this Note in the amount of $2,000.00. Commencing on
May 1, 1985 and on the first day of each month thereafter
through and including May 1, 1988, principal of and interest on
this Note shall be payable in equal installments of $2,415.00.
2. commencing May 1, 1988 and on each May 1 every
t'NO years thereafter through and including May 1, 1994 (each,
an "Adjustment Date") interest accruing on the Principal
Balance shall be adjusted to equal one percent (1%) per annum
in excess of the yield on the most recent original offering
prior to each Adjustment Date of two year United States
Treasury Notes rounded to the nearest one-eighth of one percent
7
.
(1/8%). Installments of principal and interest shall be
payable monthly commencing on the June 1 following each
Adjustment Date in an amount equal to the amount necessary to
amortize the Principal Balance in equal monthly installments of
principal plus interest at the Adjusted Rate, assuming a
maturity of May I, 2010. The Principal Balance plus accrued
interest shall be due and payable in full on May 1, 1995 (the
"Final Maturity Date").
.
3. Interest shall be computed on the basis of a 360
day year, but shall be charged for the actual days elapsed in a
year of 365 days. All payments on this Note shall be applied
first to accrued interest and the balance to principal.
4. In the event that the interest on this Note shall
become subject to federal income taxation pursuant to a
Determination of Taxability (as hereinafter defined), the
interest rate on this Note shall be increased, retroactivelY
effective from and after the Date of Taxability (as hereinafter
defined) to an annual rate equal to two percent (2%) in excess
of the Prime Rate (as hereinafter defined) of North Star State
Bank as it may change from time to time. prime Rate shall mean
the rate publicly announced as such by North Star State Bank or
the reasonably equivalent successor rate. The City shall
immediately upon demand pay to the Lender and to each prior
holder affected by such Determination of Taxability an amount
equal to the amount by which the interest accrued retroactively
at such increased rate from the Date of Taxability to the date
of payment exceeds the amount of interest actually accrued and
paid to the Lender and any such prior holder during said
. period. (Such obligation of the City shall survive the payment
in full of the principal amount of this Note.)
5. The terms "Determination of Taxability," "Date of
Taxability" and "Notice of Taxability" as used herein shall
have the meanings ascribed to such terms in Section 4.07 of the
Loan Agreement, dated the date hereof (the "Loan Agreement"),
between the City and Pet Care Partnership (the "Borrower").
6. The Lender shall give notice, as soon as
practicable, but in any event before the right to appeal such
Notice of Taxability has expired, to the Borrower, the City and
any prior holder of its receipt of any Notice of Taxability and
permit the Borrower to contest, litigate or appeal the same at
its sole expense. In the event any such contest, litigation or
appeal is undertaken, the increased interest provided in
paragraph 4 shall, nevertheless, be payable to the Lender and,
.
8
to the extent applicable, any prior holder and shall be held by
the Lender and any such prior holder in escrow pending final
disposition of such contest, litigation or appeal, provided
that the Borrower shall indemnify and hold harmless the Lender
and each such prior holder from any and all penalties, interest
or other liabilities which they may incur on account of such
contest, litigation or appeal.
.
7. In any event, the payments hereunder shall be
sufficient to pay all principal and interest due, as such
principal and interest becomes due, and to pay any premium or
service charge, at maturity, upon redemption, or otherwise.
8. If the Lender should not receive on the first day
of any month all of the principal and interest then due on the
Note, and if the city should continue to be in arrears through
the fifteenth day of such month, then, in addition to all other
sums due hereunder, the Lender shall be entitled to receive on
the sixteenth day of such month a service charge equal to four
percent (4.00%) of the delinquent principal and interest.
9. Principal and interest or service charge due
hereunder shall be payable at the principal office of the
Lender, or at such other place as the Lender may designate in
writing.
10. This Note is issued by the City to provide funds
for a project, as defined in Section 474.02, Subdivision la,
Minnesota Statutes, consisting of the acquisition of real
estate, and the construction of a veterinary clinic facility
thereon, pursuant to the Loan Agreement and this Note is
further issued pursuant to and in full compliance with the
Constitution and laws of the State of Minnesota, particularly
Chapter 474, Minnesota Statutes, and pursuant to a resolution
of the City Council duly adopted on December 17, 1984 (the
"Resolution") .
11. This Note is secured by a Pledge Agreement of
even date herewith by the City to the Lender (the "Pledge
Agreement"), a Mortgage, Security Agreement and Fixture
Financing Statement, of even date herewith between the
Borrower, as mortgagor, and the Lender as mortgagee (the
"Mortgage"), a Guaranty of even date herewith from the
Guarantors (as defined in the Loan Agreement) to the Lender
(the Guaranty), an Assignment of Leases and Rents, of even date
herewith, from the Borrower to the Lender (the "Assignment of
Leases and Rents"). and a Security Agreement of even date
.
9
herewith from the Borrower to the Lender (the "Security
Agreement"). The disbursement of the proceeds of this Note is
subject to the terms and conditions of a Construction Loan
Agreement of even date herewith among the Lender, the City and
the Borrower (the "Construction Loan Agreement").
.
12. The City, for itself, its successors and assigns,
hereby waives demand, presentment, protest and notice of
dishonor: and to the extent permitted by law, the Lender may
extend interest and/or principal of or any service charge or
premium due on this Note, including the Final Maturity Date, or
release any part or parts of the property and interest subject
to the Mortgage or to any other security document from the
same, all without notice to or consent of any party liable
hereon or thereon and without releasing any such party from
such liability and whether or not as a result thereof the
interest on the Note is no longer exempt from the federal
income tax. In no event, however, may the Final Maturity Date
be extended beyond thirty (30) years from the date hereof.
13. This Note may be prepaid in whole or in part at
any time without premium.
14. This Note is further subject to prepayment by the
City, at any time, without a premium, in whole or in part, upon
the occurrence of certain events of damage, destruction or
condemnation of the property secured by the Mortgage, as
specified in Section 2.03 of the Mortgage.
15. In the event of prepayment of this Note, the
Lender shall apply any such prepayment against the applicable
prepayment premium, if any, then against the accrued interest
on the Principal Balance and finally against the final
principal amounts due under the Note. The monthly payments due
under paragraph 1 hereof, shall continue to be due and payable
in full until the entire Principal Balance and accrued interest
due on this Note have been paid regardless of any partial
prepayment made hereunder.
16. As provided in the Resolution and subject to
certain limitations set forth therein, this Note is only
transferable upon the books of the City at the office of the
City Clerk, by the Lender in person or by his agent duly
authorized in writing, at the Lender's expense, upon surrender
hereof together with a written instrument of transfer
satisfactory to the City Clerk, duly executed by the Lender or
his duly authorized agent. Upon such transfer the City Clerk
will note the date of registration and the name and address of
.
10
.
the new registered Lender in the registration blank appearing
below. The City may deem and treat the person in whose name
the Note is last registered upon the books of the City with
such registration noted on the Note, as the absolute owner
hereof, whether or not overdue, for the purpose of receiving
payment of or on the account, of the Principal Balance,
redemption price or interest and for all other purposes, and
all such payments so made to the Lender or upon his order shall
be valid and effective to satisfy and discharge the liability
upon the Note to the extent of the sum or sums so paid, and the
City shall not be affected by any notice to the contrary.
17. All of the agreements, conditions, covenants,
provisions and stipulations contained in the Resolution, the
Mortgage, the Assignment of Leases and Rents, the Loan
Agreement, the Pledge Agreement, the Construction Loan
Agreement and the Security Agreement are hereby made a part of
this Note to the same extent and with the same force and effect
as if they were fully set forth herein.
18. This Note and interest thereon and any service
charge or premium due hereunder are payable solely from the
revenues and proceeds derived from the Loan Agreement, the
Mortgage, the Guaranty, the Assignment of Leases and Rents and
the Security Agreement, and do not constitute a debt of the
City within the meaning of any constitutional or statutory
limitation, are not payable from or a charge upon any funds
other than the revenues and proceeds pledged to the payment
thereof, and do not give rise to a pecuniary liability of the
City or, to the extent permitted by law, of any of its
officers, agents or employees, and no holder of this Note shall
ever have the right to compel any exercise of the taxing power
of the City to pay this Note or the interest thereon, or to
enforce payment thereof against any property of the City, and
this Note does not constitute a charge, lien or encumbrance,
legal or equitable, upon any property of the City, and the
agreement of the City to perform or cause the performance of
the covenants and other provisions herein referred to shall be
subject at all times to the availability of revenues or other
funds furnished for such purpose in accordance with the Loan
Agreement, sufficient to pay all costs of such performance or
the enforcement thereof.
19. It is agreed that time is of the essence of this
Note. If an Event of Default (as that term is defined in the
Mortgage, the Assignment of Leases and Rents, the Construction
Loan Agreement or the Loan Agreement) shall occur, then the
Lender shall have the right and option to declare the Principal
.
11
Balance and accrued interest thereon immediately due and
payable, whereupon the same, plus any premiums or service
charges, shall be due and payable, but solely from sums made
available under the Loan Agreement, the Guaranty, the
Construction Loan Agreement, the Assignment of Leases and
Rents, the Security Agreement and the Mortgage. Failure to
exercise such option at any time shall not constitute a waiver
of the right to exercise the same at any subsequent time.
.
20. The remedies of the Lender, as provided herein
and in the Mortgage, the Assignment of Leases and Rents, the
Guaranty, the Loan Agreement, the Pledge Agreement, the
Security Agreement and the COnstruction Loan Agreement, are not
exclusive and shall be cumulative and concurrent and may be
pursued singly, successively or together, at the sole
discretion of the Lender, and may be exercised as often as
occasion therefor shall occur: and the failure to exercise any
such right or remedy shall in no event be construed as a waiver
or release thereof.
2l. The Lender shall not be deemed, by any act of
omission or commission, to have waived any of its rights or
remedies hereunder unless such waiver is in writing and signed
by the Lender and, then only to the extent specifically set
forth in the writing. A waiver with reference to one event
shall not be construed as continuing or as a bar to or waiver
of any right or remedy as to a subsequent event.
22. This Note has been issued without registration
under state or federal or other securities laws, pursuant to an
exemption for such issuance: and accordingly the Note may not
be assigned or transferred in whole or part, nor may a
participation interest in the Note be given pursuant to any
participation agreement, except in accordance with an
applicable exemption from such registration requirements.
IT IS HEREBY CERTIFIED AND RECITED that all
conditions, acts and things required to exist, happen and be
performed precedent to or in the issuance of this Note do
exist, have happened and have been performed in regular and due
form as required by law.
.
12
IN WITNESS WHEREOF, the City has caused this Note to
be duly executed in its name by the manual signatures of the
Mayor and City Clerk-Administrator and has caused the corporate
seal to be affixed hereto, and has caused this Note to be dated
December , 1984.
.
CITY OF ARDEN HILLS, MINNESOTA
Mayor
Attest:
City Clerk-Administrator
(SEAL)
.
13
PROVISIONS AS TO REGISTRATION
The ownership of the unpaid principal Balance of this
Note and the interest accruing thereon is registered on the
books of the City of Arden Hills in the name of the holder last
noted below.
.
Date of
Registration
Name and address
Reqistered Owner
Signature of
City Clerk-
Administrator
North Star State Bank
1280 North Lexington Ave.
Roseville, MN 55113
14
.
2-2. The Note.
The Note shall be dated as of the date of delivery,
shall be payable at the times and in the manner, shall bear
interest at the rate, and shall be subject to such other terms
and conditions as are set forth therein.
2-3. Execution.
.
The Note shall be executed on behalf of the City by
the signatures of its Mayor and City Clerk-Administrator and
shall be sealed with the seal of the City. In case any officer
whose signature shall appear on the Note shall cease to be such
officer before the delivery of the Note, such signature shall
nevertheless be valid and sufficient for all purposes, the same
as if had remained in office until delivery. In the event of
the absence or disability of the Mayor or the City
Clerk-Administrator such officers of the City as, in the
opinion of the City Attorney, may act in their behalf, shall
without further act or authorization of the City Council
execute and deliver the Note.
2-4. Delivery of Note.
Before deliVery of the Note there shall be filed with
the Lender (except to the extent waived by the Lender) the
following items:
(1) an executed copy of each of the following documents:
(A) the Loan Agreement;
(B) the Pledge Agreement;
(C) the Mortgage;
(D) the Assigmnent of Leases and Rents;
(E) the Construction Loan Agreement;
(F) the Guaranty;
(G) the Security Agreement;
(H) a Cost Certificate signed by the Borrower
certifying the use of the proceeds of the Note.
(2) an opinion of Counsel for the Borrower as prescribed
by Bond Counsel;
.
15
(3) the opJ.nJ.on of Bond Counsel as to the validity and
tax exempt status of the Note;
(4) such other documents and opinions as Bond Counsel may
reasonably require for purposes of rendering its opinion
required in subsection (3) above or that the Lender may
reasonably require for the closing.
.
2-5. Disposition of Note Proceeds.
. Upon delivery of the Note, the Lender shall, on
behalf of the City, advance funds for payment of Project Costs
upon receipt of such supporting documentation as the Lender may
deem reasonably necessary, including compliance with the pro-
visions of the Construction Loan Agreement. The Lender or the
Borrower shall provide the City with a full accounting of all
funds disbursed for Project Costs.
2-6. Reqistration of Transfer.
The City will cause to be kept at the office of the
City Clerk-Administrator a Note Register in which, subject to
such reasonable regulations as it may__prescribe, the City shall
provide for the registration of transfers of ownership of the
Note. The Note shall be initially registered in the name of
the Lender and shall be transferable upon the Note Register by
the Lender in person or by its agent duly authorized in
writing, upon surrender of the Note together with a written
instrument of transfer satisfactory to the City
Clerk-Adminstrator, duly executed by the Lender or its duly
authorized agent. The following form of assignment snall be
sufficient for said purpose.
For value received hereby
sells, assigns and transfers unto
the within Note of the City of Arden Hills,
Minnesota, and does hereby irrevocably
constitute and appoint
attorney to transfer said Note on the books
of said City with full power of substitution
in tne premises. The undersigned certifies
that the transfer be made in accordance with
the provisions of Section 2-9.
Dated:
Registered Owner
.
16
Upon such transfer the City Clerk-Administrator shall note the
date of registration and the name and address of the new Lender
in the Note Register and in the registration blank appearing on
the Note.
2-7. Mutilated, Lost or Destroyed Note.
.
In case any Note issued hereunder shall became
mutilated or be destroyed or lost, the City shall, if not then
prohibited by law, cause to be executed and delivered, a new
Note of like outstanding principal amount, number and tenor in
exchange and substitution for and upon cancellation of such
mutilated Note, or in lieu of and in substitution for such Note
destroyed or lost, upon the Lender's paying the reasonable
expenses and charges of the City in connection therewith, and
in the case of a Note destroyed or lost, the filing with the
City of evidence satisfactory to the City with indemnity
satisfactory to it. If the mutilated, destroyed or lost Note
has already matured or been called for redemption in accordance
with its terms it shall not be necessary to issue a new Note
prior to payment.
2-8. OWnership of Note.
The City may deem and treat the person in whose name
the Note is last registered in the Note Register and by
notation on the Note whether or not such Note shall be overdue,
as the absolute owner of such Note for the purpose of receiving
payment of or on account of the Principal Balance, redemption
price or interest and for all other purposes whatsoever, and
the City shall not be affected by any notice to the contrary.
2-9. Limitation on Note Transfers.
The Note has been issued without registration under
state or other securities laws, pursuant to an exemption for
such issuance; and accordingly the Note may not be assigned or
transferred in whole or part, nor may a participation interest
in the Note be given pursuant to any participation agreement,
except in accordance with an applicable exemption from such
registration requirements.
17
.
ARTICLE THREE
GENERAL COVENANTS
.
3-1. Payment of Principal and Interest.
The City covenants that it will promptly payor cause
to be paid the principal of and interest on the Note at the
place, on the dates, solely from the source and in the manner
provided herein and in the Note. The principal and interest
are payable solely from and secured by revenues and proceeds
derived from the Loan Agreement, the Pledge Agreement, the
Mortgage, the Construction Loan Agreement, the Guaranty, the
Security Agreement and the Assignment of Leases and Rents,
whiCh revenues and proceeds are hereby specifically pledged to
the payment thereof in the manner and to the extent specified
in the Note, the Loan Agreement, the Pledge Agreement, the
Mortgage, the Construction Loan Agreement, the Guaranty, the
Security Agreement and the Assignment of Leases and Rentsl and
nothing in the Note or in this Resolution shall be considered
as assigning, pledging or otherwise encumbering any other funds
or assets of the City.
3-2. Performance of and Authority for Covenants.
The City covenants that it will faithfully perform at
all times any and all covenants, undertakings, stipulations and
provisions contained in this Resolution, in the Note executed,
authenticated and delivered hereunder and in all proceedings of
the City Council pertaining thereto; that it is duly authorized
under the Constitution and laws of the State of Minnesota
including particularly and without limitation the Act, to issue
the Note authorized hereby, pledge the revenues and assign the
Loan Agreement in the manner and to the extent set forth in
this Resolution, the Note, the Loan Agreement and the Pledge
Agreement 1 that all action on its part for the issuance of the
Note and for the execution and delivery thereof has been duly
and effectively takenl and that the Note in the hands of the
Lender is and will be a valid and enforceable special limited
obligation of the City according to the terms thereof.
3-3. Enforcement and Performance of Covenants.
The City agrees to enforce all covenants and
obligations of the Borrower under the Loan Agreement and
Construction Loan Agreement, upon request of the Lender and
being indemnified to the satisfaction of the City for all
.
18
.
expenses and claims ar~s~ng therefrom, and to perform all
covenants and other provisions pertaining to the City contained
in the Note, the Loan Agreement and the Construction Loan
Agreement and subject to Section 3-4.
.
3-4. Nature of Security.
Notwithstanding anything contained in the Note, the
Mortgage, the Assignment of Leases and Rents, the Loan
Agreement, the Pledge Agreement or any other document referred
to in Section 2-4 to the contrary, under the provisions of the
Act the Note may not be payable from or be a charge upon any
funds of the City other than the revenues and proceeds pledged
to the payment thereof, nor shall the City be subject to any
liability thereon, nor shall the Note otherwise contribute or
give rise to a pecuniary liability of the City or, to the
extent permitted by law, any of the City's officers, employees
and agents. No holder of the Note shall ever have the right to
compel any exercise of the taxing power of the City to pay the
Note or the interest thereon, or to enforce payment thereof
against any property of the City other than the revenues
pledged under the Pledge Agreement; and the Note shall not
constitute a charge, lien or encumbrance, legal or equitable,
upon any property of the City; and the Note shall not
constitute a debt of the City within the meaning of any
constitutional or statutory limitation; but nothing in the Act
impairs the rights of the Lender to enforce the covenants made
for the security thereof as provided in this Resolution, the
Loan Agreement, the Pledge Agreement, the Mortgage, the
Assignment of Leases and Rents, the Construction Loan
Agreement, the Security Agreement, the Guaranty and in the Act,
and by authority of the Act the City has made the covenants and
agreements herein for the benefit of the Lender; provided that
in any event, the agreement of the City to perform or enforce
the covenants and other provisions contained in the Note, the
Loan Agreement, the Pledge Agreement and the Construction Loan
Agreement shall be subject at all times to the availability of
revenues under the Loan Agreement sufficient to pay all costs
of such performance or the enforcement thereof, and the City
shall not be subject to any personal or pecuniary liability
thereon.
-.
19
.
ARTICLE FOUR
MISCELLANEOUS
.
4-l. Severability.
If any provision of this Resolution shall be held or
deemed to be or shall, in fact, be inoperative or.unenforceable
as applied in any particular case in any jurisdiction or
jurisdictions or in all jurisdictions or in all cases because
it conflicts with any provisions of any constitution or statute
or rule or public policy, or for any other reason, such
circumstances shall not have the effect of rendering the
provision in question inoperative. or unenforceable in any other
case or circumstance, or of rendering any other provision or
provisions herein contained invalid, inoperative, or
unenforceable to any extent Whatever. The invalidity of any
one or more phrases, sentences, clauses or paragraphs in this
Resolution contained shall not affect the remaining portions of
this Resolution or any part thereof.
4-2. Authentication of Transcript.
The officers of the City are directed to furnish to
Bond Counsel certified copies of this Resolution and all
documents referred to herein, and affidavits or certificates as
to all other matters Which are reasonably necessary to evidence
the validity of the Note. All such certified copies,
certificates and affidavits, including any heretofore
furnished, shall constitute recitals of the City as to the
correctness of all statements contained therein.
4-3. Reqistration of Resolution.
The City Clerk-Administrator is authorized and
directed to cause a copy of this Resolution to be filed with
the County Audi tor of Ramsey County, and to obtain from said
County Auditor a certificate that the Note as a bond of the
City has been duly entered upon his bond register.
4-4. Authorization to Execute Aqreements.
The fonns of the proposed Loan Agreement, the Pledge
Agreement, the Construction Loan Agreement, the Guaranty, the
Mortgage and the Assignment of Leases and Rents are hereby
approved in substantially the fonn heretofore presented to the
City Council, together with such additional details therein as
may be necessary and appropriate and such modifications
thereof, deletions therefrom and additions thereto as may be
-.
20
,
,
.
necessary and appropriate and approved by Bond Counsel prior to
the execution of the documents, and the Mayor and City
Clerk-Administrator of the City are authorized to execute the
Loan Agreement, the Pledge Agreement and the construction Loan
Agreement in the name of and on behalf of the City and such
other documents as Bond Counsel consider appropriate in
connection wi th the issuance of the Note. In the event of the
absence or disability of the Mayor or the City
Clerk-Administrator such officers of the City as, in the
opinion of the City Attorney, may act in their behalf, shall
without further act or authorization of the City Council do all
things and execute all instruments and documents required to be
done or executed by such absent or disabled officers. The
execution of any instrument by the appropriate officer or
officers of the City herein authorized shall be conclusive
evidence of the approval of such documents in accordance with
the terms hereof.
Adopted: December 17, 1984
/Y~~.4#.J~kA".#1/
t:i.~r of the City of Arden Hills
Attest:
CZlaA/~ ~y~~
CityClerk-Adminis rator ~
21
,