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CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
91-59
RESOLUTION NO.
A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF AMENDMENT
NUMBER ONE TO LOAN AGREEMENT BETWEEN THE CITY OF ARDEN HILLS AND
PET CARE PARTNERSHIP.
BE IT RESOLVED by the Council for the City of Arden Hills,
Minnesota (the "City") as follows:
Section 1.
Recitals.
1.01. It has been proposed that the City enter into
Amendment Number One to Loan Agreement (the "Amendment Number
One") with Pet Care Partnership (the "Borrower").
Section 2.
Findinqs.
.
2.01. The City hereby finds that it has entered into a
Loan Agreement with the Borrower dated as of December 28, 1984
and issued its $235,000 Commercial Development Revenue Note (the
"Note") and purchased by North Star Bank (the "Lender").
2.02. The City hereby finds that the Lender and Borrower
are requesting that a subordinate lien be allowed and that the
Note be guaranteed by a single guarantor.
Section 3.
Authorization for Execution and Deliverv.
3.01. The Mayor and the City Clerk Administrator of the
City are hereby authorized to execute and deliver the Amendment
Number One when the following condition is met:
a. receipt of $600.
Adopted by the City this
/).,
day of
~,1991.
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I /t;n..G/J ,,~
Mayor
ATTEST:
. Cit~k1id~~ator