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<br />1Ii <br /> <br />CITY OF CENTERVILLE, MINNESOTA <br /> <br />RESOLUTION NO. q S - 20 <br /> <br />RESOLUTION AWARDING THE SALE OF, AND PROVIDING <br />THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR <br />THE ISSUANCE OF ITS $32,250 TAX INCREMENT <br />REVENUE NOTE, SERIES 1995A. <br /> <br />BE IT RESOLVED BY the City Council ("Council") of the City of Centerville, <br />Minnesota (the "City") as follows: <br /> <br />Section 1. Authorization; Award of Sale. <br /> <br />1.01. Authorization. The City has heretofore approved the establishment of <br />Tax Increment Financing District No. 1-4 (the "TIF District") within Development <br />District No.1 ("Project"), and has adopted a tax increment financing plan for the <br />purpose of financing certain improvements within the Project. <br /> <br />Pursuant to Minnesota Statutes, Section 469.178, the City is authorized to <br />issue and sell its bonds for the purpose of financing a portion of the public <br />development costs of the Development District. Such bonds are payable from all or <br />any portion of revenues derived from the TIF District and pledged to the payment <br />of the bonds. The City hereby finds and determines that it is in the best interests <br />of the City that it issue and sell its $32,250 Tax Increment Revenue Note, Series <br />1995A ( "Note 1") for the purpose of financing certain costs of the Project. <br /> <br />1.02. Issuance, Sale, and Terms of Note 1. The City hereby delegates to <br />the Assistant City Clerk the determination of the date on which Note 1 is to be <br />issued, in accordance with that certain Contract for Private Development between <br />the City, and the Owner dated October 24, 1995 (the "Agreement"). Note 1 shall be <br />sold to Northern Forest Products, L.L.C. (the "Owner"). Note 1 shall be dated the <br />date of initial delivery thereof, and shall bear interest at the rate of 8.50% per annum <br />to the earlier of maturity or prepayment. The City shall receive as consideration for <br />the sale of Note 1 the right to purchase the Property from the Seller in exchange for <br />delivery of this Note 1, all as such terms are defined in the Agreement. <br /> <br />Section 2. Form of Note 1. Note 1 shall be in substantially the following <br />form, with the blanks to be properly filled in and the principal amount and payment <br />schedule adjusted as of the date of issue: <br /> <br />SJl393339 <br />CE155-7 <br /> <br />1 <br /> <br />Revised <br />