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RESC7LLT'FION 2010 --- DG APPROVING <br />EDUCAT10NA1, DI;VE'L0PM.E'NT Rl, 'V`EMJE NTOTE <br />(WHITE BEAR MONTESSOR1 PROJEC,F) <br />BE IT RESOLVED by the City Council of the City of Gem Lake, as follows: <br />1. Background. The City, for purposes of financing for school facilities, issued: <br />its Educational Development. Revenue: Note (White Bear -' Montessori. Proiect), Serics 1998 <br />(the "Note") In the: principal amount of $980,000 to Premier Bank (the `'Lender"} and loaned <br />the proceeds of the Note to White Bear.. Mpntessor'i School, Inc.. (the "Burrower") pursuant to <br />a Loan and Purchase. Agreement dated as of July 1, 1998(the "Loan Agreement"), beb�,cen. <br />the City, the Lender and the Borrower. It is proposed that the dote be amended to defer <br />ceilain principal installments without reducing the principal amount. or extending the final <br />.maturity. <br />2: Aparoval and Execution of Documents. The form of Note Amendment on. file <br />is approved and shall be executed .in the name and on behalf of the City by the . Mayor and <br />City Clerk, or such other persons who are otherwise permitted to act an their stead. <br />a. Effectiveness. 'his .:Itesoltztian. sliall takeeffect immediately following its <br />adoption. <br />Adop(ed this 20.th day of April 2 0.1D. <br />ATTEST <br />I, W11.1iam Short. the: duly qualified City Clerk of the City of Gem Lake, County of Ramsey, <br />State of Mirulesota, do hereby. eertify that the foregoing resolution is a tole and accurate <br />representation of action taken by the City Council of the City cif Gene lake on the date first. <br />written. <br />William Short, City Clerk <br />ih:kiS 5084266.01. <br />Date <br />