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hearing .all those appearing who desired to speak were heard and written comments. were ( accepted. BE IT RESOLVED by the City Council.. (the""Council") of the City .of Gem Lake, :Minnesota {the "City".), as follows: SECTION* I:. LEGAL AUTHORIZATION AND. FINDINGS. L:1 Findings. The City hereby finds, determines and.,declares as follows; (a) The. City is i.munieipal. corporation and a political subdivision of the State of Minnesota arid is authorized under the Act to assist the1ousing 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.. (b) Ifie:.issuanee and sale of the Note by the City, pursuant to the Act, is in the best interest of the City, and the City hereby dotei-m os to issue the Nate and. to sell the Note to KleinBank in Chanhassen, Minnesota, or another bank in Minnesota (the: "Lender"); as provided Herein. The City will loan the proceeds of the Note (the, "Loan"). to the Borrower in order to refinance the Project. (c) Pursuant to a Loan Agreement (thee"Loan Agreement') to be entered*into* between the City and. the Borrower, the Borrower has agreed to repay the. Loan in specified. -amounts and at specified times sufficient to pay in full when due the: pxiri6pal. of premium, if any, and interest on the Note. In addition, the Loan Agreement'cbritains provisions relating to the: maintenance and operation of the: Project,. indemnification, insurance; and other agreements acid eoveinants which are required or permitted by tine* Act and which. the City and the. Borrower deem necessary or desirable for the refinancing. of *the Project. A draft of the Loan Agreenent was available prior to this meeting. (d) Pursuant to -a Pledge Agreement (the "Pledge Agreement') to. be entered. into between the: City and -the Lender; the City.' -has, pledged and granted. a security interest in all of its right§, title; and* interest in the Loan. Agreement. to the Lender (except for certain rights ofindemnification and to reimbursement for certain costs and expenses). A draft of the Pledge Agreement was.available prior to. tltis meeting. (e) Pursuant to an Amended and Restated Mortgage, Security Agreement and Fixture Financing Statement (the "Amended and Restated Mortgage") to be executed by the Borrower; in favor of the Lender, the.:Borrower has secured payment of amounts due under the -Loan Agreement, Note.and the BDA Note by granting -to the Lender a mortgage and security interest, in the property described therein. A draft of *.the Amended and Restated Mortgage was available prior to this meetizig: (fj Pursuant to .Minnesota Statutes, Sections 471.59 and 471.656; as amended; and Section 147(f) of the. Code,. Mahtomedi will conduct a .public hearing on. June 16, 24*15 on the proposed issuance of the Note to, amongother things, refinance the Project which is located within ft jurisdictional limits of Mahtomedi, and Mahtomedi will. consider authorizing the. issuanee of the Note to -:refinance the Project and authorizing the 3 461911v1 JsP M0554