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RESOLUTION 2010 — 06 APPROVING <br />EDUCATIONAL DEVELOPMENT REVENUE NOTE <br />(WHITE BEAR MONTESSORI PROJECT) <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 Project), Series 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 Montessori School, Inc. (the "Borrower") pursuant to <br />a Loan and Purchase Agreement dated as of July 1, 1998(the "Loan Agreement'), between <br />the City, the Lender and the Borrower. It is proposed that the Note be amended to defer <br />certain principal installments without reducing the principal amount or extending the final <br />maturity. <br />2. Approval 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 in their stead. <br />3. Effectiveness. This Resolution shall take effect immediately following its <br />adoption. <br />Adopted this 20th day of April 2010. <br />ATTEST <br />1, William Short, the duly qualified City Clerk of the City of Gem Lake, County of Ramsey, <br />State of Minnesota, do hereby certify that the foregoing resolution is a true and accurate <br />representation of action taken by the City Council of the City of Gem Lake on the date first <br />written. <br />William Short, City Clerk <br />ffixs �084266.01 <br />Date <br />