HomeMy WebLinkAbout2010-006 WHITE BEAR MONTESSORI PROJECTRESC7LLT'FION 2010 --- DG APPROVING
EDUCAT10NA1, DI;VE'L0PM.E'NT Rl, 'V`EMJE NTOTE
(WHITE BEAR MONTESSOR1 PROJEC,F)
BE IT RESOLVED by the City Council of the City of Gem Lake, as follows:
1. Background. The City, for purposes of financing for school facilities, issued:
its Educational Development. Revenue: Note (White Bear -' Montessori. Proiect), Serics 1998
(the "Note") In the: principal amount of $980,000 to Premier Bank (the `'Lender"} and loaned
the proceeds of the Note to White Bear.. Mpntessor'i School, Inc.. (the "Burrower") pursuant to
a Loan and Purchase. Agreement dated as of July 1, 1998(the "Loan Agreement"), beb�,cen.
the City, the Lender and the Borrower. It is proposed that the dote be amended to defer
ceilain principal installments without reducing the principal amount. or extending the final
.maturity.
2: Aparoval and Execution of Documents. The form of Note Amendment on. file
is approved and shall be executed .in the name and on behalf of the City by the . Mayor and
City Clerk, or such other persons who are otherwise permitted to act an their stead.
a. Effectiveness. 'his .:Itesoltztian. sliall takeeffect immediately following its
adoption.
Adop(ed this 20.th day of April 2 0.1D.
ATTEST
I, W11.1iam Short. the: duly qualified City Clerk of the City of Gem Lake, County of Ramsey,
State of Mirulesota, do hereby. eertify that the foregoing resolution is a tole and accurate
representation of action taken by the City Council of the City cif Gene lake on the date first.
written.
William Short, City Clerk
ih:kiS 5084266.01.
Date