res_7779 - Laserfiche WebLink

Home

by this Resolution authorized the Project and execution of the Loan Agreement, the Pledge Agreement, the Note and the Construction Loan Agreement, which documents specify the terms and conditions of the acquisition and financing of the Improvements to be included in the Project~ (3) in authorizing the Project the City's purpose is, and in its judgment the effect thereof will be, to promote the public welfare by: the attraction, encouragement and development of economically sound industry and commerce so as to prevent, so far as possible, the emergence of blighterl and marginal lands and areas of chronic unemployment~ the develop- ment of revenue-producing enterprises to use the av~ilable resources of the community, in order to retain the benefit of the community's existing investment in educational and public service facilities~ the halting of the movement of talented, educated personnel of all ages to other areas thus preserving the economic and human resources needed as a base for providing governmental services and facilities~ the provision of acces- sible employment opportunities for residents in the area~ the expansion of an adequate tax base to finance the cost of governmental services, including educational services for the school district serving the community in which the Project is situated7 (4) the amount estimated to be necessary to partially finance the Project Costs, including the costs and estimated costs permitted by-Section 474.05 of the Act, will require the issuance of the Note in the principal amount of $3,750,000 as hereinafter provided~ and based on the representations of the Company, the City finds that the Project would not be under- taken but for the availability of the financing made available hereunder7 (5) it is desirable, feasible and consistent with the objects and purposes of the Act to issue the Note, for the purpose of partially financing the Improvements to be included in the Project7 (6) the Note and the interest accruing thereon do not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation and do not constitute or give rise to a pecuniary liability or a charge against the general credit or taxing powers of the City and neither the full faith and credit nor the taxing powers of the City is pledged for the payment of the Note or interest thereon~ and 4