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<br />RESOLUTION NO. 7847 <br /> <br />RESOLUTION AUTHORIZING A PROJECT UNDER <br />THE MINNESOTA MUNICIPAL INDUSTRIAL <br />DEVELOPMENT ACT AND THE ISSUANCE OF <br />VARIABLE RATE DEMAND COMMERCIAL DEVELOPMENT <br />REVENUE BONDS TO FINANCE THE PROJECT <br /> <br />BE IT RESOLVED, by the Council of the City of <br />Roseville, Minnesota, as follows: <br /> <br />1. Proposal. The Council has received a proposal <br />from Berger Transfer & Storage, Inc., a Minnesota corporation <br />(the "Company"), that the City undertake to finance a certain <br />Project as herein described, pursuant to the Minnesota <br />Municipal Industrial Development Act, Chapter 474, Minnesota <br />Statutes (the "Act"), through the issuance by the City of its <br />$4,700,000 Variable Rate Demand Commercial Development Revenue <br />Bonds, Series F (Berger Transfer & Storage, Inc.)(the "Bonds"). <br /> <br />2. Project. The Company desires to construct on <br />real estate located in the City an approximately 210,000 square <br />foot warehouse/office building (the "Project"). The Project as <br />described above will provide employment and will otherwise <br />further the policies and purposes of the Act, and the findings <br />made in the preliminary resolution adopted by this Council on <br />June 10, 1985, with respect to the Project are hereby ratified, <br />affirmed and approved. <br /> <br />3. Structure. It is proposed that, pursuant to a <br />Loan Agreement dated as of December 1, 1985, between the City <br />as lender and the Company as borrower (the "Loan Agreement"), <br />the City loan the proceeds of the Bonds to the Company to <br />partially finance the cost of the Project. The payments to be <br />made by the Company under the Loan Agreement are fixed so as to <br />produce revenue sufficient to pay the principal of, premium, if <br />any, and interest on the Bonds when due. It is further <br />proposed that the City assign its rights to the payments and <br />certain other rights under the Loan Agreement to the First <br />Trust Company, Inc., in St. Paul, Minnesota (the "Trustee"), as <br />security for payment of the Bonds under an Indenture of Trust <br />dated as of December 1, 1985 (the "Indenture"), and, that the <br />Company grant a mortgage and security interest in the Project <br />to the Trustee and the Bank (referred to below) pursuant to a <br />Combination Mortgage and Security Agreement dated as of <br />December 1, 1985, (the "Mortgage") and that the Company execute <br />an Assignment of Leases and Rents dated as of December 1, 1985, <br />in favor of the Trustee and the Bank (the "Assignment of Leases <br />