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.. � '2a;��r �7an Nest introduced the following resolution • and moved its adoption: RESOLUTION NO. 1097 � RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT UNDER THE MUNICIPAL INDUS- TRIAL DEVELOPMENT ACT; REFERRING THE PROPOSAL TO THE COMMISSIONER OF SECUR- ITIES FOR APPROVAL; AND AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS BE IT RESOLVED by the City Council of the City of Orono, Minnesota (the City� , as follows : SECTION 1 Recitals and Findings 1 . 1 . By Resolution No. 988 entitled "Resolution Relating To A Project Under The Municipal Industrial Development Act; Giving Preliminary Approval To The Project; Referring The Prop�sal To The Commissioner Of Securities For Approval; And Authorizing Exe- cution Of A Memorandum Of Agreement And Preparation Of Necessary Documents" , adopted by the City Council on January 23 , 1979 , ap- • proval was given to a project consisting of the acquisition of land within the City, construction thereon of a building and ac- quisition and installation therein of items of furnishings , per- sonal property and related facilities , for use as a bank and other commercial or office facilities of approximately 10 , 000 square feet, and the issuance of revenue bonds or notes or other obligations pursuant to the Act (the Notes) in an approximate amount of $450 , 000 to finance such project, the proceeds of such Notes to be loaned to Mr. David J. Delaney , a resident of the City of Minnetrista, Minnesota (Mr. Delaney) , or a partnership to be organized by Mr. Delaney (the Partnership) pursuant to a revenue agreement wherein the Partnership and/or Mr. Delaney will be obligated to acquire, construct and equip the project, to ap- ply the proceeds of the Notes to_ the payment of costs thereof and to make payments under the revenue agreement at the times and in the amounts sufficient to provide for the prompt payment of the principal of and the interest on the Notes and all costs and ex- penses of the City incidental to the issuance and sale of the Notes . 1. 2 . This Council , by resolution duly adopted on August 14 , 1979 , called a public hearing on the proposal that the City issue its additional Notes in the estimated amount not to exceed $250 , 000 to undertake and finance, in whole or in part, a project (the Project) in behalf of Mr. Delaney or the Fartnership consisting of an increase in the size of building referred to in Section l. l • above from approximately 10 , 000 square feet to approximately 14 , 000 square feet, a proposed increase in the proportion of bank �