Resolution 1097 - Laserfiche WebLink

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, c ; : � � , , , • , FIRST SUPPLEMENT TO MEMORANDUM OF AGREEMENT • � ' THIS FIRST SU�PLEMENT TO MEMORANDUM Ok' AGREEMENT, dated � as of , 1979 , among the City of Orono, Minnesota (the City1 , David J. Delaney, a resident of the City of Minnetrista, Minnesota (Mr. Delaney� , and a partnership to be organized by Mr. Delaney Cthe Partnership� provides as follows : 1. Preliminary Statement. Aznong the matters of mutual inducement which Y�ve resulted� in this. fi.rst supplement to memor- , andum of agreement are the following; , Caa By a Memorandum of Agreement, dated' as of January 23, 1979 , among the City, Mr. Delaney and the Partnership, the City agreed to issue and sell its revenue bonds or notes or other obligations �the Notes� pursuant to the authority of Chapter 474 , Minnesota Statutes, as amended Cthe Act}. to pay costs of a project consisting of the acquisition of certain properties for use as a bank and other commercial or office facilities of approximately 10, Q.00 square feet. • � (b� Mr. Delaney and the Partnership now propose that the building included in the project described in (a) above be i'ncreased from approximately 10 ,000 square feet to approximately � 14 ,000 square feet, and propose that there be an increase in the proportion of bank space in the building and that related improve- ments and other properties be made and acquired. (c� Mr. Delaney and the Partnership wish to obtain sat- isfactory assurance from the City that the proceeds of Notes of the City will be made available to finance the cost occasioned by the increase in the facilities as described above (�nd occasioned by inflation in costs of the project described above of approxi- mately $SO ,OOO� ,which increase and cost of inflation increase , referred to is presently estimated not to exceed $250 , 000 . • 2. Supplement to the Memorandum of Agreement. The Memorandum of Agreement, dated as of January 23 , 1979 , is supple= mented as follows : � . (a� Subject to due compliance with all requirements of law and by. virtue of such statutory authority as is now `°or , may hereafter be conferred by �the Act, and subject to the mutual agreement of the City, �Mr. Delaney and the purchasers of the Notes as to the terms and conditions of the Notes and of their issuance, the City agrees that it will issue and sell its Notes , in an ad- ditional amount not exceeding $250 ,000 to pay the •costs of the . increase in the "facility described above and increased costs of approximately $50 ,OOO �in the project described in 1 (a) above due • to inflation. � ' � . r . ,