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1 <br /> i^.i;w <br /> ..-.."v�. `r�i k� . <br /> � <br /> 3 KZ.;:� � . . <br /> �' ^4L+"`'.y;�- � <br /> �x �- "���� Cit o� ORONO <br /> � . ���� � <br /> _. � . . <br /> '°'" °� � RESOLUTION OF THE CITY COUNCIL � <br /> .�x. -�. <br /> �-:��..• �•� :� NO. 12 3 8 ��. <br /> e .� .,�� <br /> � •':w� _s,- <br /> 3. It is hereby found, determined and declared� that <br /> the purpose of the Project is and the effect thereof will be to <br /> promote the public welfare by the attraction, encouragement and <br /> development of economically sound industry, agriculture and <br /> commerce so as to prevent, so far as possible, the emergence of <br /> blighted and marginal lands and areas , of chronic unemployment; <br /> the retention and development of industry to use the available <br /> r`esources of the community, in order to retain �the benefit of <br /> their exi�ting investment in educational and pu,blic service . <br /> facilities, by halting the movement of talented and educated <br /> •f'.�• personnel of mature age to other areas and thus preserving �the , <br /> • economic and human resources needed as a base for providing <br /> governmental services and facilities; and the more intensive <br /> development of land available in the area to provide a more <br /> adequate tax base to finance the cost of governmental services in <br /> the City, County, and School District where the Project is <br /> located. <br /> a y� ` <br /> • � , 4 . The Borrower has entered into preliminary <br /> discussions with The Towle Company (the "Financial Advisor") � <br /> and the Financial Advisor has reported that the Project and the <br /> sale of the bond therefor are economically feasible. <br /> 5. The Project is hereby given preliminary approval by <br /> � the City subject to approval of the Project by the Commissioner � <br /> of Securities and subject to final approval by this Council and <br /> by the purchasers of any bonds to be issued and as to the ultimate <br /> � details of the Project. • � <br /> 6. In accordance with Section 474. 01, Subd. 7, Minnesota <br /> Statutes�, the Mayor, the City Clerk and such other officers and <br /> representatives of the City as may from time to time be designated <br /> � are hereby authorized and directed to� submit the proposal for the <br /> Project to the Commissioner of Securities and request her approval <br /> " thereof, and the Mayor, the City Clerk, and other officers, <br /> employees and agents of the City are hereby .authorized to provide � <br /> the Commissioner with such preliminary information as she may <br /> require. The Borrower, Messrs. Faegre & Benson as bond counsel, <br /> the Financial Advisor, the City Attorney, and, other City officials <br /> are also authorized,to initiate the preparation of a proposed loan <br /> agreement, mortgage and such other documents as may be necessar,y ' <br /> � l:"' ��v�ro�,riate to the Project so that, when and if the proposed <br /> Project is approved by the Commissioner and this Council gives its <br /> � . final approval thereto, the Project may be carried �orward expe- <br /> ditiously. <br /> � Page 2 of 3 � <br />