Resolution 988 - Laserfiche WebLink

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I 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 apply the proceeds of -the Notes solely 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 expenses of the City incidental to the issuance and sale of the Notes. 1.6. This Council has also been advised by Mr. Delaney that on the basis of .his discussions with potential buyers of tax-exempt Notes, the Notes in the approximate principal amount of $450,000 could.be Issued and sold upon terms and conditions satisfactory�to'•the_City, the Bank, and Mr. Delaney to finance the Proj ect. ,.... j 1.*7. The City is authorized by the Act to issue the_ Notes to finance capital projects. consisting of properties used and useful in connection with a. -revenue-producing enterprise such as that of the Bank. 2. On, the basis of the information given the City to date, -it appears that it would be in the best interest of the City to issue-the.Notes under the provisions of the Act to, finance the Project at a cost presently. estimated to be approximately $450,000. 3. The undertaking of the Project and the issuance of" the Notes pursuant to the Act in the approximate amount of $450,'000. to finance the costs thereof all as referred to above is hereby authorized and approved by the City, subject to -the approval of the Project by the Commissioner of Securities and to the mutual agreement of this Council, the Bank, Mr. Delaney and/or the Partner- ship as to the detailed terms and conditions on which the Project will be financed and the Notes will be issued, sold and secured. .In all events, it is understood, however, that the Notes shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the Project, and each Note, when as and if issued, shall recite -in' substance that the Note, includ- ing interest thereon, is payable solely from the revenues received from the Project and property pledged to,the payment thereof and shall not constitute a debt of the City:_ 4. The form of Memorandum of Agreement (the Agreement) among the City, the Partnership and Mr. Delaney relating to the issuance of the Notes to finance the *cost of the Project is hereby approved and the Mayor and City Clerk are hereby authorized and directed to execute the Memorandum of Agreement in behalf of, the' City. 5. In accordance • the Act, 'The Mayor is hereby Application for the Project w fi with -Section 474.01, Subdivision 7 of authorized and directed to submit an to the Commissioner of Securities for -2-