Res 1979-119 203
RESOLUTION NO. 119 - 1979
A RESOLUTION AUTHORIZING AND DIRECTING THE SPLITTING OF
SPECIAL ASSESSMENTS ON PARCEL 900, LOTS 20-30, BLOCK 3, ONAWAY
ADDITION
WHEREAS, certain special assessments have been levied with respect to certain
land and said land has susequently been subdivided.
NOW, THEREFORE, BE IT RESOLVED as follows:
That the assessments levied against the following described parcel , to-wit:
Parcel 900, Lots 20-30, Block 3, Onaway Addition, may and shall be
apportioned and divided as follows:
Original Parcel Fund Original Amount
Parcel 900, Lots 20-30, Regualar SA Paid
Block 3, Onaway Addition W #34 Paid
ST. 1973-1 $ 1 ,821 .60
SW #93 1 ,369.48
SW #115 6,958.89
Reassmt. of SS #102 3,633.10
ST. 1977-1 8,408.40
ST. 1974-1 6,671 .52
$ 28,862.99
Division of Parcel Approved Fund Original Amount
Parcel 900, Lots 23-30, Regular SA Paid
Block 3, Onaway Addition W #34 Paid
SW #93 197 $ 1 ,369.48
ST. 3-1 1,324.80
ST. 1974-1 6,671 .52
SW #115 3,534.18
SW #115 1,640.00
Reassmt. of SS #102 2,623.90
ST. 1977-1 6,115.20
Parcel 925, Lots 20-22 Regular SA Paid
Block 3, Onaway Addition W #34 Paid
ST. 1973-1 $ 496.80
SW #115 1 ,784.71
Reassmt. of SS #102 1,009.20
ST. 1977-1 2,293.20
$ 28,862.99
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 22ND DAY
OF OCTOBER, 1979.
Z/6)
WILLIAM J. NEE - R
ATTEST:
V2J2J?4L
CITY CLE K - MARVIN C. :' INSELL
204
RESOLUTION NO. 120 - 1979
RESOLUTION RELATING TO $1,000,000 INDUSTRIAL DEVELOPMENT
REVENUE BONDS (MEDTRONIC, INC . PROJECT) , SERIES 1979;
AUTHORIZING THE ISSUANCE THEREOF PURSUANT TO MINNESOTA
STATUTES, CHAPTER 474
BE IT RESOLVED by the City Council of the City of Fridley, Minnesota, as
follows:
Section 1 . Definitions.
1 .01 . In this Resolution the following terms have the following
respective meanings unless the context hereof or use herein clearly requires
otherwise:
Act: the Minnesota Municipal Industrial Development Act, Minnesota
Statutes, Chapter 474, as amended;
Bond Register: the register maintained by the City Clerk pursuant
to Section 5.04 hereof;
Bonds: the Industrial Development Revenue Bonds (Medtronic, Inc.
Project) , Series 1979, to be issued by the City pursuant to this Resolution;
Building: the manufacturing facility and related facilities and
improvements to be constructed on the Land by the Company;
City: the City of Fridley, Minnesota, its successors and assigns;
Company: Medtronic, Inc. , a Minnesota corporation, its successors
and assigns, which may assume its obligations in accordance with the Loan
Agreement;
Escrow Agent: the Northwestern National Bank of Minneapolis, or
any successor escrow agent so designated pursuant to the Pledge Agreement;
Guaranty: the Guaranty Agreement, executed by the Company and
accepted by the Lender;
Holder: the Lender or any person to whom any Bond has been
assigned pursuant to Section 5.04 of this Resolution;
Land: the real estate described in Exhibit A to the Loan Agreement:
Lender: Continental Illinois National Bank and Trust Company of
Chicago, its successors and assigns;
Loan Agreement: the Loan Agreement to be executed by and between
the City and the Company;
Organizational Documents: the following documents, each of which
shall be in form and substance acceptable to the Lender:
( i) a copy of the Articles of Incorporation of the Company,
certified by the Secretary of State of Minnesota;
( ii) an opinion or opinions of counsel reasonably acceptable to
the Lender indicating that each of the documents referred to
in Section 3.03 of this Resolution has been duly executed and
delivered and is the legal and binding obligation of the
Company and the City, enforceable in accordance with its
terms, except to the extent limited by state and federal
laws, rulings and decisions and principles of equity
affecting remedies and by bankruptcy, reorganization and
other laws of general application relating to or affecting
the enforcement of creditors' rights generally;
Pledge Agreement: the Pledge and Loan Disbursement Agreement,
among the City, the Company, the Lender and the Escrow Agent, including any
amendment thereof.