89-045 RES
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RESOLUTION 89 - 45
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION APPROVING QUALIFIED SELLER AGREEMENT
WITH COMMUNITY REINVESTMENT FUND
WHEREAS,
the City of Elk River desires to participate in a program sponsored
by Community Reinvestment Fund, Inc., a Minnesota Nonprofit
Corporation (CRF), pursuant to which various municipalities,
development corporations, nonprofit corporations and others who have
made and/or presently own certain types of Development Loans desire
to sell such Development Loans for the purpose of raising funds to be
used for reinvestment in new Development Loans or certain other
permitted purposes; and,
WHEREAS, on the date the City has received a form of Qualified Seller
Agreements from CRF setting forth the requirements of CRP
applicable:
1. To the development loans (as herein described)
2. To entities qualified to sell Development Loans to CRF (herein
"Qualified Sellers"); and,
WHEREAS, the City deems the sale of one or more Development Loans to CRF
pursuant to the proposed Qualified Seller Agreement to be in the best
interest of this body.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River as
follows:
1. The City of Elk River hereby determines that it qualifies as a
seller of Development Loans under the Qualified Seller Agreement and wishes to
become a "Qualified Seller."
2. The Economic Development Coordinator of Elk River shall be
authorized to execute, deliver, and perform the Qualified Seller Agreement and
any assignment, agreement, instrument, certificate or other document
contemplated by the Qualified Seller Agreement.
3. The Qualified Seller Agreement shall be in substantially the form
approved hereby, but with all such changes herein not inconsistent with law or
shall be approved by the officer authorized to execute and deliver the same,
which approval shall be conclusively evidenced by the execution thereof.
Passed and adopted this 19th day of June, 1989, by the City Council of the
City of Elk River.
ATTEST:
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James A. Tralle, Mayor
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Patrick D. Klaers, City Administrator