89-047 RES
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RESOLUTION 89-47
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION APPROVING THE SALE OF LOAN TO
COMMUNITY REINVESTMENT FUND
WHEREAS,
the City of Elk River (the "Qualified Seller") is authorized and
empowered to sell the A11tool Manufacturing Loan (the "Loan") to
Community Reinvestment Fund, Inc., a Minnesota nonprofit corporation
and/or its assigns ("CRF"); and,
WHEREAS, the City of Elk River has heretofore entered into the Qualified
Seller Agreement; and,
WHEREAS, on this day, the City has received a proposed Loan Purchase Agreement
and has been advised of the estimate purchase price which CRF is
willing to pay for the Loan; and,
WHEREAS, the City of Elk River deems the sale of the Loan to CRF pursuant to
the proposed Loan Purchase Agreement to be in the best interest of
the City.
NOW, THEREFORE, BE IT RESOLVED by the governing body of the City of Elk River
as follows:
1.
The sale of the Loan to CRF pursuant to the Loan Purchase Agreement is
authorized and approved upon signature of the Loan Purchase Agreement by
the Economic Development Coordinator.
2.
The Economic Development Coordinator of the City Elk River shall be
authorized to execute, deliver and perform the Loan Purchase Agreement
and any assignment, agreement, instrument, certificate or other document
contemplated by the Loan Purchase Agreement in order to effectuate the
sale of the Loan to CRF pursuant to the Loan Purchase Agreement.
3. The Loan Purchase Agreement shall be in substantially the form approved
hereby, but with all such changes therein not inconsistent with law as
shall be approved by the officers authorized to execute and deliver the
same, including any final purchase price established pursuant to such
Loan Purchase Agreement, which approval of any such changes by such
officers shall be conclusively evidenced by the execution thereof.
Passed and adopted by the City Council of the City of Elk River this 10th day
of July, 1989.
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James A. Tralle, Mayor
ATTEST:
!lid Q~
Patrick K. Klaers, City Administrator