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RESOLUTION NO. 7028
RESOLUTION APPROVING EMPLOYMENT.
LE IT RESOLVED, by the City Council of the City of Stillwater, Minnesota, that
the employment of Craig T. Peterson as a member of the Stillwater Police Reserve
from and after January 19, 1982, for a probationery period of six months, be, and
the same is hereby approved; and that as compensation for services the said
Craig T. Peterson shall receive the sum of $5.50 per hour.
Adopted by the Council this 19th day of January, 1982.
Published: January 25, 1982
Mayor
Attest: dJ., :X „ ,e. -�vazt
J City CClerk
RESOLUTION NO. 7029
RESOLTUION AUTHORIZING A PROJECT UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT AND THE ISSUANCE OF COMMERCIAL DEVELOPMENT REVENUE BONDS TO
FINANCE THE PROJECT.
BE IT RESOLVED by the Council of the City of Stillwater, Minnesota, as follows:
1. The Council has received a proposal from Oak Glen Development Company, a Limited Partner-
ship (the "(ompany") that the City undertake to partially finance a certain Project as herein
described, pursuant to the Minnesota Municipal Industrial Development Act, Chapter 474, Minnesota
Statutes (the 'Act"), through issuance by the City of its $3,500,000 C m,ercial Development Revenue
Bonds, Series 1982 (Oak Glen Development Caupany Project) (the "Bonds"), and in accordance with a
Bond Purchase Agreement (the 'Purchase Agreement") between the City, the Company, Northwestern
National Life Insurance Company ("NAIL") and Piper Jaffrey & Hopwood Incorporated (the "Bond
Purchaser") .
2. The Company desires to acquire certain real estate and construct thereon an 18-hole
championship length golf course, a 9-hole executive length golf course, a clubhouse, including
restaurant facilities, golf practice area, maintenance buildings, parking facilities and related
amenities; and to acquire equipment for use in operating the clubhouse and maintaining the golf
courses and practice area (hereinafter referred to as the 'Project'). The Project as described
above will provide additional job opportunities within the City and will otherwise further the
policies and purposes of the Act and the findings made in the preliminary resolution adopted by
this Council on December 2, 1980 with respect to the Project are hereby ratified, affirmed and
approved.
. It is proposed that, pursuant to a loan Agreement dated January 1, 1982, between the City
and the Company (the "Loan Agreement"), the City loan the proceeds of the Bonds to the Caipany to
partially finance the cost of the Project. The basic payments to be made by the Company under
the Loan Agreement are fixed so as to produce revenue sufficient to pay the principal of, premium,
if any, and interest on the Bonds when due. It is further proposed that the City assign its rights
to the basic payments and certain other rights under the loan Agreement to First Trust Company of
Saint Paul, in Saint Paul, Minnesota (the "Trustee") as security for payment of the Bonds under
an Indenture of Trust dated January 1, 1982 from the City to the Trustee (the "Indenture") and that
the Company grant a mortgage and security interest in the Project to the Trustee pursuant to a
Mortgage and Security Agreement dated January 1, 1982 (the "Mortgage") and to further secure the
payment of the Bonds and the interest thereon, NCR, has entered
if any and interest on thty e ement vrith t (the the
Trustee, guaranteeing payment of all principal, premium,
„panty').
3. This Council by action taken on December 2, 1980 gave preliminary approval to the proposal
and on or about Deceuber 30, 1980 the Crnmissioner of Securities of the State of Minnesota gave
approval to the Project as tending to further the purposes and policies of the Act.
(continued on page 436)
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