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RESOLUTION NO. 7049
RESOLUTION SUPPORTING CORPS OF ENGINEERS ST. CROIX RIVER BASIN FEASIBILITY
STUDY.
WHEREAS, the City of Stillwater is located adjacent to the beautiful St.
Croix River; and
WHEREAS, the St. Croix River has, from time to time, overan its natural banks
causing damage or the threat of damageto properties within the City of Stillwater;
and
WHEREAS, the City Council of the City of Stillwater has determined that a need
exists for flood control measures to eliminate or reduce the potential of damage
to properties caused by flooding; and
WHEREAS, the City of Stillwater desires flood control measures that are compatible
with the wild and scenic designation of the St. Croix River and consistent with the
City's policy to promote its cultural and historical amenities; and
WHEREAS, the Army Corps of Engineers have received authorization and funding to
resume a flood control feasibility study.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL of the City of Stillwater,
Minnesota that the City of Stillwater approves and supports the resumption of the
St. Croix River Basin feasibility study by the Army Corps of Engineers and requests
that other State or Federal agencies having an interest in the study give their
approval and lend their support to this study.
Adopted by the Council this 16th day of March, 1982.
Published: March 19, 1982
Mayor
Attest: z.e..2-. t.t.C14.
..J City,''Clerk
RESOLUTION NO. 7050
RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF INDUSTRIAL REVENUE BONDS UNDER
THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT TO FINANCE A PROJECT THERE-
UNDER, SECURED BY PAYMENTS TO BE RECEIVED PURSUANT TO A LOAN AGREEMENT, A PLEDGE
AND ASSIGNMENT OF THE CITY'S INTEREST IN THE LOAN AGREEMENT AND PAYMENTS THERE-
UNDER TO A TRUSTEE, AND A LETTER OF CREDIT FROM NORTHWESTERN NATIONAL BANK OF
MINNEAPOLIS IN FAVOR OF THE TRUSTEE, AND AUTHORIZING THE EXECUTION OF DOCUMENTS.
BE IT RESOLVED by the City Council of the City of Stillwater, Minnesota (the
City), as follows:
Section 1. Authorization and Recitals.
1.01. General Authority. The City is authorized by Minnesota Statutes, Chapter 474, as amended
(the Act), to issue its revalue bonds and to make secured and tmsec red loans to finance the
acquisition of real property and the acquistion or construction of buildings and improvements on
such real property and the installation of machinery and equipment of any and all kinds and any
other personal plupe«ies deemed necessary in connection with a project, as defined in the Act.
1.02 Proposed Project and Bonds. Representatives of Irmo Nuclear Corporation, a Minnesota
Corporation (the Campmny), have proposed that the City, acting under and pursuant to the Act, issue,
and sell its Industrial Development Revenue Bonds in the aggregate principal amount of $1,000,000
(the Bonds), for the purpose of defraying the costs of a Project (the Project) consisting of the
construction and equipment of an office/manufacturing facility to be owned by the Many within the
City. Pursuant to the proposal, the proceeds of the Bonds will be loaned by the City to the Company
and the Cropmny agrees to make payments sufficient to pay the principal of, premium, if any, and
interest on the Bonds. The City will assign its interest in the loan Agreement (as hereinafter
defined) to a Trustee (as hereinafter defined).
(continued on page 452)
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