HomeMy WebLinkAbout8393 (Res.)
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RESOLUTION NO. 8393
RESOLUTION APPROVING
AMENDED AND RESTATED AGREEMENT
BETWEEN CITY OF STILLWATER
AND AMERICAN NAT'L. BK. & TRUST CO.
AS IT RELATES TO OAK GLEN DEVELOPMENT
BE IT RESOLVED by the City Council of the City of Stillwater, Minnesota, as
foll ows:
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1. It is in the best interests of the City and its residents that the
Agreement dated June 3Q ,1990, between the City and American National
Bank and Trust Company, be amended and restated to take into account
changes in circumstances which have occurred since it was executed; and
for this purpose there has been presented to the Council on this date a
form of Amended and Restated Agreement to be dated October 30, 1990.
2. The Amended and Restated Agreement is hereby approved, and the Mayor and
City Clerk are authorized to execute and deliver it on behalf of the City;
provided that the Mayor and City Clerk are authorized to make such minor
modifications and changes therein as they deem necessary and as are
approved lby the City Attorney.
3. Upon receipt of all ad valorem taxes and special assessments now owing on
40 or more lots in the Oak Glen Development which are sold and closed
after October 25, 1990 and before December I, 1990, and all remaining
installments of special assessments to become due on such lots, the
Finance Director shall advance to American National Bank the amount
required under Section 2 of the Amended and Restated Agreement.
Adopted by Council this 30th day of October, 1990.
ATTEST:
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