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244101 � - ORKdINAL TO CITY CL6RK 244�Q1 �, 3 CITY OF ST. PAUL FOENCIL N�,. , OFFICE OF� THE CITY CLERK U CIL RESOLUTION-GENERAL FORM PRESENTED BY COMMISSIONE DATF 1�SOLVED, The proper City officers are Y�er�by authorized to execute Pro�ect Loan Note �elative to Summit-University . Pro�ect, Early Land Aequisition in the amount of $7,360,766.00, copy of whieh Note is hereto attached and made a part hereof by reference, said Note having been executed by the Housing and Redevelopment Authority� of the City of Saint Pau1. �iAY 2 7 19� COUNCILMEN Adopted by the Councii 19— Yeas Nays Carlson �''�`� � 7 ��s� Dalglish Approvec� 19—_ Meredith �1n Favor Peterson ' Sprafka J Mayor Tedesco A Sainst Mr. President, Byrne PUBLISHE� ��Y � �. �969 O 421 Wabasha Street, Saint Paul, Minnesota 551 02. Edward N.Helfeld,executive director. phone 223 5218 . HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA The Honorable Mayor and City Council May 20, 1969 c/o City Clerk City Hall and Court House Saint Paul, Minnesota 55102 Re: Project Loan Note - Summit-University Project - Early Land Acquisition Gentlemen: Temporary Loan Note No. 2, in the amount of $4,377 ,000.00, will mature on July 11, 19b9. Payment of this Note was guaranteed by the City of Saint Paul in the event a Loan or Cap- ital Grant Contract for the Project did not materialize. The approval of the Neighbor- hood Development Program by the United States will constitute a Loan and Capital Grant Contract, and when said Contract has been executed by the Authority and the United States will relieve the City of its obligations with respect to the Temporary Loan Notes. However, the Department of Housing and Urban Development has requested the Authority to continue financing the Early Land Program under the Early Land Contract until the NDP Contract has been executed by all parties. Accordingly, ffnd transmitted herewith a Project Loan Note in the amount of $7,360,766.00 which has been executed by the Author- ity. Temporary Loan Note No. 2 will be satisfied from the proceeds of the Project Loan Note transmitted herewith, and said Note itself will be retired on the first financing issue under the NDP. The Authority therefore respectfully requests that the proper officers of the City execute the undertaking on the back of the Project Loan Note and return the same. Yours very truly, ��i� � � Edward N. Helfeld Attachment Lawrence J. Hayes, Harry P. Strong, Jr., Orville E. Anderson, Henry R. Thomas, Kenneth J. Lynch, James J. Dalglish, Victor J. Tedesco cn��ma� f ..._ .• ' �.,-._ a. � � )f�� `' DL1hUCATE�'O PRIN7L'R ' d � ��`.�� cirY or- sT. �n,uL FoE�� o. OFFICE O� Tf-Ic CITY C�CRI� ' COUNClL (tESOLU�I�lOi�--�GCNLR/�L FORM PRESENTED CY COMIAISSION[R _ __ DATE , �. �LSO�,V�ll, ']:'he pro�er City oi'ficers �?re hereliy auf:ho��lzecl �o e�ecute Pro�ect; Loan ?�Iot;e relai:ive tc Sur;;riit-Uni.ver��t;� Pro3ect, Farly Lanc; �?cqu3.�.itl.on in thc ?I:lOU21� �f. y�7,360,�(�0. 00, c�py of' t•rhiciz �1ote is here�o a�Lached r�nd rnade a �,art h�r�of by reference, sa�_d i1�te hav�_n�; Ueen e fe-.cuted b;� ttze �i�u�in� and 3�edevelopr.�ent; �'�uthoriLy of �'rie Ca.ty of S�,int Pnu].. . ' � .. �'�, (kJl�,�' �� COUNCIL�TEN Adopted by the Council 19_ Yeas Nays � • Carlson � � �A� � 7 �y�� Dalglish Approved 19__ Meredith __jn Favor Peterson Thomas R. Byrne Sprafl�a ,� � bTayor Tedesco Against blr. President, Byrne _ �''�O R�Y 23� Z°�� . � � I ,�..�___� � _�,\Mr. ,ros��t� P. summers, �, CorporatiQn rounsel. ,�"�� ` � /` �� Det� Sir: �� ?'�Ze Cit,y C��arscil tc.x� move pro�ral of t11e at��,checl lett�er �f' ��.wa,rd Helfe��°�e Houain�; �. R�develop- ment Autho.ri�ur. �:'lez�s� ��r re resa.�� 'an t mpl�ment same, i� resolution i.s waxr �er�. /� �3c�ry L�'��.;� �;ro��^s, ,�---� ---�y' . % c�ta� �i��k �/hp % � �_i �..,-��- . 44�.p , . � - .1 {�{�OJ��.. i LD��i� �`��J� i.: HUD-9107 ' (11-60) HOUS]� AND RIDEV�LOP�dE1�T AUTHORTTY Or THE C1fiY OF ST. PAUL (herein called the "Local Public Agency") for value received hereby promi�ot to pay, but solely from the Project Temporary Loan. Repayment Fund hereinafter mentioned and not otherwise, upon demand, to the United States of America (hereinafter called the "Government") or order, an amount equal to the unrepaid balance of payments, with intcrest thereon to the date of repayment, made to the Local Public Agency by theGovernment pursuant to the Loan and Grant Contract (herein called the "Contract") between the Loca) Public Agency and the Government with respect to a certain urban renewal or redevelopment project as hereinafter set forth. The principal amount of any loan hereunder which may be outstanding at any one time shall not exceed the total estimated expendi- tures which may be made by the Local Public Agency for such project pursuant to the Contract and the maximum Project Temporary Loan as shown herein'shall be adjusted automatically to any revised amount of total estimated expenditures as evidenced by an , amendatory contract. . The Contract, Project and maximum Project Temporary Loan which may be outstanding at any one time are as follows: Contract No. and Date: Miriri. R—ZF'j(TY,� — Jttl.y 30y l�i$ _ Project No.: M�.riri. R—ZF'j Maximum Project Temporary Loan: SeVeri M't.l].iOII ThY'ee IIu21d2'ed S�x'ty Thwsand Seven Hundred s9.xty six nollara ($7,3�,766•oo) This Note is issued to aid in financing the above-designated Project pursuant to the constitution and statutes of the govern- mental entity specified below(herein called the "State"), and pursuant to the provisions of a resolution (herein called the "Resolu- tion")duly adopted by the Local Public Agency on the date as follows: • STATE RESOLUTION ADOPTED �..� Municipal Housin� and Redevelopm�n� Act, May 15, 1959 Laws of 19�+7, Chapter 487, as amended Interest hereon shall accrue at the interest rate or rates applicoble to the above Project as provided in theContract upon the difference in amount from time to time between the aggregate amount of payments and the aggregate amount of repayments of princi- pal made on this Note. Each payment and repayment of principal shall be duly recorded by theGovernment, by date and amount, upon the "Statement of Payments and Repayments" which is made a part of this Note whether appearing on the reverse hereof or attached hereto. Both the principal of and interest on this Note are payable at the office of th6 Local Rzblic Agency, St• Paul� A�ririe80'�8 in lawful money of the United States of America. Under the Contract,there is established a separate and special fund therein referred to as the "Project Temporary Loan Repayment Fund" in which are required to be deposited certain moneys, therein described, as and when the same are received by the Local Public Agency, and this Note, together with all other notes issued pursuant to the above�identified Resolution, consti- tutes, as to both the principal thereof and the interest thereon, an exclusive first lien and charge upon said Fund, which Fund is irrevocably pledged to the payment of the p�incipal of and interest on this Note and all other notes which are issued as aforesaid. Loca1 Public Ageney This Note shall not constitute a debt or indebtedness of th�1�'**,,;� , ithin the meaning of any constitutional, statutory, local law, or charter provisiono�� . �' ��sa� Add3tional security for this I�ote is prov3.ded by the under�aking oF t�E� City of Saint P�aul, hS�uunesota, on the rev�rse hereof. IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all acts, conditions, and things required to exist, happen and be performed precedent to and in the issuance of this Note do exist, have happened, and have been performed in due time, form and manner as required by law. - IN WITNESS WHEREOF, the Local Public Agency has caused this Note to be signed in its name and its seal to be impressed hereon and attested by its proper officers thereunto duly authorized, and this Note to be dated the 15th day of rlay , 19 6 9. (SEAL) R' HOUSI'i� �I'� RIDEVELOF�I� AUTHOR�'i'Y OF � - CITX OF S PAUL ATT T.! By ��.Mfi�-m... �_. -c _Q Chair�matl • Secreta , � , Undertaking o� the City o�' Sain� Paul. M3ran�gota - - - ,.,, As additional security Por the payment oY principal oP and intere�t on thi.s Note �nd all other Pdote� which are iesued in accordanco F�ith �he terma of s�id PTo�e, the City oP Saint Paul, Minneso�a, Por good and v�luable caasiderat3on hereb;� agrees to g�y sa3d principal And 3ntere�t 3n the event the i�unds an de�posit to the credit oP the Pro�ec� Tem�x�rary Loan Repayme�t Fund, referred to in said Note, axe insuf Pici�nt to pay the sar.ie when due and the City of Sain� Paul, Minnesots� hereby pledges its f1z11 faith and _ credit for such pay�ent. Tl�is tuzder�aking is �ade in accordance wi�h and puxsunn� to the prorS.s3.ons of Section ' 3�5 af the Temporary I,oan Contract (Ear1,y Land Acquisition) da.ted July 30, 1g68 between the Hous�.ng and Redevelopment Authority of the City o�' Sa�.nt Patil., Minnesota and the ! United States o� Arnerica,, identified as Contract no. M3.nn, Ro47(TL) for Project M�nn. R-�+7. C OF SAIl'JT PA , ��OTA (SEAL) BY MAYOR , - BY CLERK Countersigned: BY Controller � �. r, _ . �...• � . �,� . \..y _ .__. _ - _ _ __ __ ___ _ ___-- - ---------____ - ,_ __ _- _ _.� x... -