Title
RESOLUTION AUTHORIZING THE EXECUTION AND RECORDATION OF A DECLARATION OVER CITY-OWNED REAL ESTATE IN CONNECTION WITH A BOND PURCHASE AND PROJECT LOAN AGREEMENT WITH THE MINNESOTA PUBLIC FACILITIES AUTHORITY.
Body
CITY PROPOSAL:
WHEREAS, Resolution No. 21-0095 authorized the proper city officials to apply for and accept from the Minnesota Public Facilities Authority a loan from the Drinking Water Revolving Fund for improvements to its drinking water system (the "Loan").
WHEREAS, a condition of the Loan requires the execution and recordation of a Declaration against the real property improved with the Loan so that is: (i) permanently managed and maintained consistent with the terms of the Loan and (ii) not sold or otherwise disposed of without the approval of the Commissioner of Minnesota Management and Budget.
NOW THEREFORE, BE IT RESOLVED, that the proper city officials are hereby authorized to execute a Declaration, substantially in the form attached as Exhibit 1 (the "Declaration"), affecting the real property located in St. Louis County, Minnesota legally described on Exhibit A attached to Exhibit 1.
FURTHER RESOLVED, that the proper city officials are hereby directed to record the Declaration with the St. Louis County Recorder and/or Registrar of Titles.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize the execution and recordation of a declaration against city-owned real estate in the Endion neighborhood so that it cannot be sold or otherwise disposed of without the approval of the Commissioner of Minnesota Management and Budget (the "Declaration"). The real property restricted with the Declaration is depicted on the map attached as Exhibit 2.
The Declaration is required under a loan agreement with the Minnesota Public Facilities Authority for improvements to its drinking water system ("Loan"). The project funded by the Loan includes replacement of three pumps with identica...
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