Loading...
HomeMy WebLinkAbout7149 - ADMIN Resolution - City Council - 1982/06/077149 [Bond Resolution] A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF REVENUE BONDS PURSUANT TO CHAPTER 474, MINNESOTA STATUTES, TO PROVIDE FUNDS TO BE LOANED TO THOMAS PERBIX AND ASSOCIATES FOR INDUSTRIAL DEVELOPMENT PROJECT BE IT RESOLVED by the City Council of the City of St. Louis Park, Minnesota, as follows: 1. Authority. The City is, by the Constitution and Laws of the State of Minnesota, including Chapter 474, Minnesota Statutes, as amended (the "Act") authorized to issue and sell its revenue bonds for the purpose of financing the cost of construc- tion of authorized projects and to enter into contracts necessary or convenient in the exercise of the powers granted by the Act and to pledge revenues of the project and otherwise secure the bonds. 2. Authorization of Bonds. The City Council hereby determines that it is necessary and expedient to authorize, and the City Council does hereby authorize, the issuance of revenue bonds of the City in the aggregate principal amount of Three Hundred Forty Thousand Dollars ($340,000) (the "Bond") pursuant to the Act to provide money to be loaned to Thomas Perbix and Associates, a Minnesota general partnership (the "Partnership") to finance part of the costs of acquiring and improving a manu- facturing and office facility in the City (the "Project Facilities" or "The Project") to be owned by the Partnership. 3. Documents Presented. Forms of the following docu- ments relating to the Bond and the Project have been submitted to and examined by the City Council and are now on file in the office of the City Clerk: (a) Loan and Purchase Agreement (the "Loan Agree- ment"), dated as of June 1, 1982, by and among the City, the Partnership and Wayzata Bank & Trust Company (the "Bank") whereby, among other things, the City agrees to sell and the Bank agrees to purchase the Bond, the City agrees to make a loan to the Partnership of the proceeds of the sale of the Bond and the Partner- ship covenants to complete the Project and to pay amounts sufficient to provide for the prompt payment of the principal of and interest on the Bond; (b) Combination Mortgage, Security Agreement and Fixture Financing Statement (the "Mortgage") dated as of June 1, 1982, by and between the Partnership and the Bank, whereby the Partnership mortgages the Project Facilities as security for the Bond (this document not to be executed by the City); (c) Assignment and Pledge Agreement (the "Assign- ment") dated as of June 1, 1982, whereby the City assigns to the Bank all of its interest in the Loan Agreement and Loan Repayments of the Partnership thereunder (except its rights under Sections 5.02, 7.01, 7.08, 8.04 and 8.05), for the purpose of securing the Bond; (d) Assignment of Rents and Leases (the "Lease Assignment") dated June 1, 1982, from the Partnership to the Bank assigning to the Bank the Partnership's interest in any lease of any portion of the Project as additional security for the Bond (this document not to be executed by the City); and (e) The Guaranty Agreement dated June 1, 1982 from Thomas H. Perbix, Dale G. Jeske, Melvin J. Straub and Glenn H. Baillie (the "Guarantors") to the Bank whereby the Guarantors have guaranteed the principal of, premium, if any, and interest on the Bond to the extent provided therein and the Guaranty Agreement dated as of June 1, 1982 from such persons to the City (the "Guaranty Agreements") (these documents not to be executed by the City). 4. Findings. It is hereby found, determined and declared that: (a) The Project, as described in the Loan Agree- ment, constitutes a project authorized by and described in Section 474.02, Subd. 1 of the Act. (b) The purpose of the Project is and the effect thereof will be to promote the public welfare by: preventing the emergence of blighted and marginal lands and areas of chronic unemployment; preventing economic deterioration; the development of sound industry and commerce to use the available resources of the community, in order to retain the benefit of the community's existing investment in educational and public service facilities; halting the movement of talented, educated personnel to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; adding to the tax base of the City and the county and school district in which the Project Facilities will be located. (c) The Project has been approved by preliminary resolution of the Council duly adopted on May 17, 1982. (d) The issuance and sale of the Bond, the execu- tion and delivery of the Loan Agreement and the Assign- ment and the performance of all covenants and agreements of the City contained in the Bond, the Loan Agreement and the Assignment and of all other acts and things required under the Constitution and laws of the State of Minnesota to make the Bond, Loan Agreement and the Assignment valid and binding obligations of the City in accordance with their terms, are authorized by the Act. (e) The Loan Agreement provides for payments by the Partnership to the Holder of the Bond for the account of the City of such amounts as will be sufficient to pay the principal of and interest on the Bond when due. No reserve funds are deemed necessary for this purpose. The Loan Agreement obligates the Partnership to provide for the operation and maintenance of the Project Facilities, including adequate insurance, taxes and special assessments. (f) Under the provisions of Section 474.10 of the Act, and as provided for in the Loan Agreement and as shall be recited in the Bond, the Bond is not to be payable from nor charged upon any funds other than amounts payable by the Partnership pursuant to the Loan Agreement which are pledged to the payment thereof, and moneys derived from foreclosure or other enforcement of the Mortgage, Lease Assignment or the Guaranty Agree- ments; the City is not subject to any liability thereon; no Holder of the Bond shall ever have the right to compel the exercise of the taxing power of the City to pay the Bond or the interest thereon, nor to enforce payment thereof against any property of the City; the Bond shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City; and such Bond does not constitute an indebtedness of the City within the meaning of any constitutional, charter or statutory limitation. -3- (g) The Partnership has agreed to indemnify the City pursuant to the Loan Agreement for any expenses incurred arising out of the issuance of the Bond or the Project or the enforcement of the documents described in paragraph 2. (h) Based upon information furnished by the Partner- ship on the date hereof, a copy of said information being attached to this Resolution as Exhibit A, nothing has come to the attention of the City Council to indicate that any member of the City Council (i) has a direct or indirect interest in the Project, the Loan Agreement, the Assignment or Bond, (ii) owns any capital stock of or other interest in the Project or the Bank, (iii) will be involved in supervis- ing the completion of the Project on behalf of the Partnership, or (v) will receive any commission, bonus or other remuneration for or in respect of the Project, the Loan Agreement or the Bond. 5. Approval and Execution of Documents. The forms of Mortgage, Loan Agreement, Lease Assignment, Guaranty Agreements and Assignment referred to in paragraph 3 are approved. The Loan Agreement and Assignment shall be executed in the name and on behalf of the City by the Mayor and City Manager, in substantially the form on file, but with all such changes therein, not inconsis- tent with the Act or other law, as may be approved by the Mayor, City Manager or City Attorney, which approval shall be conclusively evidenced by the execution thereof. The Mortgage, Lease Assignment and Guaranty Agreements may contain such revisions as may be approved by the Bank, the City, the Guarantors or the Partnership, as the case may be. 6. Approval of Terms and Sale of Bond. Upon receipt of written approval of the Project by the Commissioner of Energy, Planning and Development of the State of Minnesota, the City shall proceed forthwith to issue its City of St. Louis Park Industrial Development Revenue Bond (Perbix Machine Company Project), in the authorized principal amount of $340,000 substan- tially in the form, maturing, bearing interest, payable in the installments and otherwise containing the provisions set forth in the form of Bond attached hereto as Exhibit 1, which terms and provisions are hereby approved and incorporated in this Bond Resolution and made a part hereof. A single Bond, substantially in the form of Exhibit 1 to this Bond Resolution, shall be issued and delivered to the Bank in the authorized principal amount of $340,000 and as authorized by the Act, principal of and interest on the Bond shall be payable at the office of the Bank in Wayzata, Minnesota. The proposal of the Bank to purchase such Bond at a price of $340,000 (100% of par value) is hereby found and determined to be reasonable and is hereby accepted. Pursuant to the Loan Agree- ment the Bank has agreed to pay the purchase price of the Bond to provide funds to be loaned by the City to the Partnership to pay Project Costs, as defined in the Loan Agreement, then due or reimburse the Partnership for Project Costs paid by the Partner- ship. 7. Execution, Delivery and Endorsement of Bond. The Bond may be in typewritten or printed form and shall be executed by the manual signatures of the Mayor and City Manager and the official seal of the City shall be affixed thereto and attested by the City Clerk. When so prepared and executed, the Bond shall be delivered to the Bank upon payment of the purchase price, and upon receipt of the signed legal opinion of Faegre & Benson, of Minneapolis, Minnesota, bond counsel, pursuant to the Loan Agreement. The Bond shall contain a recital that it is issued pursuant to the Act, and such recital shall be conclusive evidence of the validity and regularity of the issuance thereof. 8. Registration Records. The City Clerk, as bond registrar, shall keep a bond register in which the City shall provide for the registration of the Bond and for transfers of the Bond, provided that the Partnership shall reimburse the City for its administrative costs and expenses anticipated to be incurred in acting as bond registrar. The principal of and interest on the Bond shall be paid to the Bank for the account of the Holder entitled thereto in Federal or other immediately available funds. The City Clerk is authorized and directed to deliver a certified copy of this Bond Resolution to the County Auditor of Hennepin County, together with such other information as the County Auditor may require, and obtain the certificate of the County Auditor as to entry of the Bond on his bond register as required by the Act and Section 475.63, Minnesota Statutes. 9. Mutilated, Lost, Stolen or Destroyed Bond. If the Bond is mutilated, lost, stolen or destroyed, the City may execute and deliver to the Holder a new Bond of like amount, date, number and tenor as that mutilated, lost, stolen or destroy- ed; provided that, in the case of mutilation, the mutilated Bond shall first be surrendered to the City, and in the case of a lost, stolen or destroyed Bond, there shall be first furnished to the City and the Partnership evidence of such loss, theft or destruction satisfactory to the City and the Partnership, together with indemnity satisfactory to them. The City and Partnership may charge the Holder with their reasonable fees and expenses in replacing any mutilated, lost, stolen or destroyed Bond. 10. Transfer of Bond; Person Treated as Holder. The Bond shall be transferable by the Holder on the bond register of the City, upon payment of all administrative costs and expenses -5- and legal expenses anticipated by the City to be incurred for acting in the capacity of bond registrar and upon presentation of the Bond for notation of such transfer thereon at the office of the City Clerk, as bond registrar, accompanied by a written instrument of transfer in form satisfactory to the City Clerk and the City Attorney, duly executed by the Holder or its attorney duly authorized in writing. The Holder seeking to transfer ownership of the Bond shall also give written notice thereof to the Partnership. The Bond shall continue to be subject to successive transfers at the option of the Holder of the Bond. In addition to the reimbursement for administrative expenses to be paid for any such transfer, the City Clerk may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The person in whose name the Bond shall be issued or, if transferred, shall be registered from time to time shall be deemed and regarded as the absolute Holder thereof for all purposes, and payment of or on account of the principal of and interest on the Bond shall be made only to or upon the order of the Holder thereof, or its attorney duly authorized in writing, and neither the City, the City Clerk, the Partnership, nor the Bank shall be affected by any notice to the contrary. All such payments shall be valid and effectual to satisfy and discharge the liability upon the Bond to the extent of the sum or sums so paid. The Bond shall be initially registered in the name of the Bank. 11. Amendments, Changes and Modifications to Loan Agreement, Assignment and Bond Resolution. Except pursuant to Section 9.03 of the Loan Agreement, the City shall not enter into or make any change, modification, alteration or termination of the Loan Agreement, Assignment or this Bond Resolution. 12. Pledge to Holder. Pursuant to the Assignment, the City shall pledge and assign to the Bank and its successor Holders of the Bond all interest of the City in the revenues of the Project and the Project Facilities, including all Loan Repay- ments to be made by the Partnership under the Loan Agreement and moneys derived from enforcement of the Mortgage, Lease Assignment and the Guaranty Agreements from the Guarantors to the Bank (but not the Guaranty Agreement from the Guarantors to the City). All collections of moneys by the City in any proceeding for enforcement of the obligations of the Partnership under the Loan Agreement (but not under the Guaranty Agreement from the Guarantors to the City or any moneys collected thereunder) shall be received, held and applied by the City for the benefit of the Holder of the Bond. 13. Covenants with Holders; Enforceability. All pro- visions of the Bond and of this Bond Resolution and all repre- sentations and undertakings by the City in the Loan Agreement are hereby declared to be covenants between the City and the Bank and its successor Holders of the Bond and shall be enforceable by the Bank or any Holder in a proceeding brought for that purpose, provided that no such covenant, representation or undertaking -6- shall ever give rise to any pecuniary liability of the City, its employees, officers or agents or constitute a charge against its general credit or taxing powers. 14. Definitions and Interpretation. Terms not other- wise defined in this Bond Resolution but defined in the Loan Agreement shall have the same meanings in this Bond Resolution and shall be interpreted herein as provided therein. Notices may be given as provided in Section 9.01 of the Loan Agreement. In case any provision of this Bond Resolution is for any reason illegal or invalid or inoperable, such illegality or invalidity or inoperability shall not affect the remaining provisions of this Bond Resolution, which shall be construed or enforced as if such illegal or invalid or inoperable provision were not con- tained herein. 15. Certifications.- The Mayor, City Clerk and other officers of the City are authorized and directed to prepare and furnish to Faegre & Benson, bond counsel, to the Partnership, to the Bank and to counsel for the Partnership and the Bank, certified copies of all proceedings and records of the City relating to the Project and the Bond, and such other affidavits and certificates as may be required to show the facts appearing from the books and records in the officers' custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the City as to the truth of all statements contained therein; provided, however, that in executing any such certificate or affidavit the City has the absolute right to rely upon documents and certifications furnished by the Partnership or others and that any representations of the City may be based solely and exclusively upon such documents and certifications. -;(4.,//i/- -4 $340,000 City of St. Louis Park Industrial Revenue Bond (Perbix Machine Company Project) LIST OF INTERESTED PARTIES Purchaser: Thomas Perbix and Associates, a general Minnesota partnership consisting of Thomas H. Perbix, Glenn H. Baillie, Melvin H. Straub and Dale G. Jeske. Purchaser's Attorney: Nelson W. Berg Seller: Carl G. Olson & Sons, Inc. a Minnesota corporation; Earnest G. Olson, President. Seller's Attorney: George M. Roehrdanz Real Estate Agent: Dave Bruce, Thorpe Bros. Inc. Lender: Wayzata Bank & Trust Current Tenants: Frizzell Advertising Agency, Inc., a Minnesota corporation, F. C. Sigurdson, President. V4* - Med Laboratories, Inc., a Minnesota corporation, Bonita L. Baskin, President. Jeffco Power Systems of Ohio, Inc., an Ohio corporation, Peter D. Martin, Vice -President. New Tenants: Perbix Machine Company, a Minnesota corporation; Thomas H. Perbix, President. Baillie Sales and Engineering Company, a Minnesota corpora- tion; Glenn H. Baillie, President. Straub Design Company, a Minnesota corporation; Melvin J. Straub, President. EXHIBIT 1 TO BOND RESOLUTION UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF ST. LOUIS PARK Industrial Development Revenue Bond (Perbix Machine Company Project) No. R-1 $340,000 The City of St. Louis Park, a municipal corporation in the County of Hennepin and State of Minnesota (the "City"), for value received, hereby promises to pay, but solely from the source and in the manner hereinafter provided, to Wayzata Bank & Trust Company (the "Bank") or registered assigns the principal sum of Three Hundred Forty Thousand Dollars ($340,000), in installments as hereinafter provided and to pay to the owner hereof interest on the outstanding and unpaid balance of such principal sum from the date hereof until said principal sum is paid, at the rate of thirteen percent (13.00%) per annum, calculat- ed on the basis of the actual number of days elapsed in a 360 day year. The principal of and interest on this Bond shall be paid in 119 equal monthly installments of $3,760 each, commencing on July 1, 1982 and monthly thereafter on the first day of each month to and including May 1, 1992, such monthly installments to be applied first to accrued but unpaid interest on the Bond and second to unpaid principal of the Bond, and, in one final install- ment on June 1, 1992, when the entire remaining unpaid principal and all accrued and unpaid interest on the Bond shall be paid. Principal and interest shall be paid to the registered holder hereof in lawful money of the United States of America at the office of the the Bank, in Wayzata, Minnesota. This Bond is issued pursuant to the Minnesota Municipal Industrial Development Act, Chapter 474, Minnesota Statutes, as amended (the "Act"), and in conformity with the provisions, restrictions and limitations thereof. This Bond does not consti- tute a charge against the general credit, property or taxing powers of the City and does not grant to the owner or holder of this Bond any right to have the City levy any taxes or appropriate any funds for the payment of the principal hereof or interest hereon, nor is this Bond a general obligation of the City or an obligation of the individual officers or agents thereof. This Bond and interest hereon are payable solely and only from the moneys received under the Loan Agreement hereinafter mentioned, including loan repayments to be made by Thomas Perbix and Associates, a Minnesota general partnership (the "Partnership") and from enforcement of the Mortgage, Lease Assignment and Guaranty Agreements hereinafter mentioned. This Bond is a special limited obligation of the City which has been authorized by law to be issued and has been issued for the purpose of funding a loan from the City to the Partnership to finance part of the costs of acquiring and improving a manufactur- ing and office facility in the City to be owned by the Partnership (the "Project"). This Bond is issued pursuant to a Loan and Purchase Agreement (the "Loan Agreement") by and among the City, the Partnership and the Bank, dated as of June 1, 1982, and a Bond Resolution of the City duly adopted June 7, 1982. Pursuant to a Assignment and Pledge Agreement dated as of June 1, 1982 (the "Assignment"), the City has assigned its interest in the Loan Agreement (except its rights under Sections 5.02, 7.01, 7.08, 8.04 and 8.05 thereof) to the Bank. This Bond is secured by the Loan Agreement, the Assignment, the Bond Resolution, a Combination Mortgage, Security Agreement and Fixture Financing Statement (the "Mortgage") by the Partnership to the Bank dated as of June 1, 1982, an Assignment of Rents and Leases (the "Lease Assignment") by the Partnership to the Bank dated as of June 1, 1982, Guaranty Agreements (the "Guaranty Agreements") from Thomas H. Perbix, Dale G. Jeske, Melvin J. Staub and Glenn H. Baillie (the "Guarantors") to the Bank dated as of June 1, 1982 and a Guaranty Agreement dated as of June 1, 1982 from the Guarantors to the City, to which Loan Agreement, Assignment, Bond Resolution, Mortgage, Lease Assignment and Guaranty Agreements and amendments thereof reference is hereby made for a description and limitation of the revenues and funds pledged and appropriated to the payment of the Bond, the nature and extent of the security thereby created, the rights of the Holder of the Bond, the rights, duties and immunities of the Bank and the rights, immunities and obligations of the City thereunder. Certified copies of the Bond Resolution and executed counterparts of the Loan Agreement, the Assignment, the Mortgage, the Lease Assignment and the Guaranty Agreements are on file at the office of the City Clerk. This Bond is subject to prepayment on any date at the option of the City, at the request of the Partnership, in whole or in part upon payment to the Bank of the principal amount of the Bond to be prepaid plus accrued interest hereon, but in the case of prepayment of any amount or amounts aggregating more than $68,000 in any calendar year there shall also be paid a premium equal to 13.00% of the amount by which the prepayments in the calendar year exceed $68,000. Partial prepayments shall be applied to installments of principal last maturing and shall not affect the due dates or amount of intervening installments. Notwithstanding anything herein to the contrary, if a Determination of Taxability (as defined in the Loan Agreement) -2- shall be made, this Bond shall automatically bear interest on the unpaid balance at the interest rate which shall at all times be equal to 18% per annum and shall be deemed to have borne such rate from the Date of Taxability (as defined in the Loan Agreement); and the Partnership shall forthwith pay to the Bank or the Holder hereof as additional interest the difference between the amount of interest actually paid from the Date of Taxability and the amount that would have been paid if such higher rate had been in efrect from the Date of Taxability and thereafter, the Partnership shall pay to the Bank or the Holder such increased installments as may be necessary to amortize the original principal amount of the Bond with interest at such higher rate over a period of 30 years from June 1, 1982. Notice of any optional prepayment shall be given to the owner or registered assigns of the Bond by certified or registered mail, addressed to him at his registered address, not less than thirty (30) days prior to the date fixed for prepayment, and shall be published, if required by law, in a financial journal circulated in the English language in the cities of Minneapolis or Wayzata, Minnesota, at least once, not less than thirty (30) days before the date so fixed tor prepayment. At the date fixed for prepayment, funds shall be paid to the owner hereof at the office of the Bank or shall be deposited with the Bank, sufficient to pay the Bond, or the principal amount thereof to be prepaid, accrued interest thereon and premium, if any. Upon the happening of the above conditions, the Bond thus called shall not bear interest after the date specified for prepayment. This Bond is transferable, as provided in the Bond Resolution, only upon the bond register of the City Clerk as bond registrar, by the owner hereof in person or by his duly authorized attorney, as provided in the Bond Resolution. In case an Event of Default as defined in the Loan Agreement occurs, this Bond and the Loan Repayments thereafter to become due under the Loan Agreement may become immediately due and payable, in the manner and with the effect and subject to the conditions provided in the Loan Agreement. The Holder of this Bond shall have the right to enforce the provisions of the Bond Resolution, Loan Agreement, Lease Assignment, Assignment, the Guaranty Agreements and Mortgage. The terms and provisions of the Bond Resolution, Loan Agreement, Assignment, Lease Assignment, Guaranty Agreements and Mortgage, or of any instrument supplemental thereto, may be modified or altered pursuant to Section 9.03 of the Loan Agreement and paragraph 11 of the Bond Resolution. It is hereby certified and recited and the City Council has found: That the Project is an eligible "project" defined in -3- Section 474.02, Subd. 1 of the Act; that the issuance of the Bond and the acquisition and construction of the Project will promote the `public welfare and carry out the purposes of the Act; that the Project has been approved by the Commissioner of Securities of the State of Minnesota as tending to further the purposes and policies of the Act; that all acts, conditions and things requir- ed to be done precedent to and in the issuance of this Bond have been properly done, have happened and have been performed in regular and due time, form and manner as required by law; and that this Bond does not constitute a debt of the City within the meaning of any constitutional, charter or statutory limitation. IN WITNESS WHEREOF, the City of St. Louis Park, by its City Council, has caused this Bond to be signed in its behalf by the manual signatures of the Mayor and the City Manager and sealed with the corporate seal of the City attested by the City Clerk, all as of the day of June, 1982. CITY OF ST. LOUIS PARK By ATTEST: Mayor and By City Clerk City Manager (SEAL) (Form of Transfer) For value received, the undersigned owner does hereby assign and transfer the foregoing Bond to the named Assignee, and the undersigned City Clerk of the City of St. Louis Park as bond registrar hereby certifies that the foregoing Bond has been transferred and registered on the bond register in the name of such Assignee. Date of Name of Signature of Signature of Transfer on Assignee Owner City Clerk Bond Register -4- EXHIBIT 2 TO BOND RESOLUTION ASSIGNf1ENT AND PLEDGE AGREEMENT This Assignment is made as of the first day of June, 1982, between the CITY OF ST. LOUIS PARK, Minnesota, a municipal corporation in the County of Hennepin and State of Minnesota (herein called the "City") and the WAYZATA BANK & TRUST COMPANY (herein called the "Lender"). Recitals The City has executed and delivered to the Lender its single fully registered Industrial Development Revenue Bond (Perbix Machine Company Project) in the principal amount of $340,000 dated the date of delivery, issued pursuant to a resolution adopted June 7, 1982 (the "Bond Resolution"). The proceeds of the Bond have been or are to be loaned to Thomas Perbix and Associates, a Minnesota general partnership (the "Partnership"), pursuant to a Loan and Purchase Agreement dated as of June 1, 1982, among the City, the Bank and the Partnership. The Bond is payable from and secured by the Loan Repay- ments to be made by the Partnership under the Loan Agreement and the Bondholder, as a condition to the purchase of the Bond, has required the execution of this Assignment. ACCORDINGLY, as authorized by the Bond Resolution and in consideration of the premises and other good and valuable consideration, the receipt of which is hereby acknowledged, the City does hereby grant, transfer and assign to the Bank and its registered assigns of the Bond, all of the right, title and interest of the City in the Loan and Purchase Agreement and the Loan Repayments of the Partnership payable thereunder (except for the rights of the City under Sections 5.02, 7.01, 7.08, 8.04 and 8.05 thereof relating to expenses, indemnity and advances of the City), all for the purpose of securing the Bond. IN WITNESS WHEREOF, the City has executed this Assign- ment as of the date first above written, but actually on the day of June, 1982. CITY OF ST. LOUIS PARK By Mayor Attest and By City Clerk City Manager (Seal) Adopted by the City Council June 7, 1982. A test: gi�d ity Clerk1441:"-44"1) Reviewed for administration: Approved as • form and legality: 4 Ay ity torney