05-13-2020 Council Packet - Laserfiche WebLink

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12316323v3 11 (c)The execution and delivery of this Loan Agreement and the Mortgage and the consummation of the transactions herein and therein contemplated will not conflict with or constitute a breach of or default under the articles of incorporation or bylaws of the Borrower, or any bond, debenture, note or other evidence of indebtedness or any contract, loan agreement or lease to which the Borrower is a party or by which it is bound, or violate any law, regulation or order of the United States or the State of Minnesota or agency or municipal corporation thereof, or any court order or judgment in any proceeding to which the Borrower is or was a party or by which it is bound. (d)The proceeds of the Series 2020 Bonds to be deposited in the Project Fund, together with the other funds to be contributed by the Borrower in accordance with this Loan Agreement, will be sufficient to pay all costs of the Project, including costs of issuance of the Series 2020 Bonds, as further described herein and in the Indenture. (e)Except as may be disclosed in the Official Statement, there is no litigation pending, or to the best of its knowledge threatened, against the Borrower affecting its ability to carry out the terms of this Loan Agreement or the Mortgage. (f)There are no liens or encumbrances on the Land except Permitted Encumbrances. (g)The Land is currently zoned properly for the Project Facilities. (h)The Official Statement relating to the issuance and sale of the Series 2020 Bonds, including all Appendices thereto, does not contain any untrue statement of a material fact, and does not omit to state a material fact, required to be stated therein or necessary in order to make the statements contained therein not misleading. (i)No council member or other officer or employee of the Issuer has a direct or indirect financial interest in this Loan Agreement, the Series 2020 Bonds, the Project or any contract, agreement or job hereby contemplated to be entered into or undertaken. (j)The Borrower has approved the terms and conditions of the Indenture and the Bonds. (k)The Borrower shall take no action nor omit to take any action the effect of which would be to jeopardize the tax-exempt status of the Series 2020 Bonds. (l)All property to be acquired, financed or refinanced with proceeds of the Series 2020 Bonds shall be owned either by an organization described in Section 501(c)(3) of the Internal Revenue Code or a unit of state or local government, all within the meaning of and as required by Section 145(a) of the Internal Revenue Code. (m)The average weighted maturity of the Series 2020 Bonds does not exceed 120% of the average reasonably expected remaining economic life of the facilities to be financed with proceeds of the Series 2020 Bonds, all within the meaning of Section 147(b) of the Internal Revenue Code.