05-13-2020 Council Packet - Laserfiche WebLink

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3 OBLIGATIONS OF THE ISSUER. THE SERIES 2020 BONDS SHALL CONSTITUTE SPECIAL, LIMITED OBLIGATIONS OF THE ISSUER. THE SERIES 2020 BONDS SHALL NOT CONSTITUTE OR GIVE RISE TO A CHARGE AGAINST THE GENERAL CREDIT, ASSETS, TAXING POWERS OR OTHER REVENUES OF THE ISSUER, THE HOST CITY, OR THE STATE. THE SERIES 2020 BONDS ARE NEITHER A DEBT NOR A LIABILITY WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY DEBT LIMITATION OF THE ISSUER, THE HOST CITY, OR THE STATE. THE LOAN REPAYMENTS AND ADDITIONAL PAYMENTS TO BE MADE BY THE BORROWER UNDER THE LOAN AGREEMENT ARE SOLELY THE OBLIGATION OF THE BORROWER. THE LIMITED GUARANTOR IS NOT OBLIGATED TO MAKE ANY PAYMENTS UNDER THE LOAN AGREEMENT EXCEPT TO THE EXTENT OBLIGATED UNDER THE LIMITED GUARANTY IN THE EVENT THAT MONEY HELD BY THE TRUSTEE UNDER THE INDENTURE IS INSUFFICIENT TO PAY DEBT SERVICE ON THE SERIES 2020 BONDS. The Borrower and U.S. Bank National Association, as dissemination agent (the “Dissemination Agent”), will enter into a Continuing Disclosure Agreement, dated as of ________ 1, 2020 (the “Continuing Disclosure Agreement”), for the benefit of the Holders of the Series 2020 Bonds under which the Borrower is required to deliver certain information to the Municipal Securities Rulemaking Board (the “MSRB”) to comply with the provisions of Rule 15c2-12 (the “Rule”) promulgated by the Securities and Exchange Commission (the “SEC”). See “CONTINUING DISCLOSURE” and “APPENDIX F - FORM OF CONTINUING DISCLOSURE AGREEMENT” in this Official Statement. The Indenture, the Loan Agreement, the Mortgage, the Limited Guaranty, and the Continuing Disclosure Agreement will be executed and delivered by the parties thereto on or prior to the date of issuance of the Series 2020 Bonds. This Official Statement contains brief descriptions of the Series 2020 Bonds under the heading “THE SERIES 2020 BONDS.” “APPENDIX D - DEFINITIONS AND SUMMARY OF CERTAIN PRINCIPAL DOCUMENTS” contains brief descriptions of the Loan Agreement, the Indenture, the Limited Guaranty, and the Mortgage. Such descriptions do not purport to be comprehensive or definitive and are qualified in their entirety by reference to each specific document. Copies of such documents are available from Northland Securities, Inc. (the “Underwriter”) and the Trustee during the period of the offering of the Series 2020 Bonds. The information contained in this Official Statement and the appendices hereto has been provided by the Borrower, the Limited Guarantor, and other sources which are believed to be reliable. The Underwriter has reviewed the information in this Official Statement in compliance with its responsibilities under the Federal Securities Laws as applied to the facts and circumstances of the transactions referred to in this Official Statement, but the Underwriter does not make any guarantee as to the accuracy or completeness of such information. The Appendices are an integral part of this Official Statement and each potential investor should review all Appendices in their entirety. Forward-Looking Statements Disclaimer The statements contained in this Official Statement that are not purely historical, are forward- looking statements, including statements regarding the expectations, intentions, or strategies of the Borrower regarding the future. Also, forward-looking statements include statements in which words such as “believe,” “expect,” “anticipate,” “intend,” “will,” or similar expressions are used. Potential investors should not place undue reliance on forward-looking statements. All forward-looking statements are made