04-24-2024 Council Packet - Laserfiche WebLink

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132435584v2 6 jurisdiction over the Facility and to enter into, execute and perform its obligations under this Agreement, the Declaration, the Capital Campaign Security Agreement, and the Business Assets Security Agreement, and no violation of any local ordinance, laws, regulation or requirement exists with respect to the Land; (5) The proceeds of the Note, together with any other funds to be contributed to the Project by the Borrower, including Capital Campaign Pledges, or otherwise in accordance with this Agreement, will be sufficient to pay the cost of the Project in a manner suitable for use of the Facility as an educational facility, and all costs and expenses incidental thereto, and the proceeds of the Note will be used only for the purposes contemplated hereby and allowable under the Act; (6) Comparable private financing for the Project was not found by the Borrower to be reasonably available, and the Project is economically more feasible with the availability of the financing herein authorized; (7) The Borrower is not in the trade or business of selling properties such as the Facility and is undertaking the Project for investment purposes only or otherwise for use by the Borrower in its trade or business, and therefore the Borrower has no intention now or in the foreseeable future to voluntarily sell, surrender, or otherwise transfer, in whole or part, its interest in the Facility; (8) There are no actions, suits, or proceedings pending or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any property of the Borrower in any court or before any federal, state, municipal, or other governmental agency, which, if decided adversely to the Borrower would have a material adverse effect upon the Borrower or upon the business or properties of the Borrower; and the Borrower is not in default with respect to any order of any court or governmental agency; (9) The Borrower is not in default in the payment of the principal of or interest on any indebtedness for borrowed money nor in default under any instrument or agreement under and subject to which any indebtedness for borrowed money has been issued; (10) The Borrower has filed all federal and state income tax returns which are required to be filed and has paid all taxes shown on said returns and all assessments and governmental charges received by the Borrower to the extent that they have become due; (11) To the knowledge of the Borrower, no public official of the Issuer has either a direct or indirect financial interest in this Agreement nor will any public official either directly or indirectly benefit financially from this Agreement; (12) The Borrower has approved the terms and conditions of the Note; (13) The Borrower intends the Facility to be operated as an educational facility until the date on which the entire Principal Balance of the Note has been fully paid and is no longer outstanding;