12-02-1997 Additions - Laserfiche WebLink

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FROM BRIGGS&MORGAN (TUE) 12. 02' 97 13:15 /ST. 12:18/NO. 3561674903 P 3/17 (the Series 1997A Bonds and the Series 1997B Bonds are collectively referred to as the "Bonds ") under the Act pursuant to this Resolution; and WHEREAS, the Series 1997A Bonds will be issued under an Indenture of Trust (the "Indenture "), dated as of December 1, 1997 between the City and t trustee to be determined as trustee (the "Trustee"), and will be secured by a. loam agreement among the City and the Company dated as of December 1, 1997 (the "Loan Agreement ") and a mortgage and assignment of leases and rents from the Company to the City, as assigned to the Trustee dated as of December 1, 1997 (the "Mortgage ") and by a pledge and assignment of carted= other revenues, all is accordance with the terms of the Indenture e€ Trust; and the Series 1997E Bonds will. be issued m/leer and secured by the Indenture and peeekeeset—t-e--e--eetheeetate secured by a g g, second mortgage on the project • proiect (the "S ordinate Mortgage ") on a subordinate basis to the Series 1997A Bonds, payable oa such subordinate basis from a pledge and assignment of certain Project revenues set forth nnrier the Indenture, All in accordance with. the terms of the indenture; and the Bonds and the interest on the Bonds shall be payable solely from the. revenues pledged therefor mad the Bonds shall not constitute a. debt of the City within the menniryg of any constitutional or statutory limitation, nor shell the Bonds constitute nor give rise to a pecuniary liability of the City or a charge against the credit or taxing poweS8 and. shall not constitute a charge, lien. or encumbrance, legal or equitable, upon any pprro d. erty of the City other than the City's interest lathe Project; WHEREAS, the City conducted a public beering on the proposal of the Company that the City finance the Project by the issuance of the Bonds and the housiac 2Mageem for the Proiect at 7:00 p.m. cm December 2, 1997, at which hearing all p"� ersons� who appeared or submitted comments were given an opportunity to express their views with respect to the Project and the Bonds; NOW THEREFORE BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows. 1. Proposal. For the purpose of financing the Project, the issuance, sale and delivery of the Bonds is hereby authorized. The proceeds of the Bands together with other funds provided by the Company, shall be applied to acquisition, rehabilitation and installation of fire safety improvements to the Project as provided in the Loan Agreement. The Bonds shall be in such series, principal amounts, shall bear interest at rates, shall be numbered, shall be dated, shall mature, shall be subject to redemption prior to maturity, and shall be in such form and have such other details and provisions as maybe prescribed is the Indenture, substantially in. the form now on file with the City and as further provided in section 2. The Bonds shall be special obligations of the City Page 2