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12-02-1997 Additions
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12-02-1997 Additions
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3/11/2013 2:03:58 PM
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FROM BRIGGS&MORGAN (TUE) 12. 02' 97 13:16 /ST. 12:18/NO. 3561674903 P 5/17 <br />(b) the Indenture; <br />(c) the Bond Purchase Agreement; <br />(d) the Regulatory Agreement; and <br />(e) the Mortgage and the Subordinate Mortgagee; and <br />f <br />the Continninq. Disclosure Agreement. <br />4. 7indjngs. It is hereby found, determined and <br />declared that <br />(a) the Project furthers the policies of the Act; <br />(b) the Project promotes the public welfare by providing <br />necessary housing facilities, so that adequate housing-facilities <br />are available to residents of the State of Minnesota at a <br />reasonable cost; <br />(c) the Act authorizes the acquisition, construction. and <br />installation of the facilities and equipment to be f4'-tnred by the <br />Bonds, the issuance and sale of the Bonds, the execution. and <br />delivery by the City of the Loan Agreement, Regulatory Agreement, <br />Indenture, the Mortgage, the Subordinate Mortgage and Bond Purchase <br />Agreement (collectively the ^Bond Documents"), the performance of <br />al/ covenants and agreements of the City contMMnnd in the Bond <br />Documents, and the performance of all other acts and things <br />required under the constitution and laws of the State of Minnesota <br />to make the Bond Documents and Bonds valid and binding obligations <br />of the City im accordance with their terms; <br />(d) it is desi ;able that the Bonds be issued by the City <br />upon the terms set forth in the Indenture; <br />(e) the payments under the Loan Agreement are fixed to <br />produce revenue sufficient to provide for the prompt payment of <br />principal of, premium, if any, and interest on the Bonds issued <br />under the Indenture when due, and the Loan Agreement and Indenture <br />also provide that the Company is required to pay all expenses of <br />the operation and maintenance of the facilities to be financed by <br />the Bonds, including, but without limitation, adequate insurance <br />thereon and insurance against all liability for injury to persons <br />or-property arising from the operation thereof, and any taxes and <br />special assessments levied upon or with respect to the premises of <br />said facilities and payable during the term of the Loan Agreement <br />and. Indenture; <br />(f) as provided in the Loan Agreement and Indenture, the <br />Bonds are not to be payable from or charged upon any funds otter <br />th n &HP revenue pledged to the payment thereof; the City is not <br />subject to any liability thereon; no holder of any Bond shall ever <br />have the right to compel any exercise by the City of its taxing <br />809726.2 <br />Page 4 <br />
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