02-14-1996 Council Agenda - Laserfiche WebLink

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5. submitted to theoCity Council ollowing documents have been (a) The Loan Agreement; (b) The Indenture; (c) The Regulatory Agreement; (d) The Bond Purchase Agreement; and (e) The Official Statement_ 6. It is hereby found, determined and declared that: ng issuance a(nd) sale hofBthe1B nds, the eXeFinance the City of the Loan Agreement, the Bond Purchase Agreement, they the Regulatory Agreement and the Indenture (the "Bond Documents") and the performance of all covenants and agreements of the City Contained in the Bond Documents and of all other acts and things required under the constitution and laws of the State of Minnesota to make the Bond Documents and the Bonds valid and binding obligations of the City in accordance with their terms, are authorized by the Act; (b) it is desirable that the Bonds be issued by the City upon the terms set forth in the Indenture; (c) the basic payments under the Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, premium, if any, and interest on the Bonds issued under the Indenture when due, and the Loan Agreement and Indenture also provide that the Company is required to pay all expenses of the operation and maintenance of the Project, including, but without limitation, adequate insurance thereon and insurance to special assessments levied upon or with respect to the Project premises and payable during the term of the Loan Agreement and Indenture; (d) under the provisions of the Act and as provided in the Loan Agreement and Indenture, the Bonds are not to be payable from or charged upon any funds other than the revenue pledged to the payment thereof; the City is not subject to any liability thereon; no holder of any Bonds shall ever have the right to compel any exercise by the City of its taxing powers to pay any of the Bonds or the interest or premiums thereon, or to enforce payment thereof against any property of the City except the 312584.1 3 Page 8 P d 9IlZ£Ll99£'OM /8£ :II IS /OP:ll 96,6O20(I8d) ■1i9MOYf SOOIUH Y1O113