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bonds issued to finance the Project, and the City is to <br />provide the cost of maintaining the Project in good repair, <br />the cost of keeping the Project properly insured, any payments <br />required for taxes and any expenses incurred by the Authority <br />in connection with the Project; and <br />NOW, THEREFORE, BE IT RESOLVED by the Board of <br />Commissioners of the Economic Development Authority of the <br />City of Little Canada, Minnesota: <br />1. That the Board of Commissioners acknowledges, finds, <br />determines and declares that the Project will promote the <br />welfare of the City and satisfies the purposes stated in the <br />Act. <br />2. That pursuant to the Installment Purchase Contract <br />between the Authority and the City, dated as of February 1, <br />1990 (herein referred to as the "Contract "), the financing by <br />the Authority of the acquisition, construction and <br />installation of the Project, be and the same are hereby <br />authorized. <br />3. The offer of (the <br />"Purchaser "), to purchase $1,500,000 Public Project Revenue <br />Bonds, Series 1990 (City of Little Canada Installment Contract <br />Obligations) of the Authority (the "Bonds ", or individually a <br />"Bond "), in accordance with the terms and at the rates of <br />interest set forth in the Indenture, and to pay therefor the <br />sum of $ , plus interest accrued to settlement, is <br />hereby found, determined and declared to be the best offer <br />received, and is hereby accepted. The Secretary is directed <br />to retain the deposit of the Purchaser and to forthwith return <br />good faith checks or drafts submitted by any other bidders. <br />The Bonds shall bear interest at the rates, shall be in such <br />denominations, shall be numbered, shall be dated, shall <br />mature, shall be subject to redemption prior to maturity, <br />shall be in such form and shall have such other details and <br />provisions as are prescribed by the Trust Indenture between <br />the Authority and American National Bank and Trust Company, as <br />Trustee (the "Trustee "), dated as of February 1, 1990 (more <br />fully described in Section 4 hereof and hereinafter referred <br />to as the "Indenture "). <br />4. That the Bonds shall be special obligations of the <br />Authority payable solely from the revenues derived by the <br />Authority from the Project, in the manner provided in the <br />Indenture. As security for the payment of the principal of, <br />premium, if any, and interest on the Bonds, pro rata and <br />Page 14 <br />