10-14-1992 Council Agenda - Laserfiche WebLink

Home Browse Search

(c) Combination Mortgage, Security Agreement and Fixture Financing Statement (the "Mortgage "), dated as of October 1, 1992, from the Corporation to the Trustee, by which the Corporation grants to the Trustee a mortgage lien on and security interest in certain mortgaged property, as described therein, as further security for the payment of the Bonds (this document not to be executed by the City); and (d) Assignment of Leases and Rents (the "Assignment ") dated as of October 1, 1992, from the Corporation to the Trustee, by which the Corporation assigns to the Trustee its interests in all leases and rents with respect to the mortgaged property (this document not to be executed by the City); and (e) Guaranty Agreement (the "Guaranty ") dated as of October 1, 1992, from The Presbyterian Homes of Minnesota, Inc., Johanna Shores, Inc., Langton Lake Place, Inc., Presbyterian Homes Foundation and Presbyterian Homes Management and Services, Inc. (collectively, the "Guarantors ") to the Trustee (this document not to be executed by the City); and (f) Bond Purchase Agreement (the "Bond Purchase Agreement "), by and between Miller, Johnson & Kuehn Incorporated (the "Underwriter "), the Corporation and the City, providing for the purchase of the Bonds from the City by the Underwriter and setting the terms and conditions of purchase; and (g) Preliminary Official Statement and form of final Official Statement, the form of the Preliminary Official Statement, together with the insertion of the final underwriting details of the Bonds, including the interest rates thereon, and any other changes deemed necessary or desireable, intended to constitute the form of the final Official Statement, and including all Appendices thereto (together the "Official Statement "), describing the offering of the Bonds, and certain terms and provisions of the foregoing documents. 3. Findings. It is hereby found, determined and declared that: (a) The Project constitutes a health care project authorized by and described in the Act. (b) The issuance of the Bonds will carry out a public purpose and benefit to the citizens of the community in that the purpose thereof is and the effect thereof is and will be to promote the public welfare by enhancing the provision of Page 12