03-24-1993 Council Agenda - Laserfiche WebLink

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FROM BRIGGS AND i,AN OF, P and Rents, to be dated as of March 1, 1993 (the "Assignment "). The obligations of the Company under the Loan Agreement and the payment of the Bonds, are guaranteed by Raymond Dykema and Francis and Roberta Flusnik, husband and wife, pursuant to a Guaranty Agreement to be dated as of March 1, 1993 in favor of the Trustee for the benefit of the Bondholders (the "Guaranty "). The Bonds will be publicly offered by the Underwriter pursuant to a Placement Memorandum to be dated on or prior to the bond closing (the "Placement Memorandum "). 4. Pursuant to the preliminary approval of the Council, forms of the following documents have been submitted to the Council for approval: 235981 (a) The Loan Agreement. (b) The Indenture. (c) The Mortgage (not executed by the City). (d) The Assignment (not executed by the City). (e) The Purchase Agreement. (f) The Placement Memorandum (not executed by City). (g) The Guaranty (not executed by the City). 5. It is hereby found, determined and declared that: (a) the issuance and sale of the Bonds, the execution and delivery by the City of the Loan Agreement, the Purchase Agreement and the Indenture, and the performance of all covenants and agreements of the City contained in the Loan Agreement, the Purchase Agreement and Indenture and of all other acts and things required under the constitution and laws of the State of Minnesota to make the Loan Agreement, the Purchase Agreement, Indenture and 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, Mortgage and Indenture also provide 3 Page 21