11-10-1993 Council Agenda - Laserfiche WebLink

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FROM BRIGGS & tORGAN ST. PAUL 612- 223 -6645 (PdEDI 11. 03' 93 16:24/ST, 16:09 /N0. 3560836350 P 6/9 (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 af, premium, if any, and interest on the Bonds issued under the Indenture when due, and the Loan Agreement, Mortgage 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 against all liability for injury to persons or property arising from the operation thereof, and all taxes and special assessments levied upon or with respect to the Project premises and payable during the term of the Loan Agreement, Mortgage and Indenture; and (d) under the provisions of Minnesota Statutes, Section 469.162, 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 interests of the City in the Loan Agreement which have been assigned to the Trustee under the Indenture; the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable upon any property of the City except the interests of the City in the Loan Agreement which have been assigned to the Trustee under the Indenture; the Bonds shall recite that the Bonds are issued without moral obligation on the part of the state or its political subdivisions, and that the Bonds, including interest thereon, are payable solely from the revenues pledged to the payment thereof; and, the Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 6. Subject to the final approval of the city Attorney and the provisions of paragraph 10 hereof, the forms of the Loan Agreement, the Bond Purchase Agreement, the Mortgage, the Assignment of Leases and Rents, the Assignment, and Indenture and exhibits thereto and all other documents described in paragraph 9 hereof are approved substantially in the form submitted except as otherwise provided in paragraph 10 hereof. The Loan Agreement, Bond Purchase Agreement, the Mortgage, the Assignment of Leases and Rents, the Assignment, and Indenture, in substantially the form submitted, are directed to be executed in the name and on 250774 4 Page 10