10/05/1998 Park Board Packet - Laserfiche WebLink

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'^ The use of the Memorandum is hereby authorized, but the Issuer has not participated in the preparation of or reviewed, and will not participate in the preparation of or review, the Memorandum and has not made and will not make any independent investigation of the facts and statements provided therein; accordingly, the Issuer assumes no responsibility with respect thereto, including without limitation as to matters relating to the accuracy, completeness or sufficiency of the Memorandum. 4 . It is hereby found, determined and declared that : (a) it is desirable that the Bonds be issued by the Issuer upon the terms set forth in the Indenture; (b) under the provisions of Minnesota Statutes, Section 469 . 162, and as provided in the Loan Agreement and Indenture, the Bonds shall be and constitute only a special and limited revenue obligation of the Issuer, payable solely from the revenues pledged to the payment thereof pursuant to the Agreement and the Indenture; the Bonds shall never constitute an indebtedness, a moral or general obligation or a loan of the credit of the Issuer or a charge, lien or encumbrance, legal or equitable, against the Issuer' s property, general credit or taxing powers; and no holder of any Bonds shall ever have the right to compel any exercise by the Issuer of its taxing powers to pay any of the Bonds or the interest or premium thereon, or to enforce payment thereof against any property of the Issuer except the interests of the Issuer in the Loan Agreement which have been assigned to the Trustee under the Indenture. 5 . The Loan Agreement, Indenture and Placement Agreement are hereby authorized to be executed in the name and on behalf of the Issuer by the Mayor and City Clerk-Treasurer at such time, if any, as they in their discretion may deem appropriate. Any other documents and certificates necessary in connection with the issuance of the Bonds are similarly authorized to be executed and delivered by the appropriate Issuer officers . 6 . The issuance of the Bonds in the form and upon the terms, including interest rate and maturity, set forth in the Indenture is hereby authorized. The offer of the Placement Agent to place the Bonds for sale with institutional "accredited investors" at par, is hereby accepted. 7 . The officers of the Issuer are authorized to prepare and furnish to the Placement Agent certified copies of all proceedings and records of the Issuer relating to the Bonds, and such other affidavits and certificates as may be required to show the facts relating to the Bonds as such facts appear from the books and records in the officers ' custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the Issuer as to the truth of all statements contained therein. 921019.2 3