09-23-24 City Council Agenda Packet

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(d) The Recipient agrees to impose and collect rates and charges in compliance with Minnesota Statutes and in accordance with the Recipient's service charge system, so that sufficient gross revenues are available, together with other sources as may be applicable, for the payment of system costs, including operation and maintenance expenses and principal, interest and servicing fees due on any outstanding debt payable from those revenues. The Recipient agrees to annually review and ensure that the gross revenues are sufficient for the payment of all system costs. Section 1.5 Mandatory Payments. (a) The Recipient must repay the together with accrued interest and servicing fees, in the amounts andon attached hereto (notwithstanding the rate of disbursement of the p adjustment as set forth in Section 1.3 or 1.6. The interest p informational purposes only; the actual interest payment will accrued to the date of payment. The Authority will be entitled t in fc earnings on Loan proceeds that are not disbursed and w earnings against any required repayment of principal payment of principal or interest received by the Ault A, as then in effect, which is not a mandatory paym designated by the Recipient to be treated as an option Authority, be (i) held without interest payable by the Autl the Loan in a manner determined by the Authority, (ii) tre principal amount of the Loan, n es set forth in Exhibit A s oatf the Loan), subject to shown on Exhibit A is for unt of interest which has the obligated, ent of interest excess of the am purposes any interest -dit any such interest krvicmg fees. Any Lforth in Exhibit designated ja paragraph (b�ot expressly or (iii) returned to the Recipient as an overpayment. Other thaM ay any payments received under the Note as folio%vs: first, o the paym by the Authority in enforcing any provision of the No is Agree accrued and unpaid interest and servicing fees on the No rd, to Note then due. by, in the sole d?Wtion of the ied to a future payment due on yment of principal on the Loan, ,ments, the Authority will apply any costs or expenses incurred • second, to the payment of e payment of principal of the (b) If the Recipient has pledged to the repayment of the Loan revenues subject to prepayment or lump - sum payments by d party, such as special assessments or connection charges from another municipality, the Reci ill notify the Authority immediately upon receipt of any such payment. The Authority, in its sole discretion, may direct the Recipient to use the funds for the payment of eligible construct' f the Pr ' or to transmit the funds to the Authority for payment on the Loan, imme date. uch payment received by the Authority may be applied to reduce ea aid annual p I insta of the Loan in the proportion that such installment bears to the t all unpaid print stallm r, in the sole discretion of the Authority, may be applied to one re future princip yments he Loan in a manner determined by the Authority. Section tional Prepa nts. (a) The Recipient may not prepay the Loan except upon written consent of t hority. If Authority has consented, then upon 45 days' prior written notice to the Authority (ors ser d as the Authority may accept), the Recipient may prepay the Loan and the Note, in whole on any February 20 or August 20 at a redemption price equal to the principal amount to be prepai ether with accrued interest and servicing fees thereon to the redemption date and a premium equal to all fees and expenses of the Authority, if any, in connection with the prepayment, including any fees, expenses or other costs relating to the payment and redemption of the Bonds as determined by the Authority. (b) The Authority may require that the Recipient, at its sole cost and expense, deliver to the Authority an opinion from a law firm, selected by the Authority, having a national reputation in the field of municipal finance law whose legal opinions are generally accepted by purchasers of municipal bonds Lino Lakes DWRF 01 Page 3 of 12 WE