09-23-24 City Council Agenda Packet

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ARTICLE 4 — COMPLIANCE WITH STATE BOND REQUIREMENTS Section 4.1 State Bond Financed Property. The Recipient and the Authority acknowledge and agree that the Recipient's ownership interest in the Project, consisting of real property, and, if applicable, all facilities located, or that will be constructed and located, on that real property, and all equipment that is a part thereof, that was purchased with the proceeds of state general obligation bond proceeds constitutes "State Bond Financed Property", as that term is used in Minnesota Statutes, Section 16A.695 and the "Fourth Order Amending Order of the Commissioner of Finance Rela ing to Use and Sale of State Bond Financed Property" dated July 30, 2012 (the "Order"), as such be amended, modified, supplemented, or replaced from time to time, and therefore the order apply to the Recipient's ownership interest in the Project The Recipient agrees that the proceeds of the Agreement m operated, in a manner that complies with Minnesota Statute' Recipient must file the required state bond financed p provide a copy of the filed declaration to the Authority, by the Commissioner of Minnesota Management anfig Section 4.2 Lease or Management Contract. similar contract (each a "Use Agreement") it enters into part of the State Bond Financed PropertAffifil,Lt comply wi (a) It must be for the express purpose of by law and established by official action (b) It must be approved, i (c) It must be for a t that is substantiall contract, but may alto continues to carry out the (d) It if ernmental (e) Rq provide for ov the Us ement. (f) It must sully id( nt. Agreeme ntained in that statute and contracts relating thereto. ,and the Project must be ■Q5 and the Order. The ceded in the Order and �eni'lllh,waived in writing ment or to property constituting all or a established or authorized Management and Budget. re solely at the option of the lessee or manager, )roperty subject to that lease or management ®n determination by the Recipient that the use contracting party defaults under the contract, or of the operation of the property that is the subject of statute that provides the Recipient authority to enter into the Use (g) It must contain a pision stating that the Use Agreement is being entered into in order to carry out a governmental program and must specifically identify the governmental program. Section 4.3 Sale. The Recipient must not sell any property constituting all or a part of the State Bond Financed Property unless the sale complies with the following requirements: (a) The Recipient determines by official action that the property is no longer usable or needed by the Recipient to carry out the governmental program for which it was acquired or constructed. Lino Lakes DWRF 01 Page 7of12