Resolution 24-125 - Laserfiche WebLink

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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 o 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, Sect|mn1hA.O95 d tile "Fourth Order Amendingd f the Commissionerf Finance Relatingd Sale of State Bond Financed Property" dated July 30, 2012 (the "Order"), as s c amended, modified, supplemented, or replaced from time to time, and therefore the provisi, I ai ed in that statute and order apply to the Recipient's ownership interest in the Project andi", s c tracts relating thereto. the Project must be The Recipient agrees that the proceeds of the Agreement mu§V" n operated, in a manner that complies with Minnesota Statuteg;'�' c i n d tile Order, The Recipient must file the required state bond financed propefty 0eclal, ion s _01 I in the order and provide a copy of the filed declaration to the Authority,,611' s9 the fill g req irem, aived in writing bythe Commissioner of Minnesota Management an,d.4 "dget. Section 4.2 Lease mManagement Contract. The Recipjjvp similar contract (each a "Use Agreement") it enters |ntuV0 part oftile State Bond Financed Propor�,ft)4stcomply with (a) Itmust befor the express purpose of by law and established by official action (b)ItMust bmapproved, | (e) lt_,nlo�t provide for the Use -A, eieement. (f)Itmust o Agromont, by the CornNpsio 0any lease or mandgementor toproperty constituting all ma ngmquimments: rnmont6i0Rramestablished mvauthorized Management and Budget. �dud the lessee nrmanager, than the'�'uspful life of r petyoubjoct to that lease or management elmevvn|.040ndjhattenn�A�n determination by the Recipient that the use by th'b"116tipient if the other contracting party defaults under the contract, or pp by the Re'66pient of tile operation of the property that is the Subject of e statute that provides the Recipient authority to enter into the Use (g) It must contain provision stating that the Use Agreement is being entered into in order tocarry out a governmental program and must specifically identify the governmental program. Sectlon4.3 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 tile Recipient to carry out the governmental program for which it was acquired or constructed. Lino Lakes—DWRF-01 Page 7of12