|
•
<br />•
<br />2. For the purposes set forth above, there is hereby authorized the issuance, sale,
<br />and delivery of the Notes in one or more series in the approximate aggregate principal amount
<br />not to exceed $4,000,000. The Notes shall bear interest at rates designated by the terms of the
<br />Loan Agreement and the Notes, and shall be designated, shall be numbered, shall be dated,
<br />shall mature, shall be subject to redemption prior to maturity, shall be in such form, and shall
<br />have such other terms, details, and provisions as are prescribed in the Notes and the Loan
<br />Agreement, in the forms now on file with the Issuer, with the amendments referenced herein.
<br />The Issuer hereby authorizes the Notes to be issued as "tax- exempt bonds," the interest on
<br />which is not includable in gross income for federal and State of Minnesota income tax purposes.
<br />The issuance of the Notes is subject to the approval of the Project by the Minnesota Department
<br />of Employment and Economic Development ( "DEED "), as required by the Act.
<br />All of the provisions of the Notes, when executed as authorized herein, shall be deemed
<br />to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein
<br />and shall be in full force and effect from the date of execution and delivery thereof. The Notes
<br />shall be substantially in the form now on file with the Issuer, which form is hereby approved, with
<br />such necessary and appropriate variations, omissions, and insertions (including changes to the
<br />name of the Notes, the aggregate principal amount of the Notes, the stated maturities of the
<br />Notes and the maturity dates of the Notes, the interest rates on the Notes, and the terms of
<br />optional and mandatory redemption of the Notes) as the Mayor and City Administrator of the
<br />Issuer (the "Mayor" and "City Administrator"), in their discretion, shall determine. The execution
<br />of the Notes with the manual or facsimile signatures of the Mayor and the City Administrator and
<br />the delivery of the Notes by the Issuer shall be conclusive evidence of such determination.
<br />3. The Notes shall be a special limited obligation of the Issuer the proceeds of
<br />which shall be disbursed pursuant to the terms of the Loan Agreement and the Disbursing
<br />Agreement, and the principal, premium, and interest on the Notes shall be payable solely from
<br />the revenues derived from the Borrower pursuant to the terms of the Loan Agreement, and the
<br />security provided by the Borrower in accordance with the terms of the Loan Agreement, the
<br />Mortgage, and any other security granted by the Borrower to the Lender.
<br />4. The Mayor and the City Administrator are hereby authorized and directed to
<br />execute and deliver the Loan Agreement, the Assignment, and the Disbursing Agreement. All
<br />of the provisions of the Loan Agreement, the Assignment, and the Disbursing Agreement, when
<br />executed and delivered as authorized herein, shall be deemed to be a part of this resolution as
<br />fully and to the same extent as if incorporated verbatim herein and shall be in full force and
<br />effect from the date of execution and delivery thereof. The Loan Agreement, the Assignment,
<br />and the Disbursing Agreement shall be substantially in the forms on file with the Issuer which
<br />are hereby approved, with such omissions and insertions as do not materially change the
<br />substance thereof, or as the Mayor and the City Administrator, in their discretion, shall
<br />determine, and the execution thereof by the Mayor and the City Administrator shall be
<br />conclusive evidence of such determination.
<br />5. The proceeds of the Notes shall be disbursed in accordance with the terms of the
<br />Loan Agreement and Disbursing Agreement for the payment of the costs of the Project and
<br />related costs in accordance with the terms of the Loan Agreement and Disbursing Agreement.
<br />6. The Lender is hereby appointed as Paying Agent and Registrar for the Notes.
<br />7. The Mayor and the City Administrator of the Issuer are hereby authorized to
<br />execute and deliver, on behalf of the Issuer, such other documents as are necessary or
<br />LinoLakesvC -
<br />_131-
<br />
|