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BOND RESOLUTION <br />BE IT RESOLVED by the City Council of the City of <br />Lake Elmo, Minnesota, as follows: <br />ARTICLE ONE <br />DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS <br />1-1. Definitions. <br />The terms used herein,, unless the context hereof <br />shall require otherwise shall have the following meanings, and <br />any other terms defined in the Loan Agreement shall have the <br />same meanings when used herein as assigned to them in the Loan <br />Agreement unless the context or use thereof indicates another <br />or different meaning or intent. <br />(1) Act: the Minnesota Municipal Industrial Development <br />Act, Minnesota Statutes, Chapter 474, as amended; <br />( (2) Assignment of Loan Agreement: the agreement to be <br />executed by the City And the Lender assigning the Loan <br />Agreement to the Lender; <br />(3) Bond Counsel: the firm of Briggs and Morgan, Pro- <br />fessional Association, of of St. Paul, Minnesota, and any opinion <br />of Bond Counsel shall be a written opinion signed by such <br />Counsel; <br />(4) City: the City of Lake Elmo, Minnesota, its <br />successors and assigns; <br />(5) Company: Lake Elmo Hardwood Lumber, Inc., its <br />successors and assigns, and any surviving, resulting or <br />transferee corporation which may assume its obligations in <br />accordance with the provisions of the Loan Agreement; <br />(6) Disbursing Agreement: the Disbursing Agreement to <br />be executed by the City, the Company and the Lender relating <br />to construction of the Improvements and payment of Project <br />Costs, <br />(7) Event of Default: any of the events described in <br />Section 6.01 of the Loan Agreement; <br />