Resolution 8142 - Laserfiche WebLink

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funds pledged therein. The Bonds are not to be payable from nor charged upon any funds of the City other than the revenues pledged to their payment, nor is the City subject to any liability thereon; no holders of the Bonds shall ever have the right to compel any exercise of the taxing power of the City to pay any of the principal of, premium, if any, or interest on the Bonds;the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, and each Bond shall recite that the Bonds, including interest thereon, are payable solely from the revenues pledged to the payment thereof and that no Bond shall constitute a debt of the City within the meaning of any constitutional or statutory limitation. The Bonds shall contain a recital that they are issued pursuant to the Act and such recital shall be conclusive evidence of the validity and regularity of the issuance thereof. 2. Bond Structure. Pursuant to a Loan Agreement, to be dated as of or after September 1, 2013, the City will loan the proceeds of the Bonds to the Borrower to finance a portion of the Project (the "Loan Agreement"). The payments to be made by the Borrower under the Loan Agreement are fixed so as to produce revenue sufficient to pay the principal of, premium, if any, and interest on the Bonds when due. When executed, the right, title and interest of the City in, to and under, among other things, the Loan Agreement(except as therein provided)will be assigned to the Trustee pursuant to the Indenture. It is proposed that the Borrower will execute a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement (the "Mortgage") as security for payment of the Health Care Facility Revenue Bond (Apple Tree Dental Project), Series 2013A (the "Series 2013A Bond"). It is further proposed that the Borrower will execute a Security Agreement (the "Security Agreement") as security for payment of the Health Care Facility Revenue Bond (Apple Tree Dental Project), Series 2013B (the"Series 2013B Bond"). Pursuant to a Continuing Covenant Agreement between the Lender and the Borrower (the "Continuing Covenant Agreement"), the Borrower has agreed to comply with certain covenants for the benefit of the Lender required in connection with the purchase of the Bonds. The Bonds shall be in such principal amounts, shall bear interest at the rates, shall be numbered, shall be dated, shall mature, shall be subject to redemption prior to maturity, and shall be in such form and have such other details and provisions as may be prescribed in the Indenture as executed in accordance with Sections 5 and 6. 3. Forms of Documents Submitted. Forms of the following documents have been submitted to the City Council for approval: (a) the Continuing Covenant Agreement; (b) the Loan Agreement; (c) the Mortgage; (d) the Security Agreement; and (e) the Indenture. 4. Findings. It is hereby found, determined and declared that: (a) the Project furthers the policies of the Act; (b) the Project promotes the public welfare by providing necessary health care facilities, so that adequate health care facilities are available to residents of the City at a reasonable cost;