Resolution 8142 - Laserfiche WebLink

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(c) the Act authorizes the acquisition, construction and installation of the facilities and equipment to be financed by the Bonds, the issuance and sale of the Bonds, the execution and delivery by the City of the Loan Agreement and Indenture (collectively, the "Financing Documents"), the performance of all covenants and agreements of the City contained in the Financing Documents, and the performance of all other acts and things required under the constitution and laws of the State of Minnesota to make the Financing Documents and Bonds valid and binding special, limited obligations of the City in accordance with their terms; (d) it is desirable that the Bonds be issued by the City upon the terms set forth in the Indenture; (e) the payments under the Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, premium, if any, and interest on the Bonds issued under the Indenture when due, and the Financing Documents also provide that the Borrower is required to pay all expenses of the operation and maintenance of the facilities to be financed by the Bonds, including, but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and any taxes and special assessments levied upon or with respect to the premises of said facilities and payable during the term of the Financing Documents; (f) as provided therein and in the Financing Documents, the Bonds are not to be payable from or charged upon any funds other than the revenue pledged to the payment thereof; the City is not subject to any liability thereon; no holder of any Bond shall ever have the right to compel any exercise by the City of any taxing powers to pay any of the Bonds or the interest or premium thereon, or to enforce payment thereof against any property of the City, except the interests of the City in the Loan Agreement which has been assigned to the Trustee under the Indenture; the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the interests of the City in the Loan Agreement which has been assigned to the Trustee under the Indenture; the Bonds shall recite that the Bonds do not constitute or give rise to a pecuniary liability or moral obligation of the City, the State of Minnesota or any political subdivision, and that the Bonds, including interest thereon, are payable solely from the revenues pledged to the payment thereof; and the Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 5. Approval of Forms; Execution. Subject to the provisions of Sections 8 and 9 hereof, the forms of the Financing Documents and exhibits thereto and all other documents listed in Section 6 hereof are approved substantially in the form submitted. Subject to the provisions of Section 8 hereof, the Financing Documents, in substantially the forms submitted, are directed to be executed in the name and on behalf of the City by the Mayor and the City Administrator(the "City Officers"). Subject to the provisions of Section 8 hereof, the Bonds are to be in executed the name of and on behalf of the City by the City Officers, and are to be delivered to the Trustee for authentication and delivery to the Lender. Any other City documents and certificates necessary to the transaction described above may be executed by one or more appropriate officers of the City, including but not limited to the Finance Director. Copies of all of the documents necessary to the transaction herein described shall be delivered, filed and recorded as provided herein and in the Financing Documents.