CC PACKET 05142002 - Laserfiche WebLink

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27 (d) an Assignment and Intercreditor Agreement, proposed to be entered into by the City, the Trustee and Fannie Mae, and acknowledged and agreed to by the Borrower; (e). a First Amendment to Declaration of Restrictive Covenants and Land Use Restriction Agreement (the"First Amendment"), proposed to be entered into by the City and the Borrower; and (f) an Offering Circular(the"Offering Circular")to be used in connection with the offer and sale of the Bonds by the Underwriter. 1.05. At a public hearing, duly noticed and held on May 14, 2002, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, on the proposal to issue the Bonds, all parties who appeared at the hearing were given an opportunity to express their views with respect to such proposal and interested persons were given the opportunity to submit written comments to the City Clerk before the date of the hearing. Section 2. Findings. It is hereby found, determined and declared that: (a) It is desirable that the Bonds be issued by the City upon the terms set forth in this resolution and the Indenture, under the provisions of which the City grants to the Trustee under the Indenture a security interest in certain revenues and payments to be received by the City under the Financing Agreement as security for the payment of the principal of,premium, if any, and interest on the Bonds. (b) The payments required to be made to the Trustee pursuant to the Financing Agreement are fixed, and are required to be revised from time to time as necessary, so as to produce income and revenue sufficient to provide for prompt payment of principal of and interest on all Bonds issued under the Indenture when due; and the Financing Agreement also provides that the Borrower is required to continue to pay all expenses of the operation and maintenance of the Property, including but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and all taxes and special assessments levied upon or with respect to the site of the Property and payable during the term of the Financing Agreement. (c) The execution and delivery of the Financing Agreement, the Indenture, the First Amendment and the Bond Purchase Agreement(the"Bond Documents") and all other acts and things required under the Constitution and laws of the State of Minnesota to make the Bond Documents and the Bonds valid and binding special, limited obligations in accordance with their terms, are authorized by the Act. Section 3. Authorization and Approval of Bond Documents. The City is hereby authorized to issue the Bonds to provide funds, to be used, with other available funds, to -2-