CC PACKET 09282004 - Laserfiche WebLink

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Z® (i) An Assignment of Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing(the "Mortgage Assignment"); (j) An Assignment of Assignment of Rents and Leases (the"Assignment of Assignment"); (k) an Assignment of Rents and Leases (the"Assignment of Leases"); (1) A Disbursing Agreement(the "Disbursing Agreement"); (m) A Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing(the"Mortgage"); and (n) an Official Statement or other offering document (the"Official Statement") to be used in connection with the offer and sale of the Bonds by the Underwriter. 1.07. At a public hearing, duly noticed and held on the date hereof, in accordance with Minnesota Statutes;Section 462C.05, subdivision 5 and Section 147(f)of the Internal Revenue Code of 1986, as amended, on the proposal to issue the Bonds and approve the Housing Program, 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 Indentures,under the provisions of which the City grants to the Trustee under the Indentures a security interest in certain revenues and payments to be received by the City under the Loan Agreements 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 Loan Agreements 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 Indentures when due; and the Loan Agreements also provide that the Borrower is required to continue to pay all expenses of the operation and maintenance of the Project, 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 Project and payable during the term of the Loan Agreements. -3-