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