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• (e) a First Supplemental Indenture of Trust, dated as of May 1, 1996 <br /> (the "Supplemental Indenture"), between the City and the Series 1985 <br /> Trustee, supplementing the Series 1985 Indenture and whereby the City <br /> deposits with the Series 1985 Trustee funds and securities therein identified <br /> in order to provide for the defeasance and redemption of the Series 1985 <br /> Bonds. <br /> Section 2. Findings. It is hereby found and determined that the City is <br /> authorized by the Act to issue the Series 1996 Bonds and it is in the public interest <br /> that the City issue the Series 1996 Bonds on the terms and conditions specified in the <br /> Series 1996 Indenture. As provided in the Series 1996 Indenture, the Series 1996 <br /> Bonds are and shall be special, limited obligations of the City. Neither the full faith <br /> and credit or the taxing power of the City is or shall be pledged to payment of the <br /> principal of, premium, if any, or interest on the Series 1996 Bonds. The principal of, <br /> premium, if any, and interest on the Series 1996 Bonds shall be payable solely from <br /> the sources specified in the Series 1996 Indenture. No Series 1996 Bond or any <br /> provision of any other document relating thereto shall be at any time construed to <br /> constitute an indebtedness or obligation of any sort of the State of Minnesota or <br /> Hennepin County. <br /> Section 3. Authorization and Approval. <br /> • 3.01. It is recognized that as of the date of adoption of this Resolution, the <br /> precise interest rates, maturity dates and amounts, redemption dates and prices, and <br /> purchase price of the Series 1996 Bonds have not been finalized. Therefore, the <br /> Mayor and City Manager of the City are authorized to approve those details of the <br /> Series 1996 Bonds, without further action by this Council, provided that (i) no <br /> interest rate shall exceed 7.00% per annum for the Series 1996A Bonds, <br /> nor 8.25% for the Series 1996B Bonds; and (ii) none of the Series 1996 Bonds shall <br /> mature later than December 1, 2025. <br /> 3.02. The forms of the Series 1996 Loan Agreement, Series 1996 Indenture, the <br /> Supplemental Indenture, and the Bond Purchase Agreement are hereby approved. <br /> When the details of the Series 1996 Bonds have been finalized pursuant to Section <br /> 3.01, the Mayor and City Manager are hereby authorized and directed, in the name <br /> and on behalf of the City, to execute and deliver the Series 1996 Loan Agreement, <br /> the Series 1996 Indenture, the Supplemental Indenture, and the Bond Purchase <br /> Agreement in substantially the forms thereof now on file with the City Manager. <br /> 3.03. The Series 1996 Bonds in substantially the forms prescribed by the Series <br /> 1996 Indenture shall be executed by facsimile or manual signatures of the <br /> appropriate officers of the City and shall be delivered to the Series 1996 Trustee for <br /> authentication and for delivery to the original purchasers of the Series 1996 Bonds, <br /> • <br /> - 3 - <br />