CC PACKET 11262013 - Laserfiche WebLink

Home Browse Search

34 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 Loan 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 Loan 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 Loan Agreement also provides 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 Agreement. (c) The execution and delivery of the documents referred to in Section 1.02 (together with all such other documents as are necessary in connection with the Bonds, 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 Minnesota Statutes, Chapters 462A and 462C. 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 finance the Project and pay costs of issuance of the Bonds, and to pledge and assign the Loan Agreement and the loan repayments due thereunder, all as provided in the Loan Agreement and the Indenture. It is acknowledged that the purchase price of the Bonds, the principal amount of the Bonds, the initial reoffering prices of the Bonds, the maturity schedule of the Bonds, the provisions for redemption of the Bonds and the initial interest rate on the Bonds have not been determined as of the date of adoption of this resolution and are not reflected in the Indenture, the Loan Agreement or the Bond Purchase Agreement. The Mayor and the City Manager are hereby authorized to approve: (1) the purchase price of the Bonds; (2) the principal amount of the Bonds (as hereinafter defined); provided that the aggregate principal amount of the Bonds is not in excess of $16,950,000; (3) the reoffering prices of the Bonds; (4) the maturity schedule of the Bonds; (5) the provisions for redemption of the Bonds; and (6) the interest rates on the Bonds. The approval of such officers of the terms of the Bonds shall be conclusively presumed by the execution of the Bond Purchase Agreement by said officers. -3-