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(t) The Assignment (not executed by the Issuer), and <br />(g) The Official Statement used by the Purchaser to market the Bonds <br />4. It is hereby found, determined and declared that: <br />(a) it is desirable that the Bonds be issued by the Issuer upon the terms set <br />forth in the Indenture, <br />(b) the basic payments under the Loan Agreement are fixed to produce <br />revenue sufficient to provide for the prompt payment of principal of, premium, if any, and <br />interest on the Bonds issued under the Indenture when due, and the Loan Agreement, Mortgage <br />and Indenture also provide that the Company is required to pay all expenses of the operation and <br />maintenance of the Project, including, but without limitation, adequate insurance thereon and <br />insurance against all liability for injury to persons or property arising from the operation thereof, <br />and all taxes and special assessments levied upon or with respect to the Project Premises and <br />payable during the term of the Loan Agreement and Indenture; and <br />(c) under the provisions of Minnesota Statutes, Section 469.155, and as <br />provided in the Loan Agreement and Indenture, the Bonds are not to be payable from or charged <br />upon any funds other than the revenue pledged to the payment thereof, the Issuer is not subject to <br />any liability thereon; no holder of any Bonds shall ever have the right to compel any exercise by <br />the Issuer of its taxing powers to pay any of the Bonds or the interest or premium thereon, or to <br />enforce payment thereof against any property of the Issuer except the interests of the Issuer in the <br />Loan Agreement which have been assigned to the Trustee under the Indenture; the Bonds shall <br />not constitute a charge, lien or encumbrance, legal or equitable upon any property of the Issuer <br />except the interests of the Issuer in the Loan Agreement which have been assigned to the Trustee <br />under the Indenture, the Bonds shall recite that the Bonds, including interest thereon, are payable <br />solely fiiom the revenues .pledged to the payment thereof; and, the Bonds shall not constitute a <br />debt of the Issuer within the meaning of any constitutional or statutory limitation. <br />5. The forms of the Bond Documents and exhibits thereto shall be subject to the <br />review and approval of the City Attorney and Bond Counsel and are otherwise approved <br />substantially in the form submitted. The Loan Agreement, Indenture and Purchase Agreement <br />are directed to be executed in the name and on behalf of the Issuer by the Mayor and the Clerk - <br />Treasurer <br />lerkTreasurer. Any other documents and certificates necessary to the transaction described above <br />shall be executed and delivered by the appropriate officers of the Issuer. Copies of all of the <br />documents necessary to the transaction herein described shall be delivered, filed and recorded as <br />provided herein and in the Loan Agreement, Indenture and Purchase Agreement. <br />6. The Issuer has not prepared nor made any independent investigation of the <br />information contained in the Preliminary or final Official Statement used by the Purchaser to sell <br />the Bonds and the Issuer takes no responsibility for any information contained in the Preliminary <br />or final Official Statement. <br />7. The Issuer shall proceed forthwith to issue its Bonds, in the form and upon the <br />terms set forth in the Indenture. The offer of the Purchaser to purchase the Bonds at par plus <br />accrued interest to the date of delivery at the interest rate or rates specified in the Indenture (not <br />137525301 2 <br />