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the proceeds derived from the sale of Bonds pursuant to and under the Indenture and the <br />handling of said revenues and other monies are all commitments, obligations and agreements on <br />the part of the Authority contained in the Indenture, and the invalidity of the Bond Documents, <br />shall not affect the commitments, obligations and agreements on the part of the Authority to <br />create such funds and to handle said revenues, other monies and proceeds of the Bonds for the <br />purposes, in the .manner and according to the terms and conditions fixed in the Indenture, it being <br />the intention hereof that such commitments on the part of the Authority are as binding as if <br />contained in this resolution separate and apart from the Indenture or the Lease. <br />10. Bond Recital. That the Bonds shall contain a recital that they are issued pursuant <br />to the Act, and such recital shall be conclusive evidence of the validity of the Bonds and the <br />regularity of the issuance thereof, and that all acts, conditions and things required by the laws of <br />the State of Minnesota relating to the adoption of this resolution, to the issuance of the Bonds <br />and to the execution of the Bond Documents to happen, exist and be performed precedent to and <br />in the enactment of this resolution, and precedent to the Bonds, the .execution of the Bond <br />Documents have happened, exist and have been performed as so required by law. <br />11. Performance. That the officers, attorneys, engineers and other agents or <br />employees of the Authority are hereby authorized to do all acts and things required of them by or <br />in connection with this resolution, the Bond Documents, for the full, punctual and complete <br />performance of all the terms, covenants and agreements contained in the Bonds, the Bond <br />Documents and this resolution. <br />12. Furnishing of Certificates and Proceedings. The President and the Secretary and <br />other officers of the Authority are authorized and directed to prepare and furnish to the Purchaser <br />certified copies of all proceedings and records of the Authority relating to the Bonds, and such <br />other affidavits and certificates as may be required to show the facts relating to the legality of the <br />Bonds as such facts appear from the books and records in the officers' custody and control or as <br />otherwise known to them; and all such certified copies, certificates and affidavits, including any <br />heretofore furnished, shall constitute representations of the Authority as to the truth of all <br />statements contained therein. <br />13. Negative Covenant as to Use of Proceeds and Project: The Authority hereby <br />covenants not to use the proceeds of the Bonds or to use the Project, or to cause or permit them <br />to be used, in such a manner as to cause the Bonds to be "private activity bonds" within the <br />meaning of Sections 103 and 141 through .150 of the Code. <br />14. Rebate: Tax Exempt Status of the Bonds. The Authority shall comply with <br />requirements necessary under the Code to establish and maintain the exclusion from gross <br />income under Section .103 of the Code of the interest on the Bonds, including without limitation <br />(1) requirements relating to temporary periods for investments, (2) limitations on amounts <br />invested at a yield greater than the yield on the Bonds, and (3) the rebate of excess investment <br />earnings to the United States. <br />15. Designation of Qualified Tax -Exempt Obligations. In order to qualify the Bonds <br />as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the <br />Authority hereby makes the following factual statements and representations: <br />1299u"vl 4 <br />