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(g) Based on representations of the Borrower, no public official of the City has <br /> either a direct or indirect financial interest in the Project nor will any public official either directly <br /> or indirectly benefit financially from the Project; and <br /> (h) The Note, as and when issued, will not constitute a charge, lien or <br /> encumbrance upon any property of the City,or the City of Andover and will not be a charge against <br /> the general credit or taxing powers of the City or the City of Andover; <br /> (i) A public hearing on the Project was held on July 7, 2025, after notice was <br /> published and materials made available for public inspection at the City Hall, all as required by <br /> the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended, at which public <br /> hearing all those appearing who desired to speak were heard and written comments were accepted. <br /> BE IT RESOLVED by the City Council of the City, as follows: <br /> SECTION 1. LEGAL AUTHORIZATION AND FINDINGS. <br /> 1.1 Findings. The City hereby finds, determines and declares as follows: <br /> (a) The City is a municipal corporation and a political subdivision of the State <br /> of Minnesota and is authorized under the Act to assist the revenue producing project herein <br /> referred to,and to issue and sell the Note,for the purpose,in the manner and upon the terms <br /> and conditions set forth in the Act and in this Resolution. <br /> (b) The issuance and sale of the Note by the City, pursuant to the Act, is in the <br /> best interest of the City, and the City hereby determines to issue the Note and to sell the <br /> Note to Falcon National Bank, a national banking association with one of its locations in <br /> Isanti, Minnesota or another banking institution with one or more locations in Minnesota <br /> (the "Lender"). The City will loan the proceeds of the Note to the Borrower in order to <br /> finance the Project. <br /> (c) Pursuant to a Loan Agreement (the "Loan Agreement") to be entered into <br /> between the City and the Borrower,the Borrower has agreed to repay the Note in specified <br /> amounts and at specified times sufficient to pay in full when due the principal of,premium, <br /> if any, and interest on the Note. In addition, the Loan Agreement contains provisions <br /> relating to the maintenance and operation of the Project, indemnification, insurance, and <br /> other agreements and covenants which are required or permitted by the Act and which the <br /> City and the Borrower deem necessary or desirable for the financing of the Project. A draft <br /> of the Loan Agreement has been submitted to the City Council. <br /> (d) Pursuant to a Pledge Agreement (the "Pledge Agreement") to be entered <br /> into between the City and the Lender, the City has pledged and granted a security interest <br /> in all of its rights,title,and interest in the Loan Agreement to the Lender(except for certain <br /> rights of indemnification and to reimbursement for certain costs and expenses). A draft of <br /> the Pledge Agreement has been submitted to the City Council. <br /> (e) Pursuant to a Mortgage, Assignment of Leases and Rents, Security <br /> Agreement and Fixture Financing Statement (the "Mortgage") to be executed by the <br /> 2 <br />