2025.07.07 CC Packet - Laserfiche WebLink

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172981943v5 5 ARTICLE II REPRESENTATIONS Section 2.1 Representations by the City. The City makes the following representations as the basis for its covenants herein: (1) The City is a duly organized and existing municipal corporation and political subdivision pursuant to the laws of the State of Minnesota and is authorized to issue the Note to finance the costs of the Project pursuant to the Act; (2) In authorizing the Project the City’s purpose is, and in its judgment the effect thereof will be, to promote the public welfare by: the attraction, encouragement and development of economically sound industry and commerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment and to aid in the redevelopment of areas of existing blight, marginal land and persistent unemployment; the development of industry to use the available resources of the community, in order to retain the benefit of the community’s existing investment in educational facilities; halting the movement of talented, educated personnel of mature age to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; providing accessible employment opportunities for residents in the area; providing education; and the expansion of an adequate tax base in the area to finance the increase in the amount and cost of governmental services; (3) [Intentionally Omitted]; (4) On July 7, 2025, after due publication of notice of hearing in the City’s official newspaper, a newspaper of general circulation in the City, the City Council held a public hearing on the Project, prepared pursuant to the Act and Section 147(f) of the Code in connection with the issuance of the Note, and, on July 7, 2025, duly adopted a resolution approving the issuance of the Note; (5) The issuance and sale of the Note, the execution and delivery of this Agreement and the Pledge Agreement, and the performance of all covenants and agreements of the City contained in this Agreement, the Note and the Pledge Agreement, and of all other acts and things required under the Constitution and laws of the State of Minnesota to make this Agreement, the Pledge Agreement and Note valid and binding obligations of the City in accordance with their terms, are authorized by the Act and have been duly authorized by a resolution of the governing body of the City adopted at a meeting thereof duly called and held on July 7, 2025, by the affirmative vote of not less than a majority of its members; (6) Pursuant to the Resolution, the City has authorized and directed the Lender to disburse the proceeds of the Note directly to the Borrower and such other parties as may be entitled to payment or reimbursement for the costs of the Project, upon receipt of such supporting documentation as the Lender may deem reasonably necessary or as required by this Agreement;