2015.11.02 RESO 2015-55 - Laserfiche WebLink

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(a) Financing Agreement; (b) Financing Agreement Assignment; and (c) Form of Bonds. The foregoing documents are hereafter referred to as the"Bond Documents." 5. It is hereby found,determined and declared that: (a) the issuance and sale of the Bonds, the execution and delivery by the City of the Bond Documents and the performance of all covenants and agreements of the City contained in the Bond Documents and of 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 obligations of the City in accordance with their terms, are authorized by the Act; (b) it is desirable that the Bonds be issued by the City upon the terms set forth in the Resolution; (c) the basic payments under the Financing Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, premium, if any, and interest on the Bonds issued under this Resolution when due, and the Financing Agreement and Resolution also provide that the Borrower is required 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 Project premises and payable during the term of the Financing Agreement and Resolution; (d) under the provisions of the Act and as provided in the Financing Agreement and this Resolution,the Bonds are not to be payable from or charged upon any funds other than the revenue pledged to the payment thereof; the City is not subject to any liability thereon; no holder of any Bonds shall ever have the right to compel any exercise by the City of its taxing powers to pay any of the Bonds or the interest or premiums thereon, or to enforce payment thereof against any property of the City except the interests of the City in the Financing Agreement which have been assigned to the Purchaser under the Financing Agreement; the Bonds shall not constitute a charge, lien,or encumbrance,legal or equitable upon any property of the City except the interests of the City in the Financing Agreement which have been assigned to the Purchaser under the Financing Agreement; the Bonds shall recite that the Bonds are issued without the faith and credit or the taxing powers of the state or its political subdivisions pledged thereto, and that the Bonds, including interest thereon, are payable solely from the revenues pledged to the payment thereof; and, the Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 6. The forms of the Bond Documents and exhibits thereto are approved substantially in the form submitted. The Bond Documents, in substantially the forms submitted, are directed to be executed in the name and on behalf of the City by the Mayor and the City Administrator. Any other documents and certificates necessary to the transaction described above shall be executed by the appropriate City officers. Copies of all of the documents necessary to the 3 7271992v3