Agenda - Economic Development Authority - 11/23/1999

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2. Authorization of Financing. That pursuant to the Ground Lease Agreement and the Lease Agreement both entered into by the Authority, and both dated as of December 1, 1999 (herein referred to as the "Ground Lease" and "Lease", respectively), the financing by the Authority of the acquisition, construction and installation of the Project, be and the same is hereby authorized. 3. Acceptance of Purchase. (the "Purchaser"), is purchasing $1,665,000 Public Facility Lease Revenue Bonds, Series 1999A (City of Ramsey, Minnesota Lease Obligation) of the Authority (the "Bonds", or individually a "Bond"), in accordance with the terms and at the rates of interest set forth in the Indenture, and to pay therefor the sum of $ ., plus interest accrued to settlement, is hereby accepted. The Bonds shall bear interest at the rates, shall be in such denominations, shall be numbered, shall be dated, shall mature, shall be subject to redemption prior to maturity, shall be in such form and shall have such other details and provisions as are prescribed by the Mortgage and Security Agreement and Indenture of Trust between the Authority and U.S. Bank Trust National Association in St. Paul, Minnesota, as Trustee (the "Trustee"), dated as of December 1, 1999 (more fully described in Section 4 hereof and hereinafter referred to as the "Indenture"). 4. .Special Obligations; SecuritY; Authorization to Execute and Deliver Indenture and Bonds. That the Bonds shall be special obligations of the Authority payable solely from the revenues derived by the Authority from the Project, in the manner provided in the Indenture. As security for the payment of the principal of, premium, if any, and interest on the Bonds, pro rata and without preference of any one Bond over any other Bonds, the Board of Commissioners hereby authorizes and directs the President and Secretary to execute the Indenture between the Authority and the Trustee in substantially the form on file with the Secretary, and to deliver the Indenture to the Trustee, and does hereby authorize and direct the execution of the Bonds, and does hereby provide that the Indenture shall provide the terms and conditions, covenants, rights, obligations, duties and agreements of the Holders (as defined in the Indenture and hereinafter referred to as "Holders") of the Bonds, the Authority and the Trustee as set forth therein. All of the provisions of the Indenture, when executed as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated herein and shall be in full force and effect from the date of execution and delivery thereof. 5. Authorization to Execute and Deliver Ground Lease and Lease. That the President and the Secretary are hereby authorized and directed to execute, attest and deliver the Ground Lease and the Lease (together with the Indenture, collectively the "Bond Documents") in substantially the forms on file with the Secretary. All of the provisions of the Bond Documents, when executed and delivered as authorized herein, shall be deemed to be part of this resolution as fully and to the same extent as if incorporated herein and shall be in full force and effect according to the terms thereof from the date of execution and delivery thereof. 6. Termination upo. n Payment or Discharge. Upon the payment or discharge of the Bonds in accordance with the terms of the Bond Documents shall terminate and the Authority's interest in the Project and real estate on which the Project is located shall cease.