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certain revenues, including those to be derived from the Loan Agreement, as security for the
<br />Bonds, and setting forth proposed recitals, covenants and agreements relating thereto; and
<br />(c) An Amended and Restated Mortgage, Security Agreement and
<br />Assignment of Rents (the "Mortgage "), from the Company in favor of the Trustee, by which the
<br />Company grants a mortgage lien on and security interest in certain mortgaged property, as
<br />described therein, as further security for the payment of the Bonds and assigns its interests in all
<br />rents with respect to the mortgaged property; and
<br />(d) Tax Regulatory Agreement (the "Tax Regulatory Agreement ") by and
<br />between the City, the Company, and the School; and
<br />(e) Escrow Agreement (the "Escrow Agreement ") between the City, the
<br />Company and Wells Fargo Bank, National Association, as escrow agent (the "Escrow Agent ");
<br />and
<br />(f) Bond Purchase Agreement (the "Bond Purchase Agreement "), by and
<br />between Dougherty & Company LLC (the "Underwriter "), the Company, the School and the
<br />City, providing for the purchase of the Bonds from the City by the Underwriter and setting the
<br />terms and conditions of purchase; and
<br />(g) Official Statement, which, including all Appendices thereto, is intended to
<br />constitute the form of the final Official Statement (the "Official Statement "), describing the
<br />offering of the Bonds, and certain terms and provisions of the foregoing documents.
<br />3. Findings. It is hereby found, determined and declared that:
<br />(a) The Project constitutes a Project authorized by and described in the Act.
<br />(b) On the basis of information available to the City it appears, and the City
<br />hereby finds, that the Project constitutes properties, real and personal, used or useful in
<br />connection with one or more revenue producing enterprises engaged in any business within the
<br />meaning of Subdivision 2(b) of Section 469.153 of the Act; that the Project furthers the purposes
<br />stated in Minnesota Statutes, Section 469.152; that the availability of the financing under the Act
<br />and willingness of the City to furnish such financing will be substantial inducement to the
<br />Company to undertake the Project, and that the effect of the Project, if undertaken, will be to
<br />encourage the development of economically sound industry and commerce, to assist in the
<br />prevention of the emergence of blighted and marginal land, to help prevent chronic
<br />unemployment, to help the City retain and improve the tax base and to provide the range of
<br />service and employment opportunities required by the population, to help prevent the movement
<br />of talented and educated persons out of the state and to areas within the state where their services
<br />may be as effectively used, to promote more intensive development and use of land within the
<br />City, and, eventually, to increase the tax base of the community.
<br />(c) There is no litigation pending or, to the best of its knowledge, threatened
<br />against the City relating to the Bonds, the Loan Agreement, the Bond Purchase Agreement, the
<br />Escrow Agreement, or the Indenture or questioning the due organization of the City, or the
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