Agenda - Council - 02/10/2004 - Laserfiche WebLink

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(d) Tax Regulatory Agreement (the "Tax Regulatory Agreement") by and among the City, the Company, the School and the Trustee; and (e) Bond Purchase Agreement (the "Bond Purchase Agreement"), by and between Dou ,g~a, erty & Company LLC (the "Underwriter"), the Company, the School and the City, providing for the purchase of the Bonds from the City by the Underwriter and setting the terms and conditions of purchase; and constitute the offering of the (f) Official Statement, which, including all Appendices thereto, is intended to form of the final Official Statement (the "Official Statement"), describing the Bonds, and certain terms and provisions of the foregoing documents. 3. Findings. It is hereby found, determined and declared that: (a) The Project constitutes a Project authorized by and described in the Act. (b) On the basis of information available to the City it appears, and the City hereby finds, that the Project constitutes properties, real and personal, used or useful in connection witfi one or more revenue producing enterprises engaged in any business within the meaning of SuBdivision 2(b) of Section 469.153 of the Act; that the Project furthers the purposes stated in MinneSota Statutes, Section 469.152; that the availability of the financing under the Act and willingness of the City to furnish such financing will be substantial inducement to the Company to undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the .development of economically sound industry and commerce, to assist in the prevention of:i the emergence of blighted and marginal land, to help prevent chronic unemployment, to help the City retain and improve the tax base and to provide the range of service and employment opportunities required by the population, to help prevent the movement of talented and educated p~rsons out of the state and to areas within the state where their services may be as effectively used, to promote more intensive development and use of land within the City and eventually to increase the tax base of the community. (c) There is no litigation pending or, to the best of its knowledge, threatened against the City relating to the Bonds, the Loan Agreement, the Bond Purchase Agreement or the Indenture or questioning the due organization of the City, or the powers or authority of the City to issue the Bonds and undertake the transactions contemplated hereby. (d) The execution, delivery and performance of the City's obligations under the Bonds, the Indenture, the Bond Purchase Agreement and the Loan Agreement do not and will not violate any Order of any court or other agency of government of which the City is aware or in which the City is a party, or any indenture, agreement or other instrument to which the City is a party or by whioh it or any of its property is bound, or be in conflict with, result in a breach of, or constitute (witli due notice or lapse of time or both) a default under any such indenture, agreement or other instrument. (¢) It is desirable that the Bonds be issued by the City upon the terms set forth in the Indenture, under the provisions of which the City's interest in the Loan Agreement will be pledged to the Trustee as security for the payment of principal of, premium, if any, and interest on the Bonds. 1612446vl 3