Resolution - #04-02-041 - 02/10/2004

Home

i(d)! Tax Regulatory Agreement (the "Tax Regulatory Agreement") by among the city, the Company, the School and the Trustee; and and i(e) Bond Purchase Agreement (the "Bond Purchase Agreement"), by and between Doughert¥ & Company LLC (the "Underwriter"), the Company, the School and the C~ty, prowdmg fei( the purchase of the Bonds from the City by the Underwriter and setting the terms and conditions of purchase; and !(f). Official Statement, which, including all Appendices thereto, is intended to constitute the !form of the final Official Statement (the "Official Statement"), describing the offering of the ~o~s, and certain terms and provisions of the foregoing documents. 3. Find. ings. It is hereby found, determined and declared that: '(a) · The Project constitutes a Project authorized by and described in the Act. Ib):i On the basis of information available to the City it appears, and the City hereby finds, !thati the Project constitutes properties, real and personal, used or useful in connection with erie or more revenue producing enterprises engaged in any business within the meaning of Su:bdi¥ision 2(b) of Section 469.153 of the Act; that the Project furthers the purposes stated in Minn{sot~. Statutes, Section 469.152; that the availability of the financing under the Act and willingne~ of~ the City to fumish such financing will be substantial inducement to the Company to ufide~ake the Project, and that the effect of the Project, if undertaken, will be to encourage the l:de~elopment of economically sound industry and commerce, to assist in the prevention ofi the', emergence of blighted and marginal land, to help prevent chronic unemploymenti tel ~elp 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~edti&ated persons out of the state and to areas within the state where their services may be as effectively used, to promote more ~ntens~ve development and use of land w~th~n the City and eventtially!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 rel0~ting to the Bonds, the Loan Agreement, the Bond Purchase Agreement or the Indenture or q{iOsti~ning the due organization of the City, or the powers or authority of the City to issue the Boods i4nd undertake the transactions contemplated hereby. (d) The execution, delivery and performance of the City's obligations under the Bonds, the ~de~tture, the Bond Purchase Agreement and the Loan Agreement do not and will not violate any i0rd{r of any court or other agency of government of which the City is aware or in which the Cityiis a ~arty, or any indenture, agreement or other instrument to which the City is a party or by which it', or any of its property is bound, or be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or ol~her nstrument. (e) 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 ~ruSjtee as security for the payment of principal of, premium, if any, and interest on the Bonds. ! 1612446vl 3