Resolution - #80-51 - 06/01/1980

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In case an Event of Default, as defined in the Loan Agreement, occurs, this Bond and the Loan Repayments thereafter to become due under the Loan Agreement may become immediately due and payable, in the manner and with the effect and subject to the conditions provided in the Loan Agreement. The Holder of this Bond shall have the right to enforce the provisions of the Bond Resolution, Loan Agreement, Pledge Agreement, and Mortgage. The terms and provisions of the Bond Resolution, Loan Agreement, Pledge Agreement, Assignment and Mortgage, or of any instrument supplemental thereto, may be modified or altered pursuant to Section 9.03 of the Loan Agreement and paragraph 11 of the Bond Resolution. It is hereby certified and recited and the City Council has found: That the Project is an eligible "project" defined in Section 474.02, Subd. la, of the Act; that the issuance of this Bond and the undertaking of the Project will promote the public welfare and carry out the purposes of the Act; that the Project has been approved by the Commissioner of Securities of the State of Minnesota as tending to further the purposes and policies of the Act; that all ~cu~, con~Lzons aha nnmngs required to be done precedent to and in 'the issuance of this Bond have been properly done, have happened and have been performed in regular and due time, form and manner as required by law; and that this Bond does not constitute a debt of the City within the meaning of any constitutional or statutory limitation. IN WITNESS WHEREOF, Lhe City of Ramsey, by its City Council, has caused this Bond to be signed in its behalf by the manual signatures of its Mayor and attested by. the manual signa- ture of its City Clerk, and sealed with the corporate seal of the City, all as of the first day of June, 1980. CITY OF RA/4SEY Mayor (SEAL) -4-