7A Request from Presbyterian Homes for Conduit Financing

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ART�CLE II REPRESENTATION,S Sectian 2.1 Re�re�entations by the ,Citv. The City makes the fallowing representations as the basis for its covenants herein: (1} The City is a duly organized and existing rnunicipal coiporation and political subdivision pursuant to the �ar�vs of the State of Minnesota and is authorized to issue the Note to finance Project Costs pursuant to the Act; {2) In authorizing the Project the City's purpos� is, and in its �udgment th.e effect thereof will be, to promote the public welfare by: the attraction, encouragement and development o:f economically sound industry and comrnerce so as to prevent, so far as possible, th� emergence of blighted and marginal lands and areas of chronic unemployxnent and io aid in the redevelopment of areas of existing blight, marginal land and persistent unemployment; the developmen� of industry ta use the available re�ources of the cornmuni#y, in order to retain the benefit of the community's existing investme�t in educational and public service facilities; halting the movernent of talented, educated personnel of mature age to oiher areas and thus preserving the econonaic and human resources needed as a base for providing governmental services and facilitzes; providing accessible employmeni opportunities for residents in the area; anc� the expansion of an adequate ta� base to finance the i�crease in the amount and cost of gavernrnental services; (3) The Projeci has been approved by the Comm;ssioner of ihe Departrnent of Employment and Econornic Development of �the State of Minnesota, ar his/her duly delegated designee, as tending to further the puiposes and policies of the Act; {4) The issuance and sale of the Nate, t�e execution and delivery of this Agreement and tk�e Pledge Agreement, and the performance of all covenants and agreements of the City contained in this Agreement, the Note and the Pledge Agreement, and of all oih�r acts and things required under ihe Consiitution and laws of the Staie of Minnesota to make this Agxeement, ihe Pledge Agreemeni and Note valid and binding obligaiions af the City in accordance vcrith �heir terms, are authorized by the Act and have been du�y authorized by a resolution of the governing body of the City adopted at a meeting ihereof duly called and he�d on August 25, 20Q8, by the a�'firtnative vote of not less tharz a majority of its members; (5) Pursuant to the Resolution, the City has authorized and directed the Lender ta disburse the proceeds o�' tt�e Note directly to the Borrower and such other parties as may be entitled to payment or reimbursement for Project Costs, upon receipt of such supporting documentation as the Lender may deem reasonably necessary or as required by this Agre�ment; {6) Based on the r�presentations of t1�e Borrower, the City represents that no public official of the City has either a direct or indirect finax�cial interest in this Agreement nar will any p�blic official either directly or indirectly benefit financially frarn this Agreement. 220$845v4 5