7A Request from Presbyterian Homes for Conduit Financing

Home Browse Search

(e) Pursuant to a Mortgage, ,Securiiy Agreement and Fixture Financing Statement {the "Mortgage") to be e�ecuied by the Bozxower in favor a� the Lender, the Borrower has secured payment of amounts c�ue under the Loan Agreement and Nate by granting to the Lender a mortgage and security interest in the property descr�bed therein. A c�raft of tlxe Mortgage has been submitted �o the City Council. {� The Note will be a special limited obligation ai the City. The No�e shall not be payable from or charged upon any fiu�ds other than the revenues pledged io the payment thezeof, nor shall the City be subject to any liability thereon. No holder of the Noie shall ever have the rig�t to compel any exercise of the taxing power of the City to pay the Note or the interest thereon, nor ta enforce payment thereof againsi any prop�rty o�' the City. The Note shall not constitute a debt of the City within the xzleaning of any constitutional or statutory limitation. (g) On the basis of informatian available to the City it a}�pears, and ihe City hereby fmds, that tt�e Project constit�tes praperties, real and p�rsonal, used or useful in connection with one or more revenue producing enterprises within the rnea�ning of Subdivision 2(b) of Section 469.153 of ihe Act; thai the Praject furthers the purposes stated in Section 469.152; that the availability of the financing under the Act and willingness of the Ciiy to furnish such financing will be a s�xbstantial induceznent to the Borrower ta undertake the Pro�eci, and that the effect of the Project, if undertaken, will be to assist in the preventian of the emergence af b�ighted and marginal land, to help prevent chronic unemployment, ta help the surraunding area retain and er�entually imprave the tax base, to provide the range of se�rvice and ernployment opportunities requirec� by the population, to help prevent the movement of talented and educated persons out of the state and to areas within the State where th�ir services may not be as effectively used, and to promote rnoze intensive development and use of land vcrithin the City and surrounding communities. {h) It is desirable, feasible and consistent with the objects and purposes of the Act io issue the Note, for th� purpose of financing ihe costs of the Project. 1,2 Authorization and Ratification of Pro'ect. The City hereby authorizes the Borrower, in accordance with th� provisions of the Act and subject to the tern�s and conditions irnposed by the Lender, to provide for the construction and equipping of the Project by such means as shall be availabie to the Borrower and in the manner determined by the Borrorwex, and without adv�rtisemeni far bids as rnay be requized far thE construction and acquisition of ather municipal facilities; and the Czty hereby ratifies, affirms, and approves all actions hezetofore taken by the Bo�rrower consisteni with and in anticipaiion ot' such author�ty. SECTIO�T 2. THE NOTE. 2.1 Auihorized Amount and Form of Note. The Note issued pursuant to this Resolution shall be in substantially the form submitted to the City Council with such appropriate variations, omissions and insertians as are permitted or required by this Resolution, and in accordance with the further provisians hereof; and the total aggxegate principal amo�.uat of the Note �hat may be outstanding hereunder is �acpressly �imited to $5,500,0�0, unless a duplicate 2ziog�aVz q.