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authorizes and directs the execution of the Notes in accordance with their respective terms and the terms
<br /> of this resolution. The Mayor and the City Administrator are hereby authorized to approve the respective
<br /> interest rates on the Notes, approve changes to the maturity schedules, optional and mandatory
<br /> redemption terms, and other terms and provisions of the Notes; provided that the maturity dates for the -
<br /> Notes shall not be later than the dates set forth in the forms of the Notes on file with the City on the date
<br /> hereof. -
<br /> 4. The Notes shall contain a recital that each is issued pursuant to the Act, and such recital
<br /> shall be conclusive evidence of the validity of each Note and the regularity of the issuance thereof, and
<br /> that all acts, conditions, and things required by the laws of the State of Minnesota relating to the adoption
<br /> of this resolution, to the issuance of each of the Notes, and to the execution of the aforementioned
<br /> documents have happened,exist,and have been performed as so required by law.
<br /> 5. The proceeds derived from the sale of the Series 2011A Note shall be loaned by the City
<br /> to the Borrower pursuant to the terms and conditions of the Series 2011A Loan Agreement. The loan
<br /> repayments to be made by the Borrower under the Series 2011A Loan Agreement are to be fixed so as to
<br /> produce revenues sufficient to pay the principal of, premium, if any, and interest on the Series 2011A
<br /> Note when due. The Loan made pursuant to the Series 201 IA Loan Agreement and the City's rights to
<br /> the loan repayments and certain other rights under the Series 2011A Loan Agreement shall be assigned to
<br /> the Lender as security for payment of the Series 201 IA Note pursuant to the terms of the Series 2011A
<br /> Assignment. The Series 2011A Note, the Series 2011A Loan Agreement, and the Series 2011A
<br /> Assignment shall be substantially in the forms on file with the City on the date hereof, and are hereby
<br /> approved, with such necessary and appropriate variations, omissions, and insertions as do not materially
<br /> change the substance thereof, or as the Mayor and City Administrator, in their discretion, shall determine,
<br /> and the execution and delivery thereof by the Mayor and City Administrator shall be conclusive evidence
<br /> of such determination. The Series 2011A Note,the Series 2011A Loan Agreement, and the Series 201 IA
<br /> Assignment are directed to be executed in the name and on behalf of the City by the Mayor and the City
<br /> Administrator.
<br /> 6. The proceeds derived from the sale of the Series 2012A Note shall be loaned by the City
<br /> to the Borrower pursuant to the terms and conditions of the Series 2012A Loan Agreement. The loan
<br /> repayments to be made by the Borrower under the Series 2012A Loan Agreement are to be fixed so as to
<br /> produce revenues sufficient to pay the principal of, premium, if any, and interest on the Series 2012A
<br /> Note when due. The Loan made pursuant to the Series 2012A Loan Agreement and the City's rights to
<br /> the loan repayments and certain other rights under the Series 2012A Loan Agreement shall be assigned to
<br /> the Lender as security for payment of the Series 2012A Note pursuant to the terms of the Series 2012A
<br /> Assignment. The Series 2012A Note, the Series 2012A Loan Agreement, and the Series 2012A
<br /> Assignment shall be substantially in the forms on file with the City on the date hereof, and are hereby
<br /> approved, with such necessary and appropriate variations, omissions, and insertions as do not materially
<br /> change the substance thereof, or as the Mayor and City Administrator, in their discretion, shall determine,
<br /> and the execution and delivery thereof by the Mayor and City Administrator shall be conclusive evidence
<br /> of such determination. The Series 2012A Note,the Series 2012A Loan Agreement, and the Series 2012A
<br /> Assignment are directed to be executed in the name and on behalf of the City by the Mayor and the City
<br /> Administrator.
<br /> 7. The Assignment of Mortgage and the TIF Assignment shall be substantially in the forms
<br /> on file with the City on the date hereof, and are hereby approved, with such necessary and appropriate
<br /> variations, omissions, and insertions as do not materially change the substance thereof, or as the Mayor
<br /> and City Administrator, in their discretion, shall determine, and the execution and delivery thereof by the
<br /> Mayor and City Administrator shall be conclusive evidence of such determination. The Assignment of
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