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2011-042
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2011-042
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Assignment of Mortgage, the T1F Assignment, and the other documents referred to above, and this <br /> resolution. <br /> 18. If for any reason the Mayor is unable to execute and deliver those documents referred to <br /> in this resolution, any other member of the City Council, or any officer of the City duly delegated to act <br /> on behalf of the Mayor, may execute and deliver such documents with the same force and effect as if <br /> such documents were executed by the Mayor. If for any reason the City Administrator is unable to <br /> execute and deliver the documents referred to in this resolution, such documents may be executed and <br /> delivered by any member of the City Council or any officer of the City duly delegated to act on behalf of <br /> the City Administrator, with the same force and effect as if such documents were executed and delivered <br /> by the City Administrator. <br /> 19. The Borrower has agreed and it is hereby determined that any and all costs incurred by <br /> the City in connection with the financing of the Project will be paid by the Borrower. It is understood and <br /> agreed that the Borrower shall indemnify the City against all liabilities, losses, damages, costs, and <br /> expenses (including attorney's fees and expenses incurred by the City) arising with respect to the Project <br /> or the Notes, as provided for and agreed to by and between the Borrower and the City in the Series 2011A <br /> Loan Agreement and the Series 2012A Loan Agreement. <br /> 20. On any date subsequent to the date of issuance of the Notes, the Mayor and the City <br /> Administrator are hereby authorized to execute and deliver any amendments or supplements to any of the <br /> documents referred to in this resolution if, after review by bond counsel, the Mayor and the City <br /> Administrator determine that the execution and delivery of any such amendment or supplement is in the <br /> interests of the City. The Mayor and the City Administrator may impose any terms or conditions on their <br /> execution and delivery of any such amendment or supplement as the Mayor and the City Administrator <br /> deem appropriate. <br /> 21. The City hereby determines that the reasonably anticipated amount of tax-exempt <br /> obligations which will be issued by the City during calendar year 2011 does not exceed$10,000,000. For <br /> purposes of the preceding sentence, the term "tax-exempt obligation" does not include the tax-exempt <br /> obligations described in Section 265(b)(3)(C)(ii) of the Internal Revenue Code of 1986, as amended(the <br /> "Code"). The Series 2011A Note is hereby designated as a"qualified tax-exempt obligation"by the City <br /> for the purposes of Section 265(b)(3)of the Code for calendar year 2011. <br /> 22. The City hereby determines that the reasonably anticipated amount of tax-exempt <br /> obligations which will be issued by the City during calendar year 2012 does not exceed$10,000,000. For <br /> purposes of the preceding sentence, the term "tax-exempt obligation" does not include the tax-exempt <br /> obligations described in Section 265(b)(3)(C)(ii) of the Code. The Series 2012A Note is hereby <br /> designated as a"qualified tax-exempt obligation"by the City for the purposes of Section 265(b)(3) of the <br /> Code for calendar year 2012. In the event that Bond Counsel determines that it is necessary that the City <br /> confirm in calendar year 2012 that the reasonably anticipated amount of tax-exempt obligations which <br /> will be issued by the City during calendar year 2012 does not exceed $10,000,000, the Mayor and the <br /> City Administrator are hereby delegated the authority to make such determination and confirm such facts. <br /> 23. Pursuant to the provisions of Minnesota Statutes, Section 471.656, as amended, and <br /> pursuant to applicable provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended, <br /> and of Treasury Regulations, Section 5f.103-2, the City hereby consents to the issuance of the Additional <br /> Notes by the Second Issuer, the application of the proceeds derived from the sale of the Additional Notes <br /> to the Additional Loans, and the application of the proceeds of the Additional Loans to the financing of <br /> the Project. <br /> 7 <br />
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