CCP 04-27-1992 - Laserfiche WebLink

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, 5. Approval and Execution of Documents. The forms of Loan Agreement, Loan Agreement Assignment, Mortgage and Lease . Assignment referred to in paragraph 3 hereof are approved. The Loan Agreement and Loan Agreement Assignment shall be executed in the name and on behalf of the City by the Mayor and City Clerk/Administrator, or other officers of the City, in substantially the form on file, but with all such changes therein, not inconsistent with the Act or other law, as may be approved by the officers executing the same, which approval shall be conclusively evidenced by the execution thereof. The Mortgage and Lease Assignment may contain such revisions as may be approved by the Lender and the Borrower. 6. Approval of Terms and Sale of Bond. The City shall proceed forthwith to issue its City of Housing Facilities Revenue Bond (Presbyterian Homes of Minnesota, Inc. Sutton Place Project), in an authorized principal amount of not to exceed $625,000, consisting of a single, fully registered bond in the form attached to the Loan Agreement as Exhibit A, substantially in the form, maturing, bearing interest, payable in the installments and otherwise containing the provisions set forth in such form, which terms and provisions are hereby approved and incorporated in this Resolution and made a part hereof. As further provided herein, the Bond shall be issued and delivered to the Lender, upon payment of the purchase price, as provided in the Loan Agreement. Principal of and interest on . the Bond shall be payable at the office of the registered owner thereof as it appears on the registration records maintained by the City Clerk/Administrator in lawful money of the United States. The proposal of the Lender to purchase the Bond at a price equal to 100% of the principal amount thereof is hereby found and determined to be reasonable and is hereby accepted. 7. Execution. Deliverv and Endorsement of Bond. The Bond may be in typewritten or printed form and shall be executed by the manual signatures of the Mayor and City Clerk/Administrator and the official seal of the City shall be affixed thereto. When so prepared and executed, the Bond shall be delivered to the Lender upon payment of the purchase price therefor, and upon receipt of the signed legal opinion of Faegre & Benson, of Minneapolis, Minnesota, bond counsel, pursuant to the Loan Agreement. The Bond shall contain a recital that the Bond is issued pursuant to the Act, and such recital shall, to the extent permitted by law, be conclusive evidence of the validity and regularity of the issuance thereof. 8. Reqistration Records. The City Clerk/Administrator, as Bond registrar, shall keep registration records which shall set forth the name and registered address of the registered owner of the Bond from time to time. Transfer of ownership of the Bond shall be reflected in such registration -4- .