CCP 04-27-1992 - Laserfiche WebLink

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modification, alteration or termination of the Loan Agreement, the Loan Agreement Assignment or this Bond Resolution. . 12. Pledqe to Holder. Pursuant to the Loan Agreement Assignment, the City shall pledge and assign to the Lender and its successor Holders of the Bond all interest of the City in the revenues of the Project, including all Loan Repayments to be made by the Borrower under the Loan Agreement. All collections of moneys by the City in any proceeding for enforcement of the obligations of the Borrower under the Loan Agreement or the Mortgage shall (except to the extent provided to the contrary in the Loan Agreement Assignment) be received, held and applied for the benefit of the Holder of the Bond. 13 . Covenants with Holders; Enforceabilitv. All provisions of the Bond and of this Resolution and all representations and undertakings by the City in the Loan Agreement and the Loan Agreement Assignment are hereby declared to be covenants between the City and the Lender and its successor Holders of the Bond and shall be enforceable by the Lender or any Holder in a proceeding brought for that purpose. 14. Definitions and Interpretation. Terms not otherwise defined in this Resolution but defined in the Loan Agreement shall have the same meanings in this Resolution and shall be interpreted herein as provided therein. Notices may be given as provided in Section 9.01 of the Loan Agreement. In case . any provision of this Resolution is for any reason illegal or invalid or inoperable, such illegality or invalidity or inoperability shall not affect the remaining provisions of this Resolution, which shall be construed or enforced as if such illegal or invalid or inoperable provision were not contained herein. 15. Certifications. The Mayor,City Clerk/Adrninistrator and other officers of the City are authorized and directed to prepare and furnish to Faegre & Benson, bond counsel, to the Borrower, to the Lender and to counsel for the Lender, certified copies of all proceedings and records of the City relating to the Project and the Bond, and such other affidavits and certificates as may be required to show the facts appearing from the books and records in the officers' custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the City as to the truth of all statements contained therein. 16. Bank-Qualified Bond. The Bond is hereby designated as a "qualified tax-exempt obligation" within the meaning of Section 265(b) (3) of the Internal Revenue Code of 1986. The Bond is to be issued on behalf of an organization described in Section 501 (c) (3) of the Code and is to be issued as -6- .