Laserfiche WebLink
Section 4. Recitals Regarding the Borrower and the Financing Purposes. The Governing Body <br /> makes the following recitals of fact: <br /> a. Bond Counsel has represented to the Issuer that under the Acts, the Issuer is <br /> authorized and empowered to issue revenue obligations for the Financing <br /> Purposes; <br /> b. The Borrower has represented to the Issuer that it is exempt from federal income <br /> taxation under Section 501(a) of the Code, as a result of the application of <br /> Section 501(c)(3) of the Code. The Borrower has further represented to the Issuer <br /> that: (i) it is a Minnesota religious nonprofit corporation and organization described <br /> in Section 501(c)(3) of the Code, the corporate offices of which are located at 3495 <br /> Victoria Street North; (ii) it is engaged in Qualified Services and Activities; (iii) <br /> conventional financing to refinance the Project is available only on a limited basis <br /> and at such high costs of borrowing that the economic feasibility of its operations <br /> would be significantly reduced; (iv) on the basis of information submitted to the <br /> Borrower and their discussions with representatives of area financial institutions <br /> and potential buyers of tax-exempt bonds, the Obligations could be issued and <br /> sold upon favorable rates and terms to refinance the Project; (v) the Project would <br /> not have been undertaken as described but for the availability of financing under <br /> the Acts; and (vi) no public official of the Issuer has either a direct or indirect <br /> financial interest in the Project nor will any public official either directly or indirectly <br /> benefit financially from the Project. <br /> C. The Borrower has agreed to pay the administrative fees of the Issuer and pay, or, <br /> upon demand, reimburse the Issuer for payment of, any and all costs incurred by <br /> the Issuer in connection with the issuance of the Obligations, whether or not the <br /> Obligations are issued. <br /> d. The Governing Body has relied without independent investigation on written <br /> representations and opinions of the Borrower, its consultants, and Bond Counsel <br /> that the Project to be refinanced by the Obligations qualifies as a "project"defined <br /> in Sections 469.153, subdivision 2(b) and 469.155, subdivision 4, of the Acts. <br /> Section 5. Findings. The Governing Body finds, determines and declares as follows: <br /> a. The welfare of the State requires the provision of necessary Qualified Services and <br /> Activities so that adequate Qualified Services and Activities are available to <br /> residents of the State at reasonable cost. <br /> b. On the basis of information made available to the Issuer by the Borrower it <br /> appears, and the Issuer finds, that: (i) the Project constitutes properties, used or <br /> useful in connection with a revenue producing enterprise; (ii) the Project furthers <br /> the purposes stated in the Acts; (iii) the Project would not have been undertaken <br /> but for the availability of financing under the Acts and the willingness of the Issuer <br /> to furnish financing; (iv) the Borrower is a "qualifying organization" under Section <br /> 469.155, subdivision 4 of the Acts; and (v) due, in part, to the ability to finance <br /> and refinance the Project under the Acts, the Borrower has been able to and will <br /> continue to provide adequate Qualified Services and Activities to residents at a <br /> reasonable cost. <br /> Page 4 <br />