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Last modified
7/17/2007 8:38:08 AM
Creation date
12/2/2004 9:13:14 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9392
Resolution Title
Providing for the issuance and sale of revenue bonds for Presbyterian Homes of Minnesota, and authorizing the Mayor and City Manager to sign the Application for the Approval of the Industrial Bond Project (3/17/97).
Resolution Date Passed
3/17/1997
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<br />(f) Under the provisions of the Act, and as provided <br />in the Loan Agreement and Indenture, the Bonds are not to be <br />payable from nor charged upon any funds other than amounts <br />payable pursuant to the Loan Agreement and moneys in the <br />funds and accounts held by the Trustee which are pledged to <br />the paYment thereof; the City is not subject to any <br />liability thereon; no owners of the Bonds shall ever have <br />the right to compel the exercise of the taxing power of the <br />City to pay any of the Bonds or the interest thereon, nor to <br />enforce paYment thereof against any property of the City; <br />the Bonds shall not constitute a charge, lien or <br />encumbrance, legal or equitable, upon any property of the <br />City (other than the interest of the City in the Loan <br />RepaYments to be made by the Company under the Loan <br />Agreement); and each Bond issued under the Indenture shall <br />recite that such Bond, including interest thereon, shall not <br />constitute or give rise to a charge against the general <br />credit or taxing powers of the City. <br /> <br />4. Approval and Execution of Documents. The forms of Loan <br />Agreement, Indenture, Bond Purchase Agreement, Guaranty, Mortgage <br />and Assignment, referred to in paragraph 2, are approved. The <br />Loan Agreement, Indenture and Bond Purchase Agreement shall be <br />executed in the name and on behalf of the City by the Mayor and <br />the City Manager, or executed or attested by other officers of <br />the City, in substantially the form Qn file, but with all such <br />changes therein, not inconsistent with the Act or other law, as <br />may be approved by the officers executing the same, which <br />approval shall be conclusively evidenced by the execution <br />thereof; and then shall be delivered to the Trustee. <br />Modifications to the forms of Guaranty, Mortgage and Assignment <br />may be made at the discretion of the parties thereto. <br /> <br />5. Approval. Execution and Delivery of Bonds. The City <br />shall proceed forthwith to issue the. Bonds, in an aggregate <br />principal amount of not to exceed $8,525,000, in the form and <br />upon the terms set forth in the Indenture, which terms are for <br />this purpose incorporated in this resolution and made a part <br />hereof; provided, however, that the initial aggregate principal <br />amount of and the maturities of the Bonds, the interest rates <br />thereon, and any provisions for the optional or mandatory <br />redemption thereof shall all be as set forth in the final form of <br />the Indenture to be approved, executed and delivered by the <br />officers of the City authorized to do so by the provisions of <br />this Resolution, which approval shall be conclusively evidenced <br />by such execution and delivery; and provided further that, in no <br />event, shall such maturities exceed 28 years or such rates of <br />interest produce a net interest cost in excess of 7.00% per <br />annum. The Underwriter has agreed pursuant to the provisions of <br />the Bond Purchase Agreement, and subject to the conditions <br /> <br />346051.1 <br /> <br />6 <br />
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