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Last modified
7/17/2007 9:38:36 AM
Creation date
6/27/2006 3:13:59 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
10407
Resolution Title
RESOLUTION APPROVING THE ISSUANCE AND SALE OF THE $1,400,000 HEALTH CARE FACILITIES REVENUE NOTE AND AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO (WINGSPAN PROJECT)
Resolution Date Passed
6/12/2006
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<br />2.2 The Note. The Note shall be dated as of the date of delivery to the Lender, shall <br />be payable at the times and in the manner, shall bear interest at the rate, and shall be subject to <br />such other terms and conditions as are set forth therein. <br /> <br />2.3 Execution. The Note shall be executed on behalf of the City by the signatures of <br />its Mayor and City Manager and shall be sealed with the seal of the City; provided that the seal <br />may be intentionally omitted as provided by law. In case any officer whose signature shall <br />appear on the Note shall cease to be such officer before the delivery of the Note, such signature <br />shall nevertheless be valid and sufficient for all purposes, the same as if had remained in office <br />until delivery. In the event of the absence or disability of the Mayor or the City Manager such <br />officers of the City as, in the opinion of the City Attorney, may act in their behalf, shall without <br />further act or authorization of the City Council execute and deliver the Note. <br /> <br />2.4 Deliverv ofInitial Note. Before delivery of the Note there shall be filed with the <br />Lender (except to the extent waived by the Lender) the following items: <br /> <br />(1) an executed copy of each of the following documents: <br /> <br />(a) the Loan Agreement; <br /> <br />(b) the Pledge Agreement; <br /> <br />(c) the Mortgage; <br /> <br />(2) <br />Bond Counsel; <br /> <br />an opinion of Counsel for the Borrower as prescribed by the Lender and <br /> <br />(3) <br /> <br />the opinion of Bond Counsel as to the validity and tax exempt status of the <br /> <br />Note; <br /> <br />(4) a 501(c)(3) determination letter from the Internal Revenue Service <br />evidencing that the Borrower is exempt from income taxation under Section 501(c)(3) of the <br />Code; <br /> <br />(5) such other documents and opmlOns as Bond Counsel may reasonably <br />require for purposes of rendering its opinion required in subsection (3) above or that the Lender <br />may reasonably require for the closing. <br /> <br />2.5 Disposition of Note Proceeds. Upon delivery of the Note to Lender, the Lender <br />shall, on behalf of the City, disburse the proceeds of the Note for payment of Project Costs in <br />accordance with the terms of the Loan Agreement. <br /> <br />2.6 Registration of Transfer. The City will cause to be kept at the office of the City <br />Manager a Note Register in which, subject to such reasonable regulations as it may prescribe, the <br />City shall provide for the registration of transfers of ownership of the Note. The Note shall be <br />initially registered in the name of the Lender and shall be transferable upon the Note Register by <br /> <br />1909189vl <br /> <br />4 <br />
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