3.4. SR 08-16-2010 - Laserfiche WebLink

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(3) The Project is designed to meet the affordability standards and set-aside requirements of Section 46X.05, Subdivision 2 of the Act, as well as the requirements of Minnesota Statutes, Chapter 474A and Section 142(d) of the Internal Revenue Code of 1986, as amended. Subsection D. Evidence of Compliance. The City may require from the Borrower at or before the issuance of the Bonds, evidence satisfactory to the City of the ability and intention of the Borrower to complete the acquisition and substantial renovation of the Project, and evidence satisfactory to the City of compliance with the standards and requirements for the making of the financing established by the City, as set forth herein; and in connection therewith, the City or its representatives may inspect the relevant books and records of the Borrower in order to confirm such ability, intention and compliance. In addition, the City may periodically require certification from either the Borrower or such other person deemed necessary concerning compliance with various aspects of this Program. Section E. Issuance of Bonds. To finance the Program authorized by this Section the City may by resolution authorize, issue and sell the Bonds. The Bonds shall be issued pursuant to Section 46X.07, Subdivision 1 of the Act, and shall be payable primarily from the revenues of the Program. Costs of the Project are expected to be approximately $8,700,000. The costs of the Project may change between the date of preparation of this Program and the date of issuance of the Bonds. The Bonds are expected to be issued within six (6) months following the adoption of this Program. Subsection F. Severability. The provisions of this Program are severable and if any of its provisions, sentences, clauses or paragraphs shall be held unconstitutional, contrary to statute, exceeding the authority of the City or otherwise illegal or inoperative by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions. Subsection G. Amendment. The City shall not amend this Program, while the Bonds authorized hereby are outstanding, to the detriment of the holders of such Bonds. Subsection H. State Ceiling. Up to $7,000,000 of the state ceiling for private activity Bonds, pursuant to Section 146 of the Internal Revenue Code of 1986, as amended, and Chapter 474A of Minnesota Statutes, will be used with respect to the Bonds. Adopted:. June 28, 2010. GP:2802078 vl -3-