4.4. SR 03-20-2000 - Laserfiche WebLink

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A RESOLUTION GIVING FINAL APPROVAL TO THE HOUSING PROGRAM OF EVANS PARK, INC. AND THE ISSUANCE AND SALE OF REVENUE BONDS THERE, FOR BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), as follows: 1. Authority. The City is, by the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 462C, as amended (the "Act"), authorized to issue and sell its revenue bonds for the purpose of making or purchasing loans to finance certain housing developments authorized by the Act. 2. Authorization of Proiect; Documents Presented. Evans Park, Inc., a Minnesota nonprofit corporation (the "Corporation"), has proposed to this Council that the City issue and sell its City of Elk River, Minnesota Revenue Bonds (CareChoice Member Project), Series 2000, in substantially the form set forth in the hereinafter-mentioned Indenture (the "Bonds"), pursuant to the Act and loan the proceeds thereof to the Corporation, in order to provide financing with respect to costs of a Housing Program (the "Housing Program") previously approved by this Council (the "Project"). Forms of the following documents relating to the Bonds have been submitted to the City: (a) Loan Agreement (the "Loan Agreement") dated as of March 1, 2000 between the City and the Corporation; and (b) Trust Indenture (the "Indenture") dated as of March 1,2000, between the City and Norwest Bank Minnesota, National Association, as trustee (the "Trustee"); and (c) Bond Purchase Agreement (the "Bond Purchase Agreement"), by and between Miller, Johnson and Kuehn, Incorporated (the "Underwriter"), the Corporation and the City; and (d) Assignment of Mortgage (the "Assignment") dated as of March 1,2000, from the City to the Trustee. 3. Findings. It is hereby found, determined and declared that: (a) There is no litigation pending or, to the actual knowledge of the City, threatened against the City questioning the City's execution and delivery of the Bonds, the Loan Agreement, the Bond Purchase Agreement, the Assignment or the Indenture or questioning the due organization of the City, or the powers or authority of the City to issue the Bonds and undertake the transactions contemplated hereby. (b) The execution, delivery and performance of the City's obligations under the Bonds, the Indenture, the Bond Purchase Agreement and the Loan Agreement do not and will not violate any order of any court or other agency of government of which the City is aware or in which the City is a party, or any indenture, agreement or other instrument to 1147465.2 2