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82-010 RES
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82-010 RES
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5/11/2015 2:19:46 PM
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City Government
type
RES
date
6/21/1982
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46 (d) The Project has been approved by the <br /> Commissioner of Energy, Planning and Development of the <br /> State of Minnesota as tending to further the purposes and <br /> policies of the Act. <br /> ( e) The financing of the Project, the issuance <br /> and sale of the Note, the execution and delivery of the <br /> Loan Agreement, the Construction Loan Agreement and the <br /> Pledge Agreement and the performance of all covenants and <br /> agreements of the City contained in the Loan Agreement, <br /> the Construction Loan Agreement and the Pledge Agreement <br /> are authorized by the Act. <br /> ( f) It is desirable that the Note in the <br /> principal amount of $1 , 500 ,000 be issued by the City upon <br /> the terms set forth herein, and that the City assign its <br /> interest in the Loan Agreement and grant a security <br /> interest therein to the Lender as security for the payment <br /> of the principal of and interest and premium, if any, on <br /> the Note. <br /> (g) The loan payments required by the Loan <br /> Agreement are fixed , and required to be revised from time <br /> to time as necessary, so as to produce income and revenue <br /> • sufficient to provide for prompt payment of principal of <br /> and interest on the Note issued under this Resolution when <br /> due, and the Loan Agreement also provides that the <br /> Borrower is required to pay all expenses of the operation <br /> and maintenance of the Project including , but without <br /> limitation, adequate insurance thereon and all taxes and <br /> special assessments levied upon or with respect to the <br /> Land payable during the term of the Loan Agreement. <br /> (h) Under the provisions of Minnesota Statutes , <br /> Section 474.10, and as to be provided in the Note, the <br /> Note is not to be payable from nor charged upon any funds <br /> of the City other than the revenue under the Loan <br /> Agreement pledged to the payment thereof; the City is not <br /> subject to any liability thereon; no holder of the Note <br /> shall ever have the right to compel any exercise of the <br /> taxing power of the City to pay the Note or the interest <br /> thereon, nor to enforce payment thereof against any <br /> property of the City except the revenues derived under the <br /> Loan Agreement; the Note issued hereunder shall recite <br /> that the Note, including interest thereon, is payable <br /> solely from the revenue under the Loan Agreement pledged <br /> to the payment thereof; and the Note shall not constitute <br /> a debt of the City within the meaning of any <br /> constitutional , statutory or charter limitation; provided, <br /> 411 however, that nothing contained in this paragraph (h) <br /> -3- <br />
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