85-047 RES - Laserfiche WebLink

Home Browse Search

. . . of registration and the name and address of the new Holder in the Note Register. The City may deem and treat the person in whose name the Note is last registered in the Note Register as the absolute owner thereof, whether or not the principal balance or any part thereof is overdue, for the purpose of receiving payment of or on account of the principal balance or interest and for all other purposes. 2.7) Delivery and Use of Proceeds. Prior to delivery of the Note, the documents referred to in Section 2.1 hereof shall be completed and executed in form and substance as approved by the City Attorney. The City shall execute and deliver the Note to the Lender, together with a certified copy of this Resolution, original, executed counterparts of the Lease Agreement, the Disbursing Agreement, and the Bond Purchase Agreement, and such closing certificates, opinions, and related documents as are required by bond counsel. Upon delivery of the Note and the above items to the Lender, the Lender shall disburse the proceeds of the Note pursuant to the provisions of the Disbursing Agreement, and the proceeds so disbursed shall be deemed to have been disbursed for the account of the City. 2.8) Absence of Officers. In the absence of the Mayor or the City Administrator-Clerk, the Note and any of the other documents authorized by this resolution to be executed and delivered by the City, may be executed and delivered by any other member of the City Council in place of the Mayor or City Administrator-Clerk. 2.9) Special obliqations. The Note is a special, limited obligation of the City. Principal of, premium, if any, and interest on the Note is payable solely from the revenues to be derived by the City under the Lease Agreement which are pledged to the Holder of the Note. The State of Minnesota, the County of Hennepin, and the City shall not in any event be pecuniarily liable for the payment of the principal of, premium, if any, or interest on the Note, or, for the performance of any agreement of any kind whatsoever that may be undertaken by the City. Neither the Note, nor any of the agreements of the City shall be construed to cause an indebtedness of the State of Minnesota, the County of Sherburne, or the City within the meaning of any constitutional or statutory provisions whatsoever, nor to constitute or give rise to a pecuniary liability or be a charge against the general credit or taxing powers of the State of Minnesota, the County of Sherburne, or the City. The Note, the interest thereon, and any premiums or other amounts payable thereunder, however designated, do not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City, except the revenues to be received by the City under the Lease Agreement, and the agreement of the City to perform or cause the performance of the covenants and other provisions referred to in this 6.