Laserfiche WebLink
<br />. <br /> <br />(e) The issuance and sale of the Bond, the execution <br />and delivery of the Loan Agreement and the Assignment and <br />the performance of all covenants and agreements of the City <br />contained in the Bond, the Loan Agreement and the Assignment <br />and of all other acts and things required under the Constitu- <br />tion and laws of the State of Minnesota to make the Bond, <br />the Loan Agreement and the Assignment valid and binding <br />obligations of the City in accordance with their terms, are <br />authorized by the Act. <br /> <br />(f) There is no litigation pending or, to the best of <br />its knowledge threatened, against the City relating to the <br />Project or to the Bond or Loan Agreement, or questioning the <br />organization of the City or its power or authority to issue <br />the Bond or execute and deliver the Loan Agreement and the <br />Assignment. <br /> <br />. <br /> <br />(g) The execution and delivery of and performance of <br />the City's obligations under the Bond, the Loan Agreement <br />and the Assignment have been fully authorized by all requisite <br />action and do not and will not violate any law, any order of <br />any court or other agency of government, or any indenture, <br />agreement or other instrument to which the City is a party <br />or by which it or any of its property is bound, or be in <br />conflict with, result in a breach of, or constitute (with <br />due notice or lapse of time or both) a default under any <br />such indenture, agreement or other instrument. <br /> <br />(h) The Loan Agreement provides for payments by the <br />Partnership to the Holder of the Bond for the account of the <br />City of such amounts as will be sufficient to pay the <br />principal of and interest on the Bond when due. The Loan <br />Agreement obligates the Partnership to provide for the <br />operation and maintenance of the Project Facilities, inclu- <br />ding adequate insurance, taxes and special assessments. <br /> <br />. <br /> <br />(i) Under the provisions of Section 474.10 of the Act, <br />and the Bond shall recite that, the principal of, premium <br />(if any) and interest on the Bond are not to be payable from <br />nor charged upon any funds other than amounts payable by the <br />Partnership pursuant to the Loan Agreement which are pledged <br />to the payment thereof, and, in event of default, moneys <br />derived from foreclosure or other enforcement of the Mortgage <br />and the Guaranty Agreements; the City is not subject to any <br />liability thereon; no Holder of the Bond shall ever have the <br />right to compel the exercise of the taxing power of the City <br />to pay the Bond, the premium (if any) or the interest thereon, <br />nor to enforce payment thereof against any property of the <br />City; the Bond shall not constitute a charge, lien or <br />encumbrance, legal or equitable, upon any property of the <br />City; and the Bond does not constitute an indebtedness of <br /> <br />-3- <br />