Laserfiche WebLink
<br />. <br /> <br />district in which the Project Facilities will be located. <br />The Project, as proposed, would not be undertaken but for <br />the availability of industrial development financing. <br /> <br />(c) The Project has been approved by preliminary <br />resolution of the City Council duly adopted after a public <br />hearing thereon, duly and regularly called and held on <br />November 18, 1985, and has been approved by the Minnesota <br />Commissioner of Energy and Economic Development as tending <br />to further the purposes and policies of the Act, and the <br />City Council held an additional hearing on the Project on <br />December 30, 1985. <br /> <br />(d) The City was notified on November 5, 1985, by the <br />Minnesota Department of Energy and Economic Development that <br />the City has obtained and reserved for the Project and the <br />Bond not less than $1,400,000 in 1985 bond issuance authority <br />pursuant to the Act. <br /> <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 />(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 />. <br /> <br />(h) To the best of the City's knowledge, the Loan <br />Agreement provides for payments by the Partnership to the <br />Holder of the Bond for the account of the City of such <br />amounts as will be sufficient to pay the principal of and <br />interest on the Bond when due. The Loan Agreement obligates <br /> <br />-3- <br />