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<br />. <br /> <br />. <br /> <br />. <br /> <br />A single Bond, substantially in the form of Exhibit 1 <br />to this Bond Resolution, shall be issued and delivered to the <br />Bank in the authorized principal amount of $1,400,000, and as <br />authorized by the Act, principal of and interest on the Bond <br />shall be payable at the office of the Bank in St. Michael, <br />Minnesota. The proposal of the Bank to purchase such Bond at a <br />price of $1,400,000 (100% of par value) is hereby found and <br />determined to be reasonable and is hereby accepted. Pursuant to <br />the Loan Agreement the Bank has agreed to pay the purchase price <br />of the Bond by depositing the authorized principal amount of the <br />Bond in a Construction Fund to provide funds to be loaned by the <br />City to the Partnership to pay Project Costs, as defined in the <br />Loan Agreement, then due or to reimburse the Partnership for <br />Project Costs paid by the Partnership. <br /> <br />7. Execution, Delivery and Endorsement of Bond. The <br />Bond may be in typewritten or printed form and shall be executed <br />by the manual signatures of the Mayor and City Clerk-Administrator <br />and the official seal of the City shall be affixed thereto and <br />attested by the City Clerk-Administrator. When so prepared and <br />executed, the Bond shall be delivered to the Bank upon payment of <br />the purchase price, and upon receipt of the signed legal opinion <br />of Faegre & Benson, of Minneapolis, Minnesota, bond counsel, <br />pursuant to the Loan Agreement. The Bond shall contain a recital <br />that it is issued pursuant to the Act, and such recital shall be <br />conclusive evidence of the validity and regularity of the issuance <br />thereof. <br /> <br />8. Registration Records. The City Clerk-Administrator, <br />as bond registrar, shall keep a bond register in which the City <br />shall provide for the registration of the Bond and for transfers <br />of the Bond. The principal of and interest on the Bond shall be <br />paid to the Bank for the account of the Holder entitled thereto <br />in Federal or other immediately available funds. The City <br />Clerk-Administrator is authorized and directed to deliver a <br />certified copy of this Bond Resolution to the County Auditor of <br />Sherburne County, together with such other information as the <br />County Auditor may require, and to obtain the certificate of the <br />County Auditor as to entry of the Bond on his bond register as <br />required by the Act and by Minnesota Statutes, Section 475.63. <br /> <br />9. Mutilated, Lost, Stolen or Destroyed Bond. If the <br />Bond is mutilated, lost, stolen or destroyed, the City may exe- <br />cute and deliver to the Holder a new Bond of like amount, date, <br />number and tenor as that mutilated, lost, stolen or destroyed; <br />provided that, in the case of mutilation, the mutilated Bond <br />shall first be surrendered to the City, and in the case of a <br />lost, stolen or destroyed Bond, there shall be first furnished to <br />the City and the Partnership evidence of such loss, theft or des- <br />truction satisfactory to the City and the Partnership, together <br />with indemnity satisfactory to them. The City and the Partnership <br /> <br />-5- <br />