Laserfiche WebLink
<br />Issuance Authority. The Bonds will be issued pursuant to Section 462C.07 Subdivision 1 <br />of the Act and shall be payable primarily from revenues of the Program. Issuance of the Bonds <br />is anticipated to be in early 2007. Up to $2,500,000 of the state volume cap for private activity <br />bonds, pursuant to Section 146 of the Code and Chapter 474A of Minnesota Statutes, will be <br />allocated to the Bonds. <br />Monitoring. The Company expects to enter into suitable agreements with necessary <br />parties to ensure consistent compliance with the objectives of this Program, as well as with the <br />requirements of applicable law. <br />Use of Bond Proceeds. The proceeds of the Bonds will be loaned to the Company <br />pursuant to a revenue agreement (the "Loan Agreement") by and between the City and the <br />Company. The Company will be required, pursuant to the Loan Agreement, to make payments <br />sufficient to pay when due the principal of, premium, if any, and interest on the Bonds. <br /> <br />1990325vl <br /> <br />2 <br />