85-149 - Laserfiche WebLink

Home Browse Search

( g) the execution and del i ve ry of the Note, the Agreement, the Pledge Agreement, and the Construction Loan Agreement shall not conflict with or constitute, on the part of the City, a breach of or a default under any existing agreement, indenture, mortgage, lease, or other instrument to which the City is subject or is a party or by which it is bound; provided that this finding is made solely for the purpose of estopping the City from deny- ing the validity of the Note, the Agreement, the Pledge Agreement, or the Construction Loan Agreement by reason of the existence of any facts contrary to this finding; (h) no litigation is pending or, to the best know- ledge of the members of this Ci ty Counci 1, threatened against the City questioning the organization or boun- dar ies of the Ci ty or the right of any officer of the City to hold his or her office or in any manner ques- tioning the right and power of the City to execute and deliver the Note or otherwise questioning the validi ty of the Note or the execution, delivery, or validity of the Agreement, the Pledge Agreement, or the Construction Loan Agreement or questioning the pledge of revenues to payment of the Note or the right of the City to loan the proceeds of the Note to the Borrower; (i) all acts and things required under the Charter and the Constitution and the laws of the State of Minne- sota to make the Note, the Agreement, the Pledge Agree- ment, and the Construction Loan Agreement the valid and binding obligations of the City in accordance with their terms shall have been done upon adoption of this Resolu- tion and execution of the Note, the Agreement, the pledge Agreement and the Construction Loan Agreement; (j) the City, a municipal corporation and poli- tical subdivision of the State of Minnesota, is duly organized and existing under the laws of the State of Minnesota and is authorized to issue the Note in accord- ance with the Act; and (k) the City shall allocate $l,700,000 of its bonding authority to the issuance of the Note and further certifies that the allocation of bonding auth- ority to the Note was not made in consideration of any bribe, gift, gratuity, or direct or indirect contribu- tion to any political campaign. Section 3. Authorization and Sale. 3.01. to issue Authorization. The City is authorized by the Act revenue bonds and loan the proceeds thereof to - 4 -