1. Resolution/MIDA Bond-Bethany - Laserfiche WebLink

public services, and encouraging employment opportunities for the citizens of the County, the County is authorized by Chapter 40-57, North Dakota Century Code (the "Act"), to issue revenue bonds of the County to provide financing for facilities operated by nonprofit corporations and to refund bonds previously issued under the Act. 1.02. The Company has requested the County to issue its Refunding Revenue Bonds (American Lutheran Homes, Inc. Project) in one or more series (the "Refunding Bonds") in an amount not to exceed $4,700,000, to refund the Outstanding Bonds. Section 2. Findin2S. 2.01. A public hearing prior to the issuance of each of the Outstanding Bonds was held by the County according to law after published notice. No public hearing is required prior to the issuance of the Refunding Bonds pursuant to Section 40-57-04 of the Act. 2.02. The issuance of the Refunding Bonds to refund the Outstanding Bonds is in the public interest. Section 3. Approval and Authorization. 3.01. Subject to the mutual agreement of the County, the Company, and the purchaser of the Refunding Bonds as to the details of the Refunding Bonds, the Indenture, the Loan Agreement, and other documents necessary in connection with the issuance ofthe Refunding Bonds, the County hereby approves and authorizes the issuance of its Refunding Bonds, in one or more series, in an amount not to exceed $4,700,000, to refund the Outstanding Bonds. 3.02. N either this commitment nor any actions, agreements, or legal matters related hereto or executed in pursuance hereof, shall in any manner or fonn create an indebtedness or liability of the County. 3.03. Federal legislation has imposed a cap or limit on the amount oftax-exempt private activity bonds which may be issued in each state. Cass County hereby states that it has not made inquiry and is without knowledge as to whether or not any Refunding Bonds issued pursuant to this Resolution are subject to such limitation, will exceed such limitation or whether the interest paid thereon will be exempt from taxation. Dated November 15,2004. APPROVED: Chair, Board of County Commissioners