1. MIDA Bond/Bethany Homes - Laserfiche WebLink

exceeding $1,510,000 (the "Series 2004B Bonds"), its Health Care Facilities Refunding Revenue Bonds (American Lutheran Homes, Inc. Project) Series 2004C, in the principal amount not exceeding $1,450,000 (the "Series 2004C Bonds"), and its Health Care Facilities Refunding Revenue Bonds (American Lutheran Homes, Inc. Project) Series 2004D, in the principal amount not exceeding $180,000 (the "Series 2004D Bonds", and together with the Series 2004A Bonds, the Series 2004B Bonds and the Series 2004C Bonds, the "Bonds"), pursuant to the Act for the purposes of providing financing to the Corporation to (i) refund the Prior Bonds, and (ii) pay a portion of the costs of issuance. 2. Pursuant to a Loan Agreement dated as of December 1, 2004, between the County and the Corporation (the "Loan Agreement"), the County will loan the proceeds of the Bonds to the Corporation. The basic payments to be made by the Corporation under the Loan Agreement are fixed so as to produce revenue sufficient to pay the principal of, premium, if any, and interest on the Bonds when due. The County will assign its rights to the basic payments and certain other rights under the Loan Agreement to the Trustee as security for payment of the Bonds under an Indenture of Trust dated as of December 1,2004 (the "Indenture"). 3. Under the provisions of the Act, and as provided in the Loan Agreement and Indenture, the Bonds are not to be payable from or charged upon any funds other than the revenue pledged to the payment thereof; the County is not subject to any liability thereon; nor shall the holder of any Bonds ever have the right to compel any exercise by the County of its taxing powers to pay any of the Bonds or the interest or premium thereon, or to enforce payment thereof against any property of the County except the interest of the County in the Loan Agreement which has been assigned to the Trustee under the Indenture; the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable upon any property of the County except the interest of the County in the Loan Agreement which has been assigned to the Trustee under the Indenture; the Bonds shall recite that the Bonds are issued without obligation on the part of the State or its political subdivisions, and that the Bonds, including interest thereon, are payable solely from the revenues pledged to the payment thereof; and, the Bonds shall not constitute a debt of the County within the meaning of any constitutional or statutory limitation. 4. Subject to the approval of the County's counsel, the forms of the Loan Agreement and Indenture and all other documents necessary for the issuance of the Bonds are approved. The Loan Agreement and the Indenture, in substantially the forms submitted, are directed to be executed in the name and on behalf of the County by the Chair of the Board of County Commissioners and the County Auditor. Any other documents and certificates necessary to the transaction described above shall be executed by the appropriate County officers. Copies of all of the documents necessary to the transaction herein described shall be delivered, filed and reported as provided herein and in the Loan Agreement and the Indenture. 5. The County shall forthwith proceed to issue its Bonds, in the form and upon the terms set forth in the Indenture. The Chair of the Board of County Commissioners and County Auditor are authorized and directed to prepare and execute the Bonds as prescribed in the Indenture and to -2-