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RESOLUTION AUTHORIZING THE ISSUANCE OF
<br /> SCHOOL FACILITY REVENUE BONDS
<br /> (SHANLEY HIGH SCHOOL PROJECT) SERIES 2002,
<br />AND APPROVING AND AUTHORIZING THE EXECUTION
<br />AND DELIVERY OF THE LEASE AGREEMENT,
<br /> THE MORTGAGE, AND OTHER DOCUMENTS
<br />
<br /> BE IT RESOLVED by the Board of County Commissioners of Cass County, North Dakota
<br />(the "County"), as follows:
<br />
<br /> 1. AUTHORITY. The County is, by the laws of the State of North Dakota, including
<br />Chapter 40-57, North Dakota Century Code (the "Act"), authorized to issue and sell its revenue
<br />bonds to acquire and lease real and personal property for use by a revenue-producing enterprise, and
<br />to enter into contracts necessary or convenient in the exercise of the powers granted by the Act.
<br />
<br /> 2. AUTHORIZATION~ PRIORISSUEANDDOCUMENTSPRESENTED. This Commission
<br />anthor/zed the issuance of bonds in an amount not exceeding $8,000,000 (the "Bonds") pursuant to
<br />the Act the proceeds to be used to finance the construction of a high school and middle school
<br />located at 52nd Avenue South and 25~h Street South, Fargo, North Dakota. Only those parts of the
<br />facility not used for religious instruction or services will be financed with bond proceeds (the
<br />"Project"). The Commission previously issued $4,500,000 First Mortgage Revenue Bonds (Shanley
<br />High School Project), Series 2001 dated November 1,2001 (the "2001 Bonds"), and now authorizes
<br />the issuance of $3,500,000 School Facility Revenue Bonds (Shanley High School Project), Series
<br />2002. The form of the First Amendment to the Lease Agreement, dated as of June 1, 2002 (the
<br />"Amendment"), between the County and the Diocese of Fargo, aNorth Dakota nonprofit corporation
<br />(the "Company"), and the form of the Remarketing Agreement, dated as of June 1, 2002 (the
<br />"Remarketing Agreement"), between the Company and Wells Fargo Brokerage Services, LLC (the
<br />"Remarkefing Agent"), are now on file in the office of the County Auditor.
<br />
<br /> 3. APPROVAL AND EXECUTION OF DOCUMENTS. The Remarketing Agreement, in the
<br />form and content on file with the County Auditor, is hereby approved, and the Chair of the Board
<br />of County Commissioners and the County Auditor, or other officers of the County, be and hereby
<br />are authorized and directed to execute and deliver the Remarketing Agreement in substantially such
<br />form and content, with such changes therein as may be approved by the officers executing the same,
<br />which approval shall be conclusively evidenced by the execution thereof, for and on behalf of the
<br />County.
<br />
<br /> 4. APPROVAL OF TERbIS AND SALE OF BONDS. The County shall proceed forthwith
<br />to issue its School Facility Revenue Bonds (Shanley High School Project), Series 2002, in the
<br />authorized principal amount not to exceed $3,500,000, substantially in the form, maturing, beating
<br />interest, payable in installments and otherwise containing the provisions set forth in Exhibit A and
<br />hereby approved and incorporated in this Bond Resolution and made a part hereof.
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