d. Resolution/YMCA MIDA Bond - Laserfiche WebLink

RESOLUTION APPROVING OF THE ISSUANCE OF COMMUNITY IMPROVEMENT REVENUE BONDS (FARGO MOORHEAD FAMILY YMCA PROJECT) SERIES 2002A AND COMMUNITY IMPROVEMENT REVENUE BONDS (FARGO MOORHEAD FAMILY YMCA PROJECT) SERIES 2002B BE IT RESOLVED by the Board of County Commissioners of the County of Cass, North Dakota, as follows: RECITALS: 1. The County of Cass, North Dakota (the "County") is authorized pursuant to Chapter 40-57 of the North Dakota Century Code (the "Act") to issue its revenue bonds for the purpose of providing financing for the construction, acquisition and installation of equipment and buildings to be used in connection with revenue producing facilities. 2. Fargo Moorhead Family YMCA, a North Dakota nonprofit corporation (the "Company"), has applied to the County to issue and sell its revenue bonds pursuant to the Act for the purposes of (i) financing the renovation of the child care facilities located at 400 1~t Avenue S, Fargo, (ii) refinancing certain indebtedness incurred to construct and equip the child care facilities, locker rooms and weight training facilities located at 4243 19th Avenue SW, Fargo, and (iii) refinancing certain indebtedness incurred to construct and equip the fitness center located at 400 1st Avenue S., Fargo (the "Project"). 3. The County Commission has, on April 15, 2002, held public heahngs regarding the issuance of revenue bonds to finance the Project, following duly published notice thereof, and all persons desiring to be heard ~vere heard. 4. It is in the public interest, for public benefit and in furtherance of the public purposes of the County that the County Commission provide approval of the issuance of Bonds to finance the Project; NOW, THEREFORE, it is hereby found, determined and ordered, as follows: 1. The County hereby approves the issuance and sale, pursuant to the Act, of (i) its Community Improvement Revenue Bonds (Fargo Moorhead Family YMCA Project) Series 2002A (the "Series A Bonds") in the principal amount not to exceed $2,600,000, and (ii) its Community Improvement Revenue Bonds (Fargo Moorhead Family YMCA Project) Series 2002B (the "Series 2002B Bonds") in the principal amount not to exceed $1,200,000, for the purposes of financing the Project. 2. The Bonds will be issued pursuant to an Indenture of Trust (the "Indenture") between the County and Wells Fargo Bank Minnesota, National Association as Trustee. Payment of the -1-