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<br />RESOLUTION NO. <br /> <br />RESOLUTION APPROVING THE ISSUANCE <br />OF MUSEUM FACILITIES REFUNDING REVENUE BONDS <br />(PLAINS ART MUSEUM PROJECT) SERIES 2005 <br /> <br />BE IT RESOLVED by the County Commission of Cass County, North Dakota (the <br />"County"), as follows: <br /> <br />RECITALS: <br /> <br />I. The County is authorized pursuant to Chapter 40-57 of the North Dakota Century <br />Code (the "Act") to issue its revenue bonds and to loan the proceeds to nonprofit corporations for <br />the purposes provided in the Act including the refunding of bonds previously issued under the Act. <br /> <br />2. The City of Fargo, North Dakota has issued its Museum Facilities Revenue Bonds, <br />Series 1996 (Plains Art Museum), dated October 1, 1996, in the original principal amount of <br />$3,135,000 (the "Prior Bonds") to finance the acquisition and renovation of a building for use as an <br />art museum operated by Plains Art Museum, a North Dakota nonprofit corporation (the <br />"Corporati on"). <br /> <br />3. The Corporation has requested the County to issue and sell its Bonds for the purpose <br />of refunding the Prior Bonds. <br /> <br />4. It is in the public interest, for public benefit and in furtherance of the public purposes <br />of the Act that the County Commission authorize the issuance of Bonds for the purposes set forth <br />above. <br /> <br />NOW, THEREFORE, BE IT RESOLVED, as follows: <br /> <br />1. The County hereby approves the issuance and sale of its Museum Facilities Refunding <br />Revenue Bonds (Plains Art Museum Project) Series 2005, in the principal amount not exceeding <br />$2,000,000 (the "Bonds"), pursuant to the Act for the purpose of providing financing to the <br />Corporation to refund the Prior Bonds. <br /> <br />2. Pursuant to a Loan Agreement dated as of November 1, 2005, between the County <br />and the Corporation (the "Loan Agreement"), the County will loan the proceeds of the Bonds to the <br />Corporation. The basic payments to be made by the Corporation under the Loan Agreement are <br />fixed so as to produce revenue sufficient to pay the principal of, premium, if any, and interest on the <br />Bonds when due. The County will assign its rights to the basic payments and certain other rights <br />under the Loan Agreement to the Trustee as security for payment of the Bonds under an Indenture <br />of Trust dated as of November 1, 2005 (the "Indenture"). <br /> <br />-1- <br />