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<br />RESOLUTION RELATING TO A PROJECT UNDER THE <br />MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, GIVING THE PROJECT <br />PRELIMINARY APPROVAL, SUBJECT TO A PUBLIC HEARING <br />(NDSU DEVELOPMENT FOUNDATION PROJECT) <br /> <br />BE IT RESOLVED by the Board of County Commissioners ofCass County, North Dakota <br />(the "County"), as follows: <br /> <br />Section 1. <br /> <br />Policy and Purpose. <br /> <br />1.01. For the purpose of promotion, attraction, encouragement, and development of <br />economically sound commerce, preserving and developing a tax base adequate to finance necessary <br />public services, and encouraging employment opportunities for the citizens of the County, the <br />County is authorized by Chapter 40-57, North Dakota Century Code ("N.D.C.C."), to issue revenue <br />bonds of the County and to loan the proceeds to nonprofit corporations to provide financing for <br />equipment and improvements to real property. <br /> <br />1.02. North Dakota State University Development Foundation, a North Dakota nonprofit <br />corporation, (the "Company") has requested the County to issue its University Facilities Revenue <br />Bonds (NDSU Development Foundation Project) Series 2005 (the "Bonds") in the amount not to <br />exceed $3,500,000 for the purpose of financing the construction and equipping of office space, <br />locker rooms, meeting rooms and related facilities located in the Fargodome at 1800 N. University, <br />Fargo, North Dakota (the "Project"). <br /> <br />Section 2. <br /> <br />Approval and Authorization. <br /> <br />2.01. Subject to the holding of a public hearing according to law and subject to the mutual <br />agreement of the County, the Company, and the purchaser of the Bonds as to the details of the <br />Bonds, the loan agreement, and other documents necessary to evidence and effect the financing of <br />the Project, the issuance of the Bonds of the County, in one or more series, in an amount not to <br />exceed $3,500,000, is hereby approved. <br /> <br />2.02. Neither this preliminary commitment nor any actions, agreements, or legal matters <br />related hereto or executed in pursuance hereof, shall in any manner or form create an indebtedness <br />or liability of the County. The passage of this Resolution does not finally commit the County to <br />issue and deliver the Bonds. <br /> <br />- 1 - <br />