1. MIDA Bond/Plains Art Museum - Laserfiche WebLink

RESOLUTION NO. RESOLUTION GIVING FINAL APPROVAL TO THE ISSUANCE OF MUSEUM FACILITIES REFUNDING REVENUE BONDS (PLAINS ART MUSEUM PROJECT) SERIES 2005 BE IT RESOLVED by the County Commission of Cass County, North Dakota (the "County"), as follows: RECITALS: 1. The County is authorized pursuant to Chapter 40-57 of the North Dakota Century Code (the "Act") to issue its revenue bonds and to loan the proceeds to nonprofit corporations for the purposes provided in the Act including the refunding of bonds previously issued under the Act. 2. The Commission, by Resolution duly adopted on November 7, 2005, approved the issuance and sale, subject to a public hearing, of its Museum Facilities Refunding Revenue Bonds (Plains Art Museum Project) Series 2005, in the principal amount not exceeding $2,000,000 (the "Bonds"), pursuant to the Act for the purpose of providing financing to Plains Art Museum, a North Dakota nonprofit corporation (the "Corporation") to refund the City of Fargo, North Dakota Museum Facilities Revenue Bonds, Series 1996 (Plains Art Museum), dated October 1, 1996, in the original principal amount of $3,135,000 (the "Prior Bonds"). 3. The Commission has been advised that the issuance of the Bonds will reduce the rate of interest and extend the maturities of the Bonds beyond the average weighted maturity of the Prior Bonds, thereby reducing the debt service cost to the Corporation. 4. The Commission scheduled a public hearing on December 5,2005, beginning at 3 :30 and a public notice setting forth the competitive nature of the Project and the date and time of a public hearing on the Project was published according to law, and the public hearing has been held according to law. NOW, THEREFORE, BE IT RESOLVED, as follows: 1. Following the public hearing, it appears the issuance of the Bonds to refund the Prior Bonds is in the public interest and any competitive nature and impact and effect of the issue upon existing industry and business will not result in an unfair advantage for the Plains Arts Museum to the substantial detriment of existing enterprises. 2. The County hereby gives final approval to the issuance and sale of its Museum Facilities Refunding Revenue Bonds (Plains Art Museum Project) Series 2005, in the principal amount not exceeding $2,000,000 (the "Bonds"), pursuant to the Act for the purpose of providing -1-