2. MIDA Bond/NDSU - Laserfiche WebLink

BOND RESOLUTION BE IT RESOLVED by the County Commission ofthe County ofCass, North Dakota (the "Issuer"), as follows: ARTICLE ONE DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS 1.1. DEFINITIONS. The terms used herein shall have the meaning as assigned to them in the Loan Agreement unless the context or use thereof indicates another or different meaning or intent. All references in this instrument to designated "Articles," "Sections" and other subdivisions are to the designated Articles, Sections and subdivisions of this instrument as originally executed. The words "herein," "hereof' and "hereunder" and other words of similar import refer to this Resolution as a whole not to any particular Article, Section or subdivision. 1.2. LEGALAuTHORIZA TION. The Issuer is a political subdivision duly organized under the Constitution and laws ofthe State of North Dakota and is authorized under the Act to issue and sell the Bonds for the purpose, in the manner and upon the terms and conditions set forth in the Act and in this Bond Resolution. 1.3. FINDINGS. The County Commission has heretofore determined, and does hereby determine, as follows: (a) the Issuer is authorized by the Act to enter into the Loan Agreement for the public purposes expressed in the Act; (b) the Issuer has made the necessary arrangements with NDSU Development Foundation, a North Dakota nonprofit corporation (the "Corporation") for the financing of the Facilities as more fully described in the Loan Agreement and which will be of the character and accomplish the purposes provided by the Act, and the Issuer has by this Bond Resolution authorized the financing of the Facilities and execution of the Loan Agreement, the Pledge Agreement, and the Bonds, which documents specify the terms and conditions for financing the Facilities; (c) the financing provided under the Bonds is intended to, and will in the judgment of the County Commission, promote the public welfare by providing improved facilities for North Dakota State University; (d) the amount estimated to be necessary to finance the Facilities will require the issuance of the Bonds in the principal amount not exceeding $3,500,000 as hereinafter provided; -1-