2. MIDA Bond/NDSU - Laserfiche WebLink

(e) it is desirable, feasible and consistent with the objects and purposes of the Act to issue the Bonds for the purpose of financing the Facilities; (f) the Bonds and the interest accruing thereon do not constitute an indebtedness of the Issuer within the meaning of any constitutional or statutory limitation of indebtedness and do not constitute. or give rise to a pecuniary liability or a charge against the general credit or taxing powers of the Issuer and neither the full faith and credit nor the taxing powers of the Issuer, is pledged for the payment of the Bonds or interest thereon; and (g) in accordance with the Act, after due notice and publication thereof, a public hearing was conducted on the Facilities and the financing thereof, and persons in attendance wishing to speak regarding the Facilities and financing thereof were given an opportunity to do so at the hearing. 1.4. AUTHORIZATION AND RATIFICATION OF F ACILlTIES FINANCING. The Issuer has heretofore and does hereby authorize the Corporation, in accordance with the provisions of the Act and subject to the terms and conditions set forth in the Loan Agreement to provide for the financing of the Facilities by such means as shall be available to the Corporation and in the manner determined by the Corporation; and the Issuer hereby ratifies, affirms, and approves all actions heretofore taken by the Corporation consistent with and in anticipation of such authority. ARTICLE TWO BONDS 2.1. AUTHORIZED AMOUNT AND FORM OF BONDS. The Bonds issued pursuant to this Bond Resolution shall be in substantially the form set forth on Exhibit A hereto, with such appropriate variations, omissions and insertions as are permitted or required by this Bond Resolution, and in accordance with the further provisions hereof; and the total principal amount ofthe Bonds that may be outstanding hereunder is expressly limited to $3,500,000, unless a duplicate Bond is issued pursuant to Section 2.7. 2.2. THE BOND TERMS. The Bonds shall be issued as a single series, dated as of the date of delivery, shall be payable at the times and in the manner, shall bear interest at the rate, and shall be subject to redemption and such other terms and conditions as are set forth therein. 2.3. MODIFICATION OF BONDS: EXECUTION. The Bonds in the form set forth in Exhibit A, together with such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by Bond Counsel and the Corporation prior to the execution thereof, is hereby approved; provided that in no event may the interest rate on the Bonds exceed 5.00% per annum, nor may the principal amount ofthe Bonds exceed $3,500,000. The Bonds shall be executed on behalf of the Issuer by the manual or facsimile signatures of the Chair of the Board of County Commissioners and County Auditor. In case any officer whose signature shall appear on the Bonds shall cease to be such officer before the delivery of the Bonds, such signature shall nevertheless be valid and sufficient for all purposes, the same as ifhad remained in office until delivery. In the event -2-