2. MIDA Bond/NDSU - Laserfiche WebLink

of the absence or disability of the Chair of the Board of County Commissioners or the County Auditor such officers of the Issuer as may act in their behalf, shall without further act or authorization of the County Commission execute and deliver the Bonds. 2.4. DELIVERY OF BONDS. Before delivery of the Bonds there shall be filed with Wells Fargo Brokerage Services, LLC (the "Lender") (except to the extent waived by the Lender) the following items: (a) an executed copy of each of the following documents: (i) the Loan Agreement; and (ii) the Pledge Agreement; (b) Bonds; the opinion of Bond Counsel as to the validity and tax exempt status of the ( c) such other documents and opinions as Bond Counsel may reasonably require for purposes of rendering its opinion required in subsection (b) above, or that the Lender may reasonably require for the closing. 2.5. DISPOSITION OF BOND PROCEEDS. Upon delivery of the Bonds, the Lender shall, on behalf of the Issuer, deposit the proceeds in a Proceeds Account to be held by the Lender. Proceeds shall be disbursed by the Lender for payment ofthe cost of constructing and equipping the Facilities upon compliance with the provisions of the Loan Agreement. 2.6. REGISTRATION OF TRANSFER. The Issuer will cause to be kept at the office of the County Auditor a Bond Register in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of transfers of ownership of the Bonds. The Bonds shall be initially registered in the name of the Lender and shall be transferable upon the Bond Register by the Lender in person or by its agent duly authorized in writing, upon surrender of the Bonds together with a written instrument of transfer satisfactory to the County Auditor, duly executed by the Lender or its duly authorized agent. Upon such transfer the County Auditor shall note the date of registration and the name and address of the new owner in the Bonds Register and in the registration blank appearing on the Bonds. 2.7. MUTILATED. LOST OR DESTROYED BONDS. In case any Bond issued hereunder shall become mutilated or be destroyed or lost, the Issuer shall, if not then prohibited by law, cause to be executed and delivered, a new Bond of like outstanding principal amount, number and tenor in exchange and substitution for and upon cancellation of such mutilated Bond, or in lieu of and in substitution for such Bond destroyed or lost, upon the Lender's paying the reasonable expenses and charges of the Issuer in connection therewith, and in the case of a Bond destroyed or lost, the filing with the Issuer of evidence satisfactory to the Issuer with indemnity satisfactory to it. If the mutilated, destroyed or lost Bond has already matured or been called for redemption in accordance with its terms it shall not be necessary to issue a new Bond prior to payment. -3-