11-21-2019
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11-21-2019
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<br />2 <br />Section 2. Authorization to Negotiate WIFIA Loan and All Supporting Agreements <br />and Documents. Bond Counsel for the Authority, John T. Shockley, is hereby authorized to draft, <br />negotiate, and prepare all necessary loan agreements, documents, credit facilities, indentures of <br />trust, and all other supporting documents necessary for the US EPA WIFIA loan and supporting <br />credit facilities and/or debt instruments. <br />Section 3. Approval of Documents. All necessary loan agreements, documents, credit <br />facilities, indentures of trust, and all other supporting documents for the US EPA WIFIA loan and <br />supporting credit facilities and/or debt instruments will be presented to the Finance Committee for <br />review and recommendation and then to the Diversion Authority Board for review and approval, consistent with the requirements of the Joint Powers Agreement, which created and governs the <br />Authority, and Authority procedures and policies. <br /> <br />Section 4. Payment of Application Fee/Credit Processing Fee. In accordance with <br />applicable federal laws and regulations, the Application Fee and the estimated Credit Processing Fee for the US EPA WIFIA loan shall be paid from Sales and Use Tax proceeds pledged by the <br />City of Fargo and Cass County, and not reimbursed with US EPA WIFIA loan proceeds. <br /> <br /> Section 5. North Dakota Law Applies. This Resolution and any transactions <br />contemplated herein will be controlled by the laws of the State of North Dakota. <br /> Section 6. This Resolution shall take effect immediately upon adoption. <br /> <br /> <br /> Adopted November 21, 2019. <br /> METRO FLOOD DIVERSION <br /> AUTHORITY <br /> <br /> <br /> <br /> Mary Scherling, Chair <br /> Diversion Authority Board <br />ATTEST: <br /> <br /> <br /> <br />Heather Worden, Secretary <br /> <br />
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