1. Resolution on MIDA Bond/NDSU - Laserfiche WebLink

RESOLUTION APPROVING OF THE ISSUANCE OF UNIVERSITY FACILITIES REVENUE BONDS (NDSU DEVELOPMENT FOUNDATION PROJECT) SERIES 2003 BE IT RESOLVED by the Board of County Commissioners of Cass County, North Dakota, as follows: RECITALS: 1. Cass County, North Dakota (the "County") is authorized pursuant to Chapter 40-57 of the North Dakota Century Code (the "Act") to issue its revenue bonds for the purpose of providing financing for the construction, acquisition and installation of equipment and buildings to be used in connection with revenue producing facilities. 2. North Dakota State University Development Foundation, a North Dakota nonprofit corporation (the "Company"), has requested the County to issue its University Facilities Revenue Bonds (NDSU Development Foundation Project) Series 2003 (the "Bonds") in the amount not to exceed $4,500,000 for the purpose of financing the construction and equipping of an 80,400 square foot horse barn and related equine facilities located at 5140 19th Avenue NW., Fargo, North Dakota (the "Project"). 3. The County~ Commission has, on September 29, 2003, held a public hearing regarding the issuance of the Bonds, following duly published notice thereof, and all persons desiring to be heard were heard. 4. It is in the public interest, for public benefit and in furtherance of the public purposes of the County that the County Commission provide approval of the issuance of Bonds to finance the Project. NOW, THEREFORE, it is hereby found, determined and ordered, as follows: 1. The County hereby approves the issuance and sale, pursuant to the Act, of (i) its University Facilities Revenue Bonds (NDSU Development Foundation Project) Series 2003 (the "Bonds") in the principal amount not to exceed $4,500,000, for the purposes of financing the Project. 2. The Bonds will be issued pursuant to an Indenture of Trust (the "Indenture") between the County and U.S. Bank National Association as Trustee. Payment of the principal of and interest on the Bonds will be payable solely from payments made by the Company pursuant to the Loan Agreement and other amounts pledge under the Indenture. -1-