1. MIDA Bond Sisters of Presentation
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1. MIDA Bond Sisters of Presentation
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<br />Additional provisions of this Bond are contained on the reverse hereof and such provisions <br />shall for all purposes have the same effect as though fully set forth at this place. <br /> <br />IN WITNESS WHEREOF. the County ofCass, North Dakota. has caused this Bond to be <br />signed in its name by the manual signatures of its Chair of the Board of County Commissioners and <br />its County Auditor. <br /> <br />COUNTY OF CASS, NORTH DAKOTA <br />(signature) <br />Chair, Board of County Commissioners <br /> <br />ATTEST: <br />(signature) <br />County Auditor <br /> <br />(form of reverse of Bond) <br /> <br />The Corporation has agreed under the Loan Agreement to repay the Loan, together with <br />interest thereon, in amounts and at times suHicient to pay the principal of and interest on the Bonds <br />as the same shall become due and payable (the "Basic Payments"), Pursuant to the Pledge <br />Agreement, the Issuer has assigned and pledged to the Lender. the Basic Payments due under said <br />Loan Agreement and all other assets and revenues held pursuant to the Resolution and Loan <br />Agreement from time to time. Payments under the Loan Agreement are secured by a Pledge <br />Agreement, dated as of October 1,2006 (the "Pledge Agreement"') from the Issuer to Wells Fargo <br />Brokerage Services, LLC (the "Lender"). <br /> <br />Reference is hereby made to the Loan Agreement and the Pledge Agreement for a description <br />of the properties; and rights encumbered and assigned. the provisions. among others, with respect <br />to the nature and extent ofthe security, the rights of the Lender, and the rights, duties and obligations <br />of the Corporation and the terms upon which the Bonds are issued and secured. <br /> <br />This Bond and the issue of Bonds of which it forms a pmi are issued pursuant to and in full <br />compliance with the Constitution and laws of the State of North Dakota particularly North Dakota <br />Century Code. Chapter 40-57, and pursuant to a resolution adopted and approved by the County <br />Commission on October 16, 2006. This Bond and the issue of which it forms a part are limited <br />obligations of the Issuer and are payable solely out of the revenues and other amounts derived from <br />the Loan Agreement or sale or other disposition of the Facility financed through the issuance of the <br />Bonds. The Bonds do not now and shall never constitute an indebtedness of the Issuer within the <br />meaning of any State constitutional provision or statutory limitation and shall not constitute nor give <br />rise to a pecuniary liability of the Issuer nor a charge against the general credit or taxing powers of <br />the Issuer. Basic Payments sufficient for the prompt payment when due of the interest on and <br />principal of said Bonds are to be paid directly to the Lender by the Corporation for the account of <br />the Issuer. <br /> <br />4-') <br />
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