Laserfiche WebLink
<br />BOND RESOLUTION <br /> <br />BE IT RESOLVED by the County Commission of the County ofCass, North Dakota (the <br />"Issuer"), as follows: <br /> <br />ARTICLE ONE <br />DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS <br /> <br />1.1. DEFINITIONS. The terms used herein shall have the meaning as assigned to them in <br />the Loan Agreement unless the context or use thereof indicates another or different meaning or <br />intent. <br /> <br />All references in this instrument to designated "Articles." "Sections" and other subdivisions <br />are to the designated Articles, Sections and subdivisions of this instrument as originally executed. <br />The words "herein." "hereof' and "hereunder" and other words of similar import refer to this <br />Resolution as a whole not to any particular Article, Section or subdivision. <br /> <br />1.2. LEGAL AUTHORIZATION. The Issuer is a political subdivision duly organized under <br />the Constitution and laws of the State of North Dakota and is authorized under the Act to issue and <br />sell the Bonds for the purpose, in the manner and upon the terms and conditions set forth in the Act <br />and in this Bond Resolution. <br /> <br />1.3. FINDINGS. The County Commission has heretofore determined, and does hereby <br />determine, as follows: <br /> <br />(a) the Issuer is authorized by the Act to enter into the Loan Agreement for the <br />public purposes expressed in the Act; <br /> <br />(b) the Issuer has made the necessary arrangements with Sisters of the <br />Presentation of the Blessed Virgin Mary, Fargo, a North Dakota nonprofit corporation (the <br />"Corporation") for the financing of the Facilities as more fully described in the Loan <br />Agreement and which will be of the character and accomplish the purposes provided by the <br />Act. and the Issuer has by this Bond Resolution authorized the financing of the Facilities and <br />execution of the Loan Agreement, the Pledge Agreement, and the Bonds, which documents <br />specify the terms and conditions for financing the Facilities; <br /> <br />(c) the financing provided under the Bonds is intended to, and will in the <br />judgment of the County Commission, promote the public welfare by providing transitional <br />living facilities for low and moderate income individuals and families; <br /> <br />-1- <br />