2. MIDA Bond-Tharaldson Ethanol - Laserfiche WebLink

6. It is in the public interest, for public benefit and in furtherance ofthe public purposes of the County that the County Commission approve the issuance of Bonds for 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 its Solid Waste Disposal Revenue Bonds, Series 2007 (the "Bonds") in the principal amount not to exceed $58,000,000, for the purpose of providing financing to the Company for the acquisition, construction and installation of the Project. 2. The Bonds will be issued pursuant to the Indenture, the terms of which are hereby incorporated by reference. Payment of the principal, redemption price and purchase price of and interest on the Bonds will be initially secured by an irrevocable letter of credit to be issued by LaSalle Bank National Association. 3. Pursuant to the Loan Agreement, the County will loan the proceeds of the Bonds to the Company. The basic payments to be made by the Company under the Loan Agreement are established so as to produce revenue sufficient to pay the principal of, premium, if any, and interest on the Bonds when due. The County will assign its rights to the basic payments and certain other rights under the Loan Agreement to the Trustee as security for payment of the Bonds under the Indenture. 4. Under the provisions of the Act, and as provided in the Loan Agreement and Indenture, the Bonds are not to be payable from or charged upon any funds other than the revenue pledged to the payment thereof; the County is not subject to any liability thereon; nor shall the holder of any Bonds ever have the right to compel any exercise by the County of its taxing powers to pay any of the Bonds or the interest or premium thereon, or to enforce payment thereof against any property of the County except the interest of the County in the Loan Agreement which has been assigned to the Trustee under the Indenture; the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable upon any property of the County except the interest of the County in the Loan Agreement which has been assigned to the Trustee under the Indenture; the Bonds shall recite that the Bonds are issued without obligation on the part of the State or its political subdivisions, and that the Bonds, including interest thereon, are payable solely from the revenues pledged to the payment thereof; and, the Bonds shall not constitute a debt of the County within the meaning of any constitutional or statutory limitation. 5. Subject to the approval of the County's counsel, the forms of the Loan Agreement, the Indenture, the Bond Purchase Agreement and all other documents necessary for the issuance of the Bonds are approved. The Loan Agreement, the Bond Purchase Agreement and the Indenture are directed to be executed in the name and on behalf ofthe County by the Chair or other member of the County Commission and the County Auditor. The Chair or other member of the County Commission is authorized and directed to sign the Bond Purchase Agreement upon the terms and conditions stated therein and at an initial interest rate not exceeding 5.50% per annum. Any other -2-