1. MIDA Bond-Oak Grove School - Laserfiche WebLink

BOND RESOLUTION BE IT RESOLVED by the County Commission of Cass County, North Dakota (the "Issuer"), as follows: ARTICLE ONE DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS 1.1. DEFINITIONS. The terms used herein shall have the meaning as assigned to them in the Loan Agreement (the "Loan Agreement") between the Issuer and Oak Grove Lutheran School, a North Dakota nonprofit corporation (the "Corporation") unless the context or use thereof indicates another or different meaning or intent. All references in this instrument to designated "Articles," "Sections" and other subdivisions are to the designated Articles, Sections and subdivisions of this instrument as originally executed. The words "herein," "hereof' and "hereunder" and other words of similar import refer to this Resolution as a whole not to any particular Article, Section or subdivision. 1.2. LEGAL AUTHORIZATION. The Issuer is a political subdivision duly organized under the Constitution and laws of the State of North Dakota and is authorized under the Act to issue and sell the Bonds for the purpose, in the manner and upon the terms and conditions set forth in the Act and in this Bond Resolution. 1.3. FINDINGS. The County Commission does hereby determine, as follows: (a) the Issuer is authorized by the Act to enter into the Loan Agreement for the public purposes expressed in the Act; (b) the Issuer has made the necessary arrangements with the Corporation for the financing of the Project as more fully described in the Loan Agreement and which will be of the character and accomplish the purposes provided by the Act, and the Issuer hereby authorizes the financing of the Project and execution of the Loan Agreement, the Pledge Agreement, and the Bonds, which documents specify the terms and conditions for financing the Project; (c) the financing provided under the Bonds is intended to, and will in the judgment of the County Commission, promote the public welfare by providing improved educational facilities for the Corporation; (d) the amount estimated to be necessary to finance the Project will require the issuance of the Bonds in the principal amount not exceeding $2,400,000 as hereinafter provided; -1-