Laserfiche WebLink
Stone & Youngberg LLC <br /> MBIA Insurance Corporation <br /> July 26, 1996 <br /> Page Two <br /> 3. The resolutions adopted by the City Council of the City (the <br /> "Council") approving the City's (i)participation in the Authority, (ii) authorizing the <br /> issuance of the Bonds, and (iii) approving the execution and delivery of the City <br /> Documents were duly adopted at meetings of the Council, which were called and held <br /> pursuant to law and with all public notice required by law and at which a quorum was <br /> present and acting throughout; and such resolutions are in full force and effect and have <br /> not been modified, amended or rescinded as of the date hereof. <br /> 4. The City has full right and lawful authority to execute and deliver <br /> the City Documents; the City Documents have been duly authorized, executed and <br /> delivered by the City; and the City Documents are legal, valid and binding obligations of <br /> the City enforceable in accordance with their respective terms, except as such <br /> enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium and <br /> other similar laws relating to or limiting creditors' rights generally and by the principles <br /> of equity if equitable remedies are sought. <br /> 5. The execution and delivery of the City Documents and the <br /> approval of the Official Statement and the Purchase Contract, and compliance by the City <br /> with the provisions thereof, under the circumstances contemplated thereby, do not and <br /> will not in any material respect conflict with or constitute on the part of the City a breach <br /> of or default under any agreement or other instrument applicable to or binding upon the <br /> City, or any existing law, regulation, court order or consent decree to which the City is <br /> subject. <br /> 6. The Official Statement has been duly executed and delivered on <br /> behalf of the Authority by an authorized officer of the City. <br /> 7. Except as stated in the Official Statement, there is no action, suit, <br /> proceeding or investigation before or by any court, public board or body pending with <br /> respect to which the City has been served with process or, to my knowledge, threatened <br /> wherein an unfavorable decision, ruling or finding would: (a) affect the creation, <br /> organization, existence or powers of the City or the Authority, or the titles of their <br /> respective officers or the Council members or Board of Directors to their respective <br /> offices; (b) enjoin or restrain the issuance, sale and delivery of the Bonds, the delivery of <br /> the City Documents and the pledge of lease payments under the Lease Agreement or the <br /> pledge of the assets as security for the lease payments; (c) in any way question or affect <br /> any of the rights, powers, duties or obligations of the City with respect to the City <br /> Documents, the moneys and assets pledged or to be pledged to pay the principal of, <br /> premium, if any, or interest on the Bonds; (d) in any way question or affect any authority <br />