05 - MORTREVBONDIDUCE - Laserfiche WebLink

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Section The Authority finds and determines that the above recitals are true and correct. Section The Authority finds and hereby determines that it is necessary and desirable and ~ public purpose far the Authority to provide financing far the Project and hereby expresses its official intent to issue and sell the Bands pursuant to the Dousing Act} at one time yr fram tine to time, subject to the conditions set Earth herein. This Resolutian does not bind the Authority to rake any expenditure, incur any indebtedness, or proceed v~rith the financing of the Project. Section 4. The Bands gill be payable solely fram the revenues to be received by the Authority pursuant to a Ioan agree~ent or other agreements to be entered into bet~reen the Authority and the Borro~ver in connection utirith the financing of the Praject. The issuance of the Bonds i subject to the follov~~ng conditions: ~a} the Authority and the Borra~ver shall have first agreed to r~utually acceptable terms far the Bonds ar~d of the sale and delivery thereof, end r~utually acceptable terms and conditions of the Bond indenturet lawn agreement, regulatory agreement and other related documents far the financing of the Project; fib} ell requisite gavernrr~ental approvals far the Bands shall have been obtained; and ~c} a resolution approving the financing documents to ~rhich the Authority rill be a party shall have been adapted bythe Authority, section This resolution is a Declaratian of affieiel Intent under U.. Treasury Regulations for purposes of Bectians ~ g and to ~ 0 of the Internal Revenue Code of 198, as amended the "Cade"}. Based upon the representations of Y the Borraer, the Autharity reasonably expects that cerkain of the costs of the Project mill be reimbursed v~rith the praceeds of the Bonds. The expected maximum principal an~aunt of the Bonds is ,Dg0i0~0. 4 section G. The officers of and the financial adviars to the Autharity are hereby authorised and directed to take any and all actions as may be necessary or appropriate in connection Frith ~a} n application to the California Debt limit Allacation Comr~ittee far an a~lacation of the State's private activity bond volume cap under Bectian 4~ of the Cade and ect~on 88g.~ of the California government Code, and fib} compliance v~~th the requirer~ents of Section ~41~f} of the Code relating to public approval of the Bands. Any such actions heretofore taken by such officers and financial advisors vuith respect thereto are hereby ratified, approved and confirmed. section This Resolution shall take effect immediately upon its adoption by the Autharity and the Secretary of the Autharity shall attest to and certify the vote adopting this Resolution. Re~o~ut~on N~~ 20~a-~ Page 2 0~ 3