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In the event of a foreclosure on the Project, continued receipt of Note payments by the <br /> Trustee or any purchaser in a foreclosure sale is contingent upon continued compliance with <br /> the provisions of the Development Agreement. <br /> THE CITY <br /> The City is a municipal corporation and political subdivision of the State of <br /> Minnesota,duly authorized and existing under and pursuant to the Constitution and the laws <br /> of the State of Minnesota. The City will have no responsibility with respect to the <br /> management and operation of the Project. The City has not been requested to participate in <br /> the preparation of or to review this Official Statement and has not done so. The City has <br /> made no independent investigation of the facts and statements provided herein;accordingly, <br /> the City assumes no responsibility with respect hereto, including without limitation as to <br /> matters relating to the accuracy, fairness, completeness or sufficiency of this Official <br /> Statement. <br /> THE BORROWER AND THE SPONSOR <br /> Orono Senior Housing, LLC is a Minnesota limited liability company organized in <br /> 2001, which has no operating history and has no significant assets or any liabilities. For <br /> information as to the Borrower,see Appendix B to this Official Statement. The sole member <br /> of the Borrower is Wedum Foundation, a Minnesota nonprofit corporation and 501(c)(3) <br /> Organization,organized in 1959. For information as to the Sponsor, see Appendix B to this <br /> Official Statement. <br /> ESTIMATED SOURCES AND USES OF FUNDS* <br /> The estimated sources and uses of funds necessary to (i) finance the development, <br /> acquisition, construction and equipping of the Project, (ii) fund the Debt Service Reserve <br /> Fund for the Senior Bonds, (iii) fund interest on the Series 2001 Bonds due during <br /> construction and lease-up of the Project and (iv) pay costs of issuance of the Series 2001 <br /> Bonds are as follows: <br /> Sources: <br /> Series 2001A Bonds $7,825,000 <br /> Series 2001B Bonds 210,000 <br /> Series 2001C Bonds 250,000 <br /> Deferred City Fees 0) 200,000 <br /> Operating Reserve Letter of Credit(2) 250.000 <br /> Total Sources $8,735,000 <br /> Uses: <br /> City Fees(Park dedication,water, sewer)(I) $200,000 <br />