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• <br />• <br />U <br />CITY of ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. 54 6 1 <br />(b) Form of Mortgage, Security Agreement, Assignment of <br />Rents and Leases and Fixture Financing Statement (the "Mortgage") between <br />the Borrower and each of William H. Cooper, Nigel MacLeod and Thomas <br />Cusick (the "Lenders"), as security for the Notes, and setting forth proposed <br />recitals, covenants and agreements relating thereto; <br />(c) Pledge Agreement (the "Assignment") dated as of May 1, <br />2006 between the City and the Lenders, whereby the City assigns to the <br />Lenders a security interest in all of the City's right, title and interest under the <br />Loan Agreement. <br />4. Findings. It is hereby found, determined and declared <br />that: <br />(a) The Project furthers the purposes and policies of the Act. <br />(b) The Project is an authorized "project" within the <br />meaning of Section 469.153, Subd. 2(b). <br />(c) The Borrower is a "qualifying organization" within the <br />meaning of Section 469.155, Subd. 4. <br />(d) The City held a public hearing relating to the Project and, <br />in the opinion of bond counsel based on representations of the Borrower, the <br />Notes will be a qualified Section 501(c)(3) bonds within the meaning of <br />Section 145 of the Internal Revenue Code. <br />(e) The Loan Agreement provides for payments by the <br />Borrower to the City of such amounts as will be sufficient to pay the principal <br />of and interest on the Notes when due. The Loan Agreement obligates the <br />Borrower to provide for the operation and maintenance of the Project, <br />including adequate insurance, taxes and special assessments. <br />(f) The payment of principal and interest on the Notes will <br />be secured by the Mortgage. <br />PA <br />