HomeMy WebLinkAboutCERT OF AUTH BORROW REPRES TO PROJECT COSTS 35. 35.
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CERTIFICATE OF AUTHORIZED BORROWER
REPRESENTATIVE AS TO PROJECT COSTS
The undersigned Authorized Borrower Representative of Orono Senior Housing,
LLC, a Minnesota limited liability company (the "Borrower"), hereby certifies that all contracts
relating to the development, acquisition, rehabilitation and equipping of the Project(as defined in
the Loan Agreement, dated as of November 1, 2001 (the "Loan Agreement"), by and between the
City of Orono, Minnesota (the "City") and the Borrower) that have been executed have been
provided to the City.
The Borrower will not seek reimbursement from the proceeds of the Series 2001
Bonds, issued in one or more series pursuant to the terms of an Indenture of Trust, dated as of
November 1,2001,by and between the City and U.S.Bank Trust National Association, as Trustee,
for Project Costs which have been incurred and paid by the Borrower prior to the date the related
Declaration of Official Reimbursement Intent was effective ( , 2001), other than costs
paid no earlier than sixty days prior to , 2001 or as otherwise permitted under the
Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.
Total Project Costs are estimated to be$ .Bond proceeds in the amount
of$ (par amount of the Bonds, less the Underwriter's discount of$ , less
original issue discount of $ , and less the Debt Service Reserve Requirement of
$ )will be deposited to the Construction Account and the Costs of Issuance Account of
the Project Fund to pay remaining Project Costs and the costs of issuing the Bonds. Any additional
costs to complete the Project,including costs of issuance(other than the underwriter's discount)are
within the amounts available and to be provided from Borrower funds.
IN WITNESS WHEREOF,I have executed this Certificate in the name of ORONO
SENIOR HOUSING,LLC on this 30th day of November, 2001.
ORONO SENIOR HOUSING, LLC
By:
Authorized Borrower Representative
M1:780653.01