Resolution 5195 - Laserfiche WebLink

• Bonds will be exempt from income taxation by the federal government, subject to certain customary exceptions. Section 2. Authorization and Approval. The Development Corporation is hereby authorized to lend the proceeds of the Bonds to the Company to finance the Project and currently refund the 1999 Bonds, and to pledge and assign the loan repayments and revenues therefrom and its interest in the Loan Agreement to the Trustee hereinafter appointed, all as provided in the Loan Agreement and the Indenture of Trust. The forms of the Loan Agreement, the Indenture of Trust, the Underwriting Agreement, the Bonds, and the Indemnification and Compensation Agreement are approved subject to such modifications as are deemed appropriate and approved by the President of the Board of Directors and counsel for the Development Corporation, which approval shall be conclusively evidenced by execution and delivery of the Loan Agreement, the Indenture of Trust, the Underwriting Agreement, the Indemnification and Compensation Agreement, and the Bonds by the President or Vice President and Secretary of the Board as therein required. The Loan Agreement is hereby directed to be executed in the name and on behalf of the Development Corporation by the President or Vice President of the Board, but only to be delivered upon execution thereof by the Company. The Indenture of Trust is directed to be executed in the name and on behalf of the Development Corporation by the President or Vice President of the Board, and delivered to the Trustee. The Indemnification and Compensation Agreement is directed to be executed in the name and on behalf of the Development Corporation by the President or Vice President, but only to be delivered upon execution thereof by the Company. Section 3. Authorization of Bonds. To finance the Project and currently refund the 1999 Bonds, the Development Corporation hereby authorizes the issuance, sale and delivery of -4- P:\DOT\DOT19H 05/20/02