Res 1981-004 - Laserfiche WebLink

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interest on the Bonds) will be lent to the User pursuant to a loan agreement, dated as of November 1, 1980 (the "Agreement"), between the Corporation and the User andthe User's obligations under the Agreement will be further evidenced by, the User's execution and issuance of a note (the "Note"), dated as of the date of the Bonds, in an amount equal to the aggregate principal amount of the Bonds. The Board has duly autho- rized all necessary action to be taken by the Corporation for the execu- tion, delivery and due performance of the Indenture, the Bonds, the Agreement and the Underwriting Agreement (the "Underwriting Agreement"), dated JanuarY 12, 1981, among the Corporation, the User and Goldman, Sachs & Co. (the "Underwriter") and the taking of any and all such action as may be required'on the part of the Corporation to carry out, give effect to and consummate the transactions contemplated thereby, and, when executed and delivered by the respective parties thereto, the Indenture, the Bonds, and the Agreement and the Underwriting Agreement will constitute legal~ valid and binding obligations of the Corporation enforceable against the Corporation in accordance with their respeCtive terms. There is no lien on, encumbrance of, charge on or hypothecation of the income and revenues to be derived by the Corporation from or in connection with the Agreement or the Note which are pledged to the pa~vment of the Bonds except as provided in the Agreement, the Indenture and the proceedings authorizing the Bonds. 9. The Agreement, the Indenture, the Bonds and the Underwriting Agreement, as executed and delivered by the duly authorized officers of the Corporation acting in their official capacities, are in substantially the same form and text as the copies of such instruments which were authorized and approved by the Resolution adopted by the Board on January 12, 1981 (as described in paragraph 7 above) (the "Bond Resolu- tion''), with such changes and revisions therein as have been approved by the Board, and are in full force and effect on the date hereof. 10. None of the proceedings or authorizations heretofore taken or given for issuance of the Bonds or for the payment or security thereof have been repealed, revoked or rescinded. The Corporation has full corporate power and authority to (i) execute and deliver the Agreement, the Indenture, the Bonds and the Underwriting Agreement, (ii) issue, sell and deliver $5,000,000 in aggregate principal amount of the Bonds to the Underwriter and $4,000,000 in aggregate principal amount of the Bonds to Wachovia Bank and Trust Company, N.A., as original purchasers, (iii) lend the proceeds of the Bonds (except for any amount representing accrued interest on the Bonds) to the User to pay the costs of acquisi- tion and construction of the Project and (iv) consummate the transactions contemplated by, and perform its obligations under, the Agreement, the Indenture, the Bonds and the Underwriting Agreement. -3-