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<br />3. that the initial owner and operator of the Project,
<br />namely, Mid-Nebraska Foundation, Inc., a Nebraska nonprofit
<br />corporation, and Mid-Nebraska Individual Services, Inc., also a
<br />Nebraska nonprofit corporation, were described in said notice and
<br />are hereby approved; and
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<br />4. that the location of the Project, namely the street
<br />addresses shown above, was described in said notice and is hereby
<br />approved.
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<br />D. Considering the nature of the Project, including the real estate and
<br />other improvements and personal property included therein, the Project constitutes
<br />land, building and improvements located in a blighted area within the City of
<br />Orand Island, Nebraska, suitable for use by a nonprofit enterprise providing
<br />residential and other services for individuals with developmental disabilities.
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<br />E. The documents necessary to provide for the financing and to issue
<br />the bonds to pay costs of the Project have been prepared and submitted to the
<br />Board of Supervisors and said documents should be formally approved and their
<br />execution authorized.
<br />
<br />O. The amount necessary to pay the principal and interest on the bonds
<br />herein authorized is the same as the payments required under the Loan Agreement
<br />proposed to be executed by Mid-Nebraska Foundation, Inc.; no reserve fund in
<br />connection with the retirement of said bonds or maintenance of the Project needs
<br />to be established other than such reserves as are provided for in said Loan
<br />Agreement; said Loan Agreement provides that Mid-Nebraska Foundation, Inc.,
<br />shall maintain the Project and carry all proper insurance with respect thereto and
<br />that Mid-Nebraska Foundation, Inc., shall pay all proper taxes, if any, with
<br />respect to the Project.
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<br />H. Based upon the understanding of the parties thereto, the Deed of Trust
<br />represents a security device deemed most advantageous by the County as issuing
<br />authority. '
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<br />Section 2. The following documents, copies of which are on file with the County
<br />Clerk, should be and are hereby approved:
<br />
<br />A. Loan Agreement by and between the County and Mid-Nebraska
<br />Foundation, Inc., including form of Promissory Note, Series 1996.
<br />
<br />B. Form of Series 1996 Bond.
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<br />C. Form of Deed of Trust.
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<br />D. Escrow Agreement, under which Five Points Bank is to serve as
<br />escrow agent.
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<br />Section 3. The Chairperson (or the Vice Chairperson in the Chairperson's
<br />absence) of the Board of Supervisors and the County Clerk be and they are hereby authorized
<br />and directed to execute and deliver said Loan Agreement, including necessary counterparts, in
<br />substantially the form and contents as approved, but with such modifications, additions and
<br />deletions therein as may to them be necessary, desirable or appropriate and affix the seal of the
<br />County thereto. Said officers or anyone of them are hereby further authorized to execute the
<br />endorsement of said Promissory Note. As provided in the Loan Agreement the obligation of
<br />Mid-Nebraska Foundation, Inc., to make payments under the Loan Agreement shall be secured
<br />by the Deed of Trust in substantially the form above approved, executed by Mid-Nebraska
<br />Foundation, Inc., in favor of Five Points Bank, as deed of trust trustee, showing Five Points
<br />Bank as beneficiary.. The Chairperson (or the Vice Chairperson in the Chairperson's absence)
<br />of the Board of Supervisors and the County Clerk be and they are hereby authorized and directed
<br />to execute and deliver the form of assignment related to said Deed of Trust.
<br />
<br />Section 4. The bonds herein authorized shall be issued in the form of a single
<br />bond. The County of Hall, in the State of Nebraska, shall issue its Dev~lopment Revenue Bond
<br />(Mid-Nebraska Foundation, Inc., Project), Series 1996, in the aggregate principal amount of
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