09-23-2003Minutes - Laserfiche WebLink

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(03600 (b) The County loaned the proceeds of the 2000 Bonds to the Young Women's Christian Association of Grand Island, Nebraska, a Nebraska nonprofit corporation (the "Borrower"), pursuant to a Lease and Agreement, dated as of March 30, 2000 (the "Lease Agreement"), to assist the Lessee with the acquisition, construction and equipping of a building for use by the Borrower. (c) The County has previously found that the issuance of the Bonds would effectuate the public purposes of the County and carry out the purposes of Section 2 of Article XIII of the Nebraska Constitution and Sections 13-1101 to 13-1110, Reissue Revised Statutes of Nebraska, as amended (the "Act") by, among other things, increasing employment in the state of Nebraska. (d) The 2000 Bonds are limited obligations of the County payable solely out of the basic rental payments of the Borrower under the Lease Agreement and other amounts pledged pursuant to the Indenture, and shall not be a general liability of the County or a charge against its general credit or taxing powers. ( e) The Borrower is now requesting that the interest rate on the 2000 Bonds be changed to bear interest at a lower rate, and the Trustee and the original purchaser of the 2000 Bonds have agreed to such change. (f) Supervisors following: In accordance with the requirements of the Act, the Board of found and determined, and does hereby find and determine, the (i) The amount necessary to pay the principal of and interest on the 2000 Bonds will be the sums of basic rent calculated in the manner specified and provided for in Article III of the Lease Agreement; and (ii) The payments to be made by the Borrower pursuant to said Article III of the Lease Agreement will be sufficient in amount to pay all principal and interest requirements on the 2000 Bonds as the same become due; and (iii) The Borrower has in the Lease Agreement covenanted and agreed with the County to maintain the facilities financed with the proceeds of the 2000 Bonds, to pay all taxes with respect thereto and to indemnify and save harmless the County and the Trustee against and from any loss, damage or claim suffered, occasioned by or incurred in connection with the facilities financed by the 2000 Bonds; and (iv) The Lease Agreement is in full and complete compliance and conformity with all of the provisions of the Act. (g) The Bonds will not and shall never constitute a debt, liability or general obligation of the state of Nebraska, or any political subdivision, agency or instrumentality thereof, nor will the faith and credit or the taxing power of the state of Nebraska be pledged to the payment of the principal of or interest on the 2000 Bonds 3