State Bond Financed Property. The Public Entity and the State Entity acknowledge and agree that the Public Entity’s ownership interest in the Real Property and, if applicable, Facility is, or when acquired by the Public Entity will be, “state bond financed property”, as such term is used in the G.O. Compliance Legislation and the Commissioner’s Order, and, therefore, the provisions contained in such statute and order apply, or will apply, to the Public Entity’s ownership interest in the Real Property and, if applicable, Facility and any Use Contracts relating thereto.
State Bond Financed Property. The Public Entity acknowledges that its interest in the Real Property is, or when acquired by it will be, “state bond financed property”, as such term is used in Minn. Stat. Sec. 16A.695 and the Commissioner’s Order and, therefore, the provisions contained in such statute and order apply, or will apply, to its interest in the Real Property, even if the LRIP Grant will only pay for a portion of the Project.
State Bond Financed Property. The Borrower and the Authority acknowledge and agree that the Borrower’s ownership interest in the Project consisting of real property, and, if applicable, all facilities located, or that will be constructed and located on such real property and all equipment that is a part thereof that was purchased with the proceeds of general obligation bond proceeds constitute “State Bond Financed Property”, as such term is used in Minnesota Statutes, Section 16A.695 and the “Fourth Order Amending Order of the Commissioner of Finance Relating to Use and Sale of State Bond Financed Property” dated July 30, 2012 (the “Order”) as such may be amended, modified, supplemented, or replaced from time to time and therefore, the provisions contained in such statute and order apply to the Borrower’s ownership interest in the Project and any Use contracts relating thereto. The Borrower agrees that the proceeds of the Loan must be used and the Project must be operated in a manner that complies with Minnesota Statutes, Section 16A.695 and the Order. The Borrower must file the required state bond financed property declaration as provided in the Order and provide a copy of the filed declaration to the Authority, unless the filing requirement is waived in writing by the Commissioner of Minnesota Management and Budget.
State Bond Financed Property. The Grantee and the Council acknowledge and agree that the Grantee’s ownership interest in the Real Property and, if applicable, Facility is, or when acquired by the Grantee will be, “state bond financed property”, as such term is used in the G.O. Compliance Legislation and the Commissioner’s Order, and, therefore, the provisions contained in such statute and order apply, or will apply, to the Grantee’s ownership interest in the Real Property and, if applicable, Facility and any Use Contracts relating thereto.
