6A Northwestern College PUblic Hearing for Conduit Debt Issuance

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must approve the Project on the basis of an app[ication sub�nitted by the City with ali required attachmenfis and exhibits (thE "DEHD Application")_ 1 AS. A draft copy of the DEED Application, together with drafts of all required attachments and exhibits, as prepared by Ker�nedy & Graven, Chartered, as Bond Ca�nsel, is on �Ie with the City and is available for public inspection �n tt�e office of the City Administrator during regular business hours of the City. S�ctian 2. Preliminary A��rc�va�. 2.OI. The Project is hereby given prelim�nary approval by the City. The iss�ance of the Notes in the approxirnate aggregate prir�cipal amount not to exceed $9,Q00,000 to �ina�ce the Project is here�y approved subject to t�e approval of the Project by DE�D as required by the Act, and subject ta ti�e mutuat agreemeni af the City, the Barrawer, and the initial purchasers of the NQtes as to the details of the Notes and provisions for their paymeni. In all events, it is understood, however, that the Notes shall not constiiute a charge, lien, or encumbrance, legai or equitable, upon any Property of the City except the Ciry's interest ir� t�e Ioan or revenue agreement with raspect to the Notes and t�e 1'roject, and the Notes, when, as, and rf issued, shall recite in substance that the Notes, inciuding interest thereon, are payabie solely fronn ihe revenues received from the Project and property ptedg�d to the payment thereof, and shal! r�o� constitute a general or moral obligation of the City. 2.02. It is hereby found and determined that the Project furthers the purposes set for�h in the Act and the Project constilutes a"pro�ect" within the meaning of Section 469. � 53, subdivision 2(b) of the Aci. 2.03. In accardance with Section 469.154 of the Act, the City Adrtiinisirator of the Ciry is hereby authorized and directed to sub�nit the propasal for the Project to DEED. The City Adrnin�strator and other officers, employees and agents of the City are hereby authorized to provide DEED with any preIim�nary in%rrr�ation needed for �his �urpose, and the City Administrator is autharized to initiate and assist in the preParaiion of such documents as may be appropriate to the Project, if it is approved_ 2.04. The Borrower will pay any administrative fees of th� City and pay, or, upon demand, reimburse the City for payment of, any and al� costs incurred by tt�e City in cannection with the Project and the issuance of the Bor�ds, whether or r�ot the Bonds are issued. 2.05. The adoption of this Resolution does not constitute a guaranry or frm comrnitm�nt that the City will issue the Notes as requested by t�e Borrower. The City retai�s the right in its sole discretion to withdraw from participation and accordingly not to issue the Notes, or issue the Nc�ies in an amount less than the amount referred to herein, shouid the City at any time prior % issuance thereof determine that it is in the b�st interest of the City not to issue the Notes, or to issue the Notes ir� ari amaunt less than the arr�ount referred to in Section 2_O1 hereof, or should the parties to the transaction be unable to reach agree�ent as to the terms and conditions of any of the documents req�ired for the lransaction. 2.d6. This Resolution shalt be in full fvrce and effect fram and at�er its passage. 2