7A Resolution 2009-036 Giving Preliminary Approval to the Proposed Issuance of Revenue Notes

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must approve ihe Project on the basis of an application sub�itted by the City witI� alt required attachments and exhibits (the "DEED Application"). 1.08. A draft capy of the DEED Appiication, tagether with drafts of ali required attachments and exhibits, as prepared by Kennedy & Graven, Chartered, as Bond Counsel, is on �'ile with the City and is available for public inspection in the affice of the City Administrator during regular business hours of the City. Section 2. Preliminary Approval. 2.01. The Project is hereby given preliminary approval by the City. The issuance oithe Notes in the approxirr�ate aggregate principal amo�nt not to exceed $9,04�,000 to finance the Project is hereby approved subject to the approval of #he Project by DEED as required by the Act, ar�d subject to the mutual agreeinent of the City, the Borrower, and the initial purchasers af t�ae Notes as to the details of the Notes and provisions for their payment. In ail evet�ts, rtt is understood, however, that t�e Notes shall not aonstitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City except the City's interest in the loan or revenue agreement with respect to t�e No�es and the Project, and the Notes, when, as, and if issued, shaiI recite in substance that the Notes, incl�eding interest thereon, are payable solely from the revenues received from the Project and property plecigec� to the payment thereof, anc� shall not constitute a general or moral obligation of the City. 2.02. It is hereby found and determined ttaat the Project furthers the purposes set forth in the Act and the Project constitutes a"project" within the meaning of Section 469.153, subdivision 2(b} of the Act. Z.03. In accordance with Section 469.154 of the Aci, the City Administraior of the City is hereby authorized and directed to submit the proposal far the Project to DEED. The City Administrator and other officers, etttployees and agents of the City are heretay authorized to provide DEED with any pre�iminary informatian needed for this purpose, and the City Admir�istrator is a�thorized to initiate and assist in the preparation of such documenis as may be appropriate to the Project, if it is approved. 2.04. The Borrower will �ay any adrr�fnistrative fees of the City and pay, ar, upon demand, reimburse ihe City for pa�ent of, any and aii casts incurred by the City in connection with the Project and the issuance of the Bonds, whether or not the Bonds are issued. 2.05. The adoption of this ResoIution does not consntute a guaranty or firtn commitment that the City wi11 issue the Notes as requested by the Bot�'ower. The City retains the right in its sole discreiion io withdraw froin participation and accordingly not to issue the Notes, or issue the Not�s in ar� amount less than the amount referred to herein, should the City at any time prior to issuance thereof determine that it is in the best in#erest of #he City not �o issue the Notes, or to issue the Notes in an amo�nt Iess than the arnount referred to in Section 2A1 hereaf, or should the parties to �he transaction �ae unabie to reach agreement as to the terms and conditions of any of the documents required for the iransaction. 2.06. This Resolut�on shall be in full force and effect from and after iis passage.