CCP 06-28-1999 - Laserfiche WebLink

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. . . Resolution No. 99-19 Page Four June 28, 1999 Project, if undertaken, will be to encourage the development of economically sound industry and commerce, to assist in the prevention of the emergence of blighted and marginal land, to help prevent chronic unemployment, to help the City retain and improve the tax base, to provide the range of services and employment opportunities required by the population, to help prevent the movement of talented and educated persons out of the state and to areas within the State where their services may not be as effectively used, and to promote more intensive development and use ofland within the City. 5. The Project, and the program to finance the Project by the issuance of revenue bonds, is hereby given preliminary approval by the City subject to final approval by the City, the Developer and the purchasers of the Bonds as to ultimate details of the financing of the Project. 6. All prior actions taken by the City Staff in directing Briggs and Morgan, Professional Association, acting as bond counsel to: prepare a housing program for financing the Project prepared in accordance with the provisions of Mirmesota Statutes, Section 462C.03 are hereby ratified, affirmed and approved. 7. The Developer has agreed and it is hereby determined that any and all costs incurred by the City in cormection with the financing of the Project whether or not the Project is carried to completion will be paid by the Developer. 8. Briggs and Morgan, Professional Association, acting as bond counsel, is authorized to assist in the preparation and review of necessary documents relating to the Project, to consult with the City Attorney, Developer and the underwriter of the Bonds as to the maturities, interest rates and other terms and provisions of the Bonds and as to the covenants and other provisions of the necessary documents and submit such documents to the City for final approval. 9. Nothing in this Resolution or the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues derived from the Project or otherwise granted to the City for this purpose. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except the revenue and proceeds pledged to the payment thereof, nor shall the City be subject to any liability'thereon.