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<br />. <br /> <br />. <br /> <br />. <br /> <br />Resolution No. 99-19 <br /> <br />Page Five <br /> <br />June 28, 1999 <br /> <br />The holder of the Bonds shall never have the right to compel any exercise of <br />the taxing power of the City to pay the outstanding principal on the Bonds or <br />the interest thereon, or to enforce payment thereon against any property of the <br />City, except such property as may be expressly pledged tor the security of the <br />Bonds. The Bonds shall recite in substance that Bonds, including the interest <br />thereon, are payable solely from the revenue and proceeds pledged to the <br />payment thereof. The Bonds shall not constitute a debt of the City within the <br />meaning of any constitutional or statutory limitation. <br /> <br />10. In anticipation ofthe approval by all necessary entities of the housing program <br />and the issuance of the Bonds to finance all or a portion ofthe Project, and in <br />order that completion of the Project will not be unduly delayed when approved, <br />the Developer is hereby authorized to make such expenditures and advances <br />toward payment of that portion of the costs of the Project to be financed from <br />the proceeds of the Bonds, as the Developer considers necessary, including the <br />use of interim, short-term financing, subject to reimbursement from the <br />proceeds of the Bonds if any when delivered but otherwise without liability on <br />the part of the City. <br /> <br />PASSED AND ADOPTED BY THE CITY COUNCIL ~THEeJ'TY OF ARDEN <br />HILLS THIS 281M DAY OF JUNE, 1999.. ~/ / <br />/I / .. / <br />//.. '7?#At' <br />ENNIS ROBST, MAYOR <br /> <br />ATTEST: <br /> <br /> <br /> <br />nRJ~~DMINTSTR^TOR <br />