6A, Conduit Debt Issuance - Laserfiche WebLink

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�nust a�prove the �'roj ect on the basis of an ap��ication submitted by the City with all �-ec�uired attachments a�d e��bits {the "DE�D Application"). 1.08. A draft copy o� the �E�D �pplication, together with drafts of all requi�ed attachment� and exhibits, as prepared by Kennedy & Graven, Chartered, as Bond Counsel, is o� �le with the City and is avai�able for public inspection �n t�e office of the City Ad�ninistrator during regular busi�ess %o�rs �f the City. Section 2. Prelirni�ary Approval. 2.01. The Project is he�-eby give� preli�ninary approval by the City. The issuance of the l�Totes in the approximate aggregate principal amount not to �xceed $9,000,000 to �nar�ce t�e Project i� �er�by app�-oved subj ect to the approval of zhe Proj ect �y D�ED as required by the Ac�, and subj ect to tl�e mut�a� agreemer�t of the City, the Borrower, and the initial p�rchasers of the Notes as �o the details of ihe 1�Totes and provisions for their pa�mer�t. In all events, it is understood, however, z�ai the Notes shall noi const�tute a�harge, lien, or encumbrance, legal or equitable, �po� any property of �he City except i�e Ciiy's interest in t�e loan or rev�nue agreement with respect to the I�otes and the Project, and �he Note�, when, as, and if issued, s�ial� recite in substa.nce that the �totes, incl�ding interest �hereon, are payab�� so�ely from the revenues received from �he �'roject and property pledged to t�e �ayment �hereo�, and s�all not constitute a general or moral obligation of t�e City. 2.02. It is h�reby foun� and de�ermined that the Proj ect fu�-�hers t�e pur�oses set fort� i� tl�� Act and the Project constiiutes a"proj�ct" within the meaning o� Section 4d9.153, subdivision 2(b) of t�e Act. �.03. In accordance w��h Section 469.154 of the Act, the �it� Administrator of the �ity �s hereby aut�orized and directed to submit the proposal for the Proj ect to DEED. The City Adminis�rator and other of�cers, employees and agents of the City are hereby authorized to pr.ovide DEED wiih a�y preliminary information needed for ��is purpose, and the City Administrator is authorized �o initiate and a��ist in the preparation of such documents as may be appropriate to the Project, if it is approveda 2.04. The Borrawer wi�� pay a�y �.dministra�ve fees of the �ity and pay, or, upon demand, rei�nburse the City for pay�nent of, any and a�l costs incur�-ed by the C�ty in cor�ection with �he 1'rojec� and the issuance of the Bonds, whether or not the Bonds are issued. 2.05. The adoptior� of �his �esolution c�oes not consti�ute a guaranty or ��-m cornmitmen� thai the Cit� will issue the Notes as requested by the Bo�-�-ower. The City retains t�e righ� �n its sole dis��etio� to withdrav� fro� pa�ticipa�ion ar�d according�y not to issue the I�ot�s, or issue the Notes in an arr��n� less than the amour�t referred to herein, should the City a� any time prior to issuance thereof dete�ir�e that it �s in the best interest of the Cit� not to �ssue the Noies, o� to iss�e #he l�otes in an amount less than the amount referred �o in Section 2.01 �ereof, or should the parties to t�e transactior� be unable to ��ac� agreement as to the term� and conditions of any flf the documents required for the transaction. 2.06. This Resolution shall be in full force and ef�ect fron3 and after its passage. �