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must approve the Proj ect on the basis of an application submitted by the City with all required <br />attachments and e�ibits (the "DEED Application"). <br />1.08. A draft copy of the DEED Application, together with drafts of all required attachments <br />and exhibits, as prepared by Kennedy & Graven, Chartered, as Bond Counsel, is on file with the City and <br />is available for public inspection in the office of the City Administrator during regular business hours of <br />the City. <br />Section 2. Preliminary A��roval. <br />2.01. The Project is hereby given preliminary approval by the City. The issuance of the Notes <br />in the approximate aggregate principal amount not to exceed $9,000,000 to finance the Proj ect is hereby <br />approved subj ect to the approval of the Proj ect by DEED as required by the Act, and subj ect to the mutual <br />agreement of the City, the Borrower, and the initial purchasers of the Notes as to the details of the Notes <br />and provisions for their payment. In all events, it is understood, however, that the Notes shall not <br />constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City except the <br />City's interest in the loan or revenue agreement with respect to the Notes and the Proj ect, and the Notes, <br />when, as, and if issued, shall recite in substance that the Notes, including interest thereon, are payable <br />solely from the revenues received from the Proj ect and property pledged to the payment thereof, and shall <br />not constitute a general or moral obligation of the City. <br />2.02. It is hereby found and determined that the Proj ect furthers the purposes set forth in the <br />Act and the Project constitutes a"project" within the meaning of Section 469.153, subdivision 2(b) of the <br />Act. <br />2.03. In accordance with Section 469.154 of the Act, the City Administrator of the City is <br />hereby authorized and directed to submit the proposal for the Project to DEED. The City Administrator <br />and other officers, employees and agents of the City are hereby authorized to provide DEED with any <br />preliminary information needed for this purpose, and the City Administrator is authorized to initiate and <br />assist in the preparation of such documents as may be appropriate to the Project, if it is approved. <br />2.04. The Borrower will pay any administrative fees of the City and pay, or, upon demand, <br />reimburse the City for payment of, any and all costs incurred by the City in connection with the Proj ect <br />and the issuance of the Bonds, whether or not the Bonds are issued. <br />2.05. The adoption of this Resolution does not constitute a guaranty or firm commitment that <br />the City will issue the Notes as requested by the Borrower. The City retains the right in its sole discretion <br />to withdraw from participation and accordingly not to issue the Notes, or issue the Notes in an amount <br />less than the amount referred to herein, should the City at any time prior to issuance thereof determine <br />that it is in the best interest of the City not to issue the Notes, or to issue the Notes in an amount less than <br />the amount referred to in Section 2.01 hereof, or should the parties to the transaction be unable to reach <br />agreement as to the terms and conditions of any of the documents required for the transaction. <br />2.06. This Resolution shall be in full force and effect from and after its passage. <br />2 <br />