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execution of -.a Joint. Powers Agreement between the City,. the EDA and Mahtomedi (fihe. "Joint Powers Agreement?). A draft of the Joint -Powers Agreement was available prior to this meeting. (g) The Note will. be: a special, limited obligation of the City. The Note shall itot be payable from or charged upon any funds other than the revenues pledged to. the payment thereof, nor shall the City be. subject to any :liability thereon. No holder of the: Note shall ever have -the right to -eompel any exercise of the taxing'power of the City to pay -the Note or the interest thereon, nor to enforce. payment thereof against any property of the -City. The Note shall not constitute a debt of'the:City within the meaning of any. constitutional or.statutory limitation. (h) It -is. desirable, feasible and consistent with. the objects and. purposes of the.. Act to issue the Note for the purpose of assisting in refinancing the costs of the Project. (i) The payments under the LoanAgreement- are f xed to produce revenue sufficient to provide -for the prompt payment of principal of, premium, if any, and interest on the Note when due, and the Loan Agreement also provides that the Borrower is required to pay all expenses of the, operation and maintenance of the Project, including, but without limitation, adequate insurance thereon and insurance .against all liability fdr. injury to persons or property arising: from the operation thereof,. and all taxes and special assessments levied upon or with respect to the. Project and payable during the term of the. Loan Agreement. (j) There. is no litigation pending or, to the .actual knowledge of the City, threatened agait-the-City. questioning the City's execution or.delivery of the Note, Loan Agreement"the Joint .Powers Agreement,. or Pledge Agreement or questioning the due organization of. the City, -or the powers. or authority of the City .to issue the. Note and. undertake the transacOgn$ contemplated. hereby. (iC) The: execution., delivery and performance of the City's obligations under the Note, Pledge Agreement, the Joint Powers Agreement, .and- Loan .Agreement do not and will not violate :gny order against the. City 'of any court or other agency of government,. or any indenture; agreement or -other 'instrument to which the City is a party or bywiicb it or any of its property is bound, or be in conflict. with, resultin a breach of, or bonstitute. (with due-natice or lapse of time or both) a default under any such indenture;. agreement or other instrument. LI Authorization and. Ratification of Project. The City hereby authorizes the Borrower, iii accordancee with the provisions' *of -the Act. and subject to 'the terms and conditions imposed by the Lender, to provide for the refinancing of the .Project by such means as shall. be available to the Borrower and in the manner determined by the Borrower; the City hereby ratifies, affirms, :and approves all actions heretoforetaken. by -the Borrower consistent with and.in anticipation of such authority. 4 4629[.1vI JSB MA355•7