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7/17/2007 9:18:14 AM
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4/25/2005 12:17:25 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7580
Resolution Title
Reciting a Proposal for an Industrial Facilities Development Project Giving Preliminary Approval to the Project
Resolution Date Passed
1/23/1984
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<br />5. Borrower has agreed and it is hereby determined that <br />any and all costs incurred by the City in connection with the <br />financing of the Project whether or not the Project is carried <br />to completion and whether or not approved by the Authority will <br />be paid by Borrower; <br /> <br />6. Briggs and Morgdn, Professional Association, acting as <br />bond counsel, and Norwest Bank Univ2rsity-Midway, N.A., are <br />authorized to assist in the preparation and review of necessary <br />documents relating to the Project, to consult with the City <br />Attorney, Borrower and the purchaser of the Revenue Bonds as to <br />the maturities, interest rates and other terms and provisions <br />of the Revenue Bonds and as to the covenants and other <br />provisions of the necessary documents and to subnit such <br />docwnents to the Council for final approval; <br /> <br />7. Nothing in thls resolution or in the documents pre- <br />pared pursuan't hereto shall authorize the expenditure of any <br />municipal funds on the Project other than the revenues derived <br />from the Project or otherwise granted to the City for this <br />purpose. The Revenue Bonds shall not constitute a charge, lien <br />or encumbrance, legal or equitable, upon any property or funds <br />of the City except the revenue and proceeds pledged to the <br />payment thereof, nor shall the City be subject to any liability <br />thereon. The holder of the Revenue Bonds shall never have the <br />right to compel any exercise of the taxing power of the City to <br />pay the outstanding principal on the Revenue Bonds or the <br />interest thereon, or to enforce payment thereof against any <br />property of the City. The Revenue Bonds shall recite in <br />substance that the Revenue Bonds, including interest thereon, <br />is payable solely from the revenue and proceeds pledged to the <br />payment thereof. The Revenue Bonds shall not constitute a debt <br />of the City wi thin the Ineaning of any constitutional or <br />statutory limitation; <br /> <br />8. In anticipation of the approval by the Authority the <br />issuance of the Revenue Bonds to finance all or a portion of <br />the Project, and in order that completion of the Project will <br />not be unduly delayed when approved, Borrower is hereby <br />authorized to make such expenditures and advances toward <br />pa~ilent of that portion of the costs of the Project to be <br />financed from the proceeds of the Revenue Bonds as Borrower con- <br />siders necessary, including the use of interim, short-term <br />financing, subject to reimbursement froH1 the proceeds of the <br />Revenue Bonds if and when delivered but otherwise without <br />liability on the part of the City; <br />
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