Laserfiche WebLink
<br />4. In accordance with Subdivision 7a of Section 474.01 <br />Minnesota Statutes, the Mayor of the City is hereby authorized <br />and directed to submit the proposal for the Project to the <br />Authority requesting its approval, and other officers, <br />employees and agents of the Ci ty are hereby authorized to <br />provide the Authority with such preliminary information as it <br />may require; <br /> <br />5. Company 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 Company; <br /> <br />6. Briggs and Morgan, Professional Association, acting as <br />bond counsel, and First Corporate Services, are authorized to <br />assist in the preparation and review of necessary documents <br />relating to the Project, to consult with the City Attorney, <br />Company and the purchaser of the Revenue Bonds as to the <br />maturities, interest rates and other terms and provisions of <br />the Revenue Bonds and as to the covenants and other provisions <br />of the necessary documents and to submit such documents to the <br />Council for final approval; <br /> <br />7. Nothing in this resolution or in the documents pre- <br />pared pursuant 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 within the meaning of any constitutional or <br />statutory limitation; <br />