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7/17/2007 9:19:19 AM
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4/25/2005 12:21:50 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7740
Resolution Title
Reciting a Proposal for an Industrial Facilities Development Project, Giving Preliminary Approval to the Project Pursuant to the Minnesota Municipal Industrial Development Act
Resolution Date Passed
6/10/1985
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<br />employees and agents of the City are hereby authorized to <br />provide the Commissioner with such preliminary information as <br />he may require. <br /> <br />5. The Company has agreed and it is hereby determined <br />that any and all costs incurred by the City in connection with <br />the financing of the Project, whether or not the Project is <br />carried to completion and whether or not approved by the <br />Commissioner, will be paid by the Company. <br /> <br />6. Briggs and Morgan, Professional Association, acting as <br />bond counsel, and the First National Bank of Minneapolis 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, the Company and the purchaser of the Revenue Bonds as <br />to the maturities, interest rates and other terms and <br />provisions of the Revenue Bonds and as to the covenants and <br />other provisions of the necessary documents, and to submit such <br />documents to the 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 of 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 />are 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 /> <br />8. In anticipation of the approval by the Commissioner <br />and the issuance of the Revenue Bonds to finance all or a <br />portion of the Project, and in anticipation that the City will <br />procure and devote to the Revenue Bonds an adequate allocation <br />of authority to issue private activity bonds (which allocation <br />is not made hereby), and in order that completion of the <br />Project will not be unduly delayed when approved, the Company <br />is hereby authorized to make such expenditures and advances <br />toward payment of that portion of the costs of the Project to <br />be financed from the proceeds of the Revenue Bonds as the <br />Company considers necessary, including the use of interim, <br />
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