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<br />r <br /> <br />undertaken, will be to encourage the provision of additional <br />multi-family rental housing opportunities to residents of the <br />City, to assist in the prevention of the emergence of blighted <br />and marginal land and to promote more intensive development and <br />use of land within the City; <br /> <br />5. The Project, and the housing program to finance <br />the Project by the issuance of revenue bonds, are hereby given <br />preliminary approval by the City subject to the review of the <br />housing program by the Minnesota Housing Finance Agency (the <br />"MHFA") and subject to final approval by the City, the <br />Developer and the purchasers of the Bonds as to ultimate <br />details of the financing of the Project; <br /> <br />6. In accordance with subdivision 5 of Section <br />462C.05, Minnesota Statutes, the Mayor of the City is hereby <br />authorized and directed to submit the housing program for <br />financing the Project to the MHFA, requesting its review, and <br />other officers, employees and agents of the City are hereby <br />authorized to provide the MHFA with preliminary information as <br />it may require; <br /> <br />7. The Developer has agreed and it is hereby <br />determined that any and all costs incurred by the City in <br />connection with the financing of the Project whether or not the <br />project is carried to completion and whether or not approved by <br />MHFA will be paid by the Developer; <br /> <br />8. Briggs and Morgan, Professional Association, <br />acting as bond counsel, is authorized to assist in the <br />preparation and review of necessary documents relating to the <br />Project and the housing program therefor, to consult with the <br />City Attorney, the City's fiscal consultant, Developer and <br />purchasers of the Bonds (or trustee for the purchasers of the <br />Bonds) as to the maturities, interest rates and other terms and <br />provisions of the Bonds and as to the covenants and other <br />provisions of the necessary documents and submit such documents <br />to the City for final approval; <br /> <br />... <br /> <br />9. Nothing in this Resolution or the documents <br />prepared 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 Bonds shall not constitute a charge, lien or <br />encumbrance, legal or equitable, upon any property or funds of <br />the City except the revenues and proceeds pledged to the <br />