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1982_0424_packet
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1982_0424_packet
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6* Briggs and Morgan, Professional Association, acting as <br />}pond counsel, are authorized to assist in the preparation and <br />review of necessary documents relating to the Project, to <br />consult with the city Attorney.. Company and the purchaser of <br />the Note as to the waturi.ties, interest rates and other terns <br />and provisions of the Note and as to the covenants and other <br />provisions of the necessary documents and to submit such <br />documents to the council for final approval; <br />7. -.Nothing in this resolution or in the documents pre - <br />pared pursuant hereto shall authorize the 'expenditure of any <br />municipal funds ors - the Project other than the revenues derived <br />from the Project or otherwise granted to the City for this <br />purpose, The Note shall not constitute a charge, lien or <br />encumbrance, legal or equitable, upon any property or funds of <br />the city except the revenue and proceeds pledged to the payment <br />thereof, nor shall the city he subject to any liability <br />thereon, The holder of the Note shall never have the i igh-t to <br />compel any exercise of the taxing power of the City to pay the <br />outstanding principal on the Note or the interest thereon, or <br />-to enforce payment thereof against any property of the city. <br />The Note shall recite in substance that the Note including <br />interest thereon, is payable solely from the revenue and <br />proceeds pledged to the payment thereof, The Note shall not <br />constitute a debt of the City within the meaning of any <br />constitutional, or statutory limitation; <br />8. In anticipation of the approval by the Commissioner <br />and the issuance of the Note to finance all or a portion of the <br />Protect, and in order that completion of the Project will not <br />be unduly delayed when approved, company is hereby authorized <br />to mare such expenditures and advances toward payment of that <br />portion of the costs of the Project as company considers <br />necessary, including the use of interim, short -term financing, <br />subject to reimbursement from the proceeds of the Note if and <br />when delivered but otherwise without liability on the part of <br />the City: <br />Adopted by the city Council of the city of Roseville, <br />Minnesota, this day of , 1982 <br />Mayor <br />Attest: <br />City Manager <br />
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