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<br />expense, is hereby authorized to make such expenditures and advances toward payment of that <br />portion of the costs of the Project to be financed from the proceeds of the Bonds as the <br />Developer considers necessary, subject to reimbursement from the proceeds of the Bonds, if any, <br />when delivered, but otherwise without liability on the part of the City. <br /> <br />7. Non-Binding Commitment. The adoption of this resolution by the City does not <br />constitute a guarantee or a firm commitment that the City will issue the Bonds as requested by <br />the Developer. The City reserves the right, in its sole discretion, to withdraw from participation <br />and accordingly not issue any Bonds to finance the Project at any time prior to the adoption of <br />the final resolution authorizing the issuance of such Bonds should the City so determine. <br /> <br />8. Public Hearing. A public hearing on the proposal of the Developer will be held at <br />the time and place set forth in the Notice of Public Hearing attached hereto as Exhibit A. The <br />Manager is hereby directed to cause the notice of public hearing attached hereto as Exhibit A to <br />be published in the official newspaper of the City and in a newspaper of general circulation at <br />least 15 days, but not more than 30 days before the date of the public hearing. <br /> <br />9. Application for Bonding Authority. The Manager, or his designee, and other City <br />officers and staff are authorized to coordinate with the Developer upon request to apply to the <br />Minnesota Department of Finance for an allocation of bonding authority pursuant to Minnesota <br />Statutes, Chapter 474A, in an amount that is sufficient to finance the Project, now estimated at <br />$6,000,000, for a qualified residential rental project. The fees and deposits for the application <br />shall be supplied by the Developer. The application for bonding authority shall not be submitted <br />until the Developer has paid the fee required by the Department of Finance in connection with an <br />application for an allocation of bonding authority. <br /> <br />Adopted on April 23, 2007, by the Roseville City Council. <br /> <br />ATTEST: <br /> <br />~ <br />Man~ <br /> <br />2019195vl <br /> <br />4 <br />