res_9964 - Laserfiche WebLink

Home

5. Briggs and Morgan, Professional Association, acting as bond counsel, and Premier Bank, are authorized to assist in the preparation and review of necessary documents relating to the Project, to consult with the City Attorney, the Corporation and the purchaser of the Bonds as to the maturities, interest rate and other terms and provisions of the Bonds and as to the covenants and other provisions of the necessary documents and to submit such documents to the Council for final approval. 6. Nothing in this resolution or in the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues derived nom the Project. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except the revenue and proceeds pledged to the payment thereof, nor shall the City be subject to any liability thereon. The holder of the Bonds shall never have the right to compel any exercise of the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce payment thereof against any property of the City. The Bonds shall recite in substance that the Bonds, including interest thereon, are payable solely from the revenue and proceeds pledged to the payment thereof. The Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 7. In anticipation of the approval by the Minnesota Department of Trade and Economic Development the issuance of the Bonds to finance all or a portion of the Project, and in order that completion of the Project will not be unduly delayed when approved, the Corporation is hereby authorized to make such expenditures and advances toward payment of that portion of the costs of the Project to be financed nom the proceeds of the Bonds as the Corporation considers necessary, including the use of interim, short-term financing, subject to reimbursement from the proceeds of the Bonds if and when delivered but otherwise without liability on the part of the City. 8. A public hearing on the proposal of the Corporation will be held at the time and place set forth in the Notice of Public Hearing hereto attached. 9. The general nature of the proposal and an estimate of the principal amount of Bonds to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 10 A draft copy of the proposed application to the Commissioner of the Department of Trade and Economic Development, State of Minnesota, for approval of the project, together with proposed forms of all attachments and exhibits thereto, is on file in the office of the Manager. 11. The Manager is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City and also in a newspaper of general circulation available in the City, not less than 14 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. 12. In accordance with Subdivision 3 of Section 469.154 of the Act, the Mayor or the Manager of the City is hereby authorized and directed to submit the proposal for the Project to the Minnesota Department of Trade and Economic Development requesting his or her approval, and other officers, employees, and agents of the City are hereby authorized to 1342189v2 3