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<br />pledged to the paYment thereof, and shall not constitute a debt <br />of the City within the meaning of any constitutional, statutory <br />or charter limitation. <br /> <br />2.3. The Application to the Minnesota Department of Trade and <br />Economic Development (the Application), with attachments, is <br />hereby approved, and the Mayor and City Manager are <br />authorized to execute said documents on behalf of the City. <br /> <br />2.4. In accordance with ßection 469.154, Subdivision 3 of the <br />Act, the Mayor and City anager are hereby authorized and <br />directed to cause the Application to be submitted to the <br />Department for approval of the Project. The Mayor, City <br />Manager , City Attorney and other officers, employees and <br />agents of the City are hereby authorized and directed to <br />provide the Department with any preliminary information needed <br />for this purpose. The City Attorney is authorized to initiate <br />and assist in the preparation of such documents as may be <br />appropriate to the Project, if approved by the Department. <br /> <br />SECTION 3 <br /> <br />General <br /> <br />3.1. If the bonds are issued and sold, the City will enter <br />into a loan agreement or similar agreement satisfying the <br />requirements of the Act (the Revenue Agreement) with the <br />Borrower. The loan paYments or other amounts payable by the <br />Borrower to the City under the Revenue Agreement shall be <br />sufficient to pay the principal of, and interest and redemption <br />premium, if any, on, the bonds as and when the same shall <br />become due and payable. <br /> <br />3.2. The Borrower has agreed and it is hereby determined that <br />any and all direct and indirect costs incurred by the City in <br />connection with the Project, whether or not the Project is <br />carried to completion, and whether or not approved by the <br />Department, and whether or not the City by resolution <br />authorizes the issuance of the bonds, will be paid by the <br />Borrower upon request. <br /> <br />3.3. The Mayor and City Manager are directed, if the <br />bonds are issued and sold, thereafter to comply with the <br />provisions of Section 469.154, Subdivisions 5 and 7 of the Act. <br /> <br />3.4. This resolution shall become effective immediately upon <br />its passage and without publication. <br /> <br />Adopted this 23rd day of July, 1990. <br /> <br /> <br />-3- <br />