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<br />tutes a mUlti-family housing development within the meaning of <br />subdivision 5 of section 462C.02 of the Act; that the <br />availability of the financing under the Act and the willingness <br />of the city to furnish such financing will be a substantial <br />inducement to the Developer to undertake the Project, and that <br />the effect of the Project, if undertaken, will be to encourage <br />the provision of additional mUlti-family senior rental housing <br />opportunities to residents of the city, and to promote more <br />intensive development and use of land within the city. <br /> <br />4. The Project and the program to finance the Project <br />by the issuance of revenue bonds, is hereby given preliminary <br />approval by the City subject to the approval of the housing <br />program by the city, and subject to final approval by the City, <br />the Developer and the purchasers of the Bonds as to ultimate <br />details of the financing of the Project. <br /> <br />5. The city staff is hereby authorized and directed to <br />prepare a housing program for financing the Project in accordance <br />with the provisions of Minnesota statutes, Section 462C.03. <br /> <br />6. 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 will be paid by the Developer. <br /> <br />7. Briggs and Morgan, Professional Association, acting <br />as bond counsel, is authorized to assist in the preparation and <br />review of necessary documents relating to the Project, the <br />housing plan and the financing program therefor, to consult with <br />the City Attorney, Developer and purchasers of the Bonds (or <br />trustee for the purchasers of the Bonds) as to the maturities, <br />interest rates and other terms and provisions of the Bonds and as <br />to the covenants and other provisions of the necessary documents <br />and submit such documents to the City for final approval. <br /> <br />8. 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 encum- <br />brance, legal or equitable, upon any property or funds of the <br />City except the revenue and proceeds pledged to the payment <br />thereof, nor shall the City be subject to any liability thereon. <br />The holder of the Bonds shall never have the right to compel any <br />exercise of the taxing power of the City to pay the outstanding <br />principal on the Bonds or the interest thereon, or to enforce <br />payment thereon against any property of the City, except such <br />property as may be expressly pledged for the security of the <br /> <br />244231 <br /> <br />4 <br />