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7/17/2007 9:15:20 AM
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4/25/2005 12:10:35 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7306
Resolution Title
Reciting a Proposal for a Commercial Facilities Development Project Giving Preliminary Approval to the Project Pursuant to the MN Municipal Industrial Development Act
Resolution Date Passed
2/8/1982
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<br />~. <br /> <br />5. Company has agreed and it is hereby determined that <br />any and all costs incurred by the City in connection wiU1 the <br />financing oftbe Project whether or not the Project is carried <br />to completion and whether or not approved by the Director will <br />be paid by Company; <br /> <br />6. Briggs and Morgan, Professional Association, acting as <br />bond counsel, and Dain Bosworth Incorporated are authorized to <br />assist in the preparation and review of necessary documents <br />relating to the Project, to consult with the City Attorney, <br />Company and the purchaser of the Revenue Bonds as to the <br />maturities, interest rates and other terms and provisions of <br />the Revenue Bonds and as to the covenants and other provisions <br />of the necessary documents and to submit such documents to the <br />Council for final approval; <br /> <br />7. Nothing in this resolution or in the documents pre- <br />pared 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 Revenue Bonds shall not constitute a charge, lien <br />or encumbrance, legal or equitable, upon any property or funds <br />of the City except the revenue and proceeds pledged to the <br />payment thereof, nor shall the City be subject to any liability <br />thereon. The holder of the Revenue Bonds shall never have the <br />right to compel any exercise of the taxing power of the City to <br />pay the outstanding principal on the Revenue Bonds or the <br />interest thereon, or to enforce payment thereof against any <br />property of the City. The Revenue Bonds shall recite in <br />substance that the Revenue Bonds, including interest thereon, <br />is payable solely from the revenue and proceeds pledged to the <br />payment thereof. The Revenue Bonds shall not constitute a debt <br />of the City within the meaning of any constitutional or <br />statutory limitation; <br /> <br />8. In anticipation of the approval by the Director, <br />Department of Energy, Planning and Development, Business and <br />Community Development Division, the issuance of the Revenue <br />Bonds to finance all or a portion of the Project, and in order <br />that completion of the Project will not be unduly delayed when <br />approved, Company is hereby authorized to make such <br />expenditures and advances toward payment of that portion of the <br />costs of the Project to be financed from the proceeds of the <br />Revenue Bonds as Company considers necessary, including the use <br />of interim, short-term financing, subject to reimbursement from <br />the proceeds of the Revenue Bonds if and when delivered but <br />otherwise without liability on the part of the City; <br />
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