CCRes_85-54 - Laserfiche WebLink

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6. The Company has agreed, and it is again hereby determined, that any and all costs incurred by the City in • connection with the financing of the Project, whether or not the Project is carried to completion and whether or not approved by the Commissioner, will be paid by the Company. 7. Briggs and Morgan, Professional Association, acting as bond counsel and as City Attorney, are authorized to assist in the preparation and review of necessary documents relating to the Project, to consult with the Company and the purchaser of the Revenue Bonds as to the maturities, interest rates and other terms and provisions of the Revenue Bonds and as to the covenants and other provisions of the necessary documents, and to submit such documents to the Council for final approval. 8. Nothing in this resolution or in the documents pre- pared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues derived from the Project or otherwise granted to the City for this purpose. The Revenue 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 Revenue Bonds shall never have the right to compel any exercise of the taxing power of the City to pay the outstanding principal of the Revenue Bonds or the interest thereon, or to enforce payment thereof against any • property of the City. The Revenue Bonds shall recite in substance that the Revenue Bonds, including interest thereon, are payable solely from the revenue and proceeds pledged to the payment thereof. The Revenue Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 9. In anticipation of the approval by the Commissioner and the issuance of the Revenue Bonds to finance all or a portion of the Project, and in anticipation that the City will procure and devote to the Revenue Bonds an adequate allocation of authority to issue private activity bonds (which allocation is not made hereby), and in order that completion of the Project will not be unduly delayed when approved, the Company is again hereby authorized to make such expenditures. and advances toward payment of that portion of the costs of the •