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3. The increased $1,500,000 financing for the Project is <br />• hereby given preliminary approval by the City subject to later <br />preliminary approval by this City Council after a hearing on <br />the Project and further subject to the approval of the Project <br />by the Commissioner, and further subject to final approval by <br />this Council, the Company, and the purchaser of the Revenue <br />Bonds as to the ultimate details of the financing of the <br />Project. <br />4. Briggs and Morgan, Professional Association, acting as <br />bond counsel and City Attorney, and the Company and its counsel <br />are authorized to assist in the preparation and review of <br />necessary documents relating to the application for an <br />allocation of an additional $1,500,000 amount of authority to <br />issue private activity bonds for the Project, and to submit <br />such documents to the Mayor or Clerk-Administrator or both for <br />its submission to the Commissioner. <br />5. The Mayor or City Clerk-Administrator or both are <br />hereby authorized and directed to submit to the Commissioner an <br />application for an additional $1,500,000 amount of an <br />allocation of authority to issue private activity bonds. The <br />City shall provide the application deposit required for such <br />application, but solely from moneys given to the City in <br />advance by the Company. <br />• 6. In anticipation of the approval by the Commissioner <br />and the issuance of the Revenue Bonds to finance all or a <br />portion of the Project, and in anticipation that the City will <br />procure and devote to the Revenue Bonds an adequate allocation <br />of authority to issue private activity bonds (which allocation <br />is not made hereby), and in order that completion of the <br />Project will not be unduly delayed when approved, the Company <br />is hereby authorized to make such expenditures and advances <br />toward payment of that portion of the costs of the Project to <br />be financed from the proceeds of the Revenue Bonds as the <br />Company considers necessary, including the use of interim, <br />short-term financing, subject to reimbursement from the <br />proceeds of the Revenue Bonds if and when delivered but <br />otherwise without liability on the part of the City. <br />Adopted by the City Council o <br />Minnesota, this 9th day of October <br />Attest: <br />• ,~ . , <br />Clerk- ministrator <br />City of Falcon Heights, <br />5. <br />