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TvVHEREAS, the Act further authorizes the City to issue revenue bonds, in
<br />• anticipation of the collection of revenues of a project, to finance, in whole or in
<br />part, the cost of acquisition, construction, reconstruction, improvement, better-
<br />ment, or extension of such project; and
<br />WHEREAS, the City has received from Stratford Investments, Ltd. (the
<br />"Developer"), a proposal that the City finance a project for purposes consistent
<br />with the Act, said project to consist of the acquisition, construction and installa-
<br />tion of a commercial condominium facility (the "Project") in the City by providing
<br />funds for the acquisition of units in the Project by purchasers thereof; and
<br />WHEREAS, by Resolution No. R_~~_~7 ,adopted on August ~ u, ,
<br />1985, and Resolution Number R-85-54, adopted on September 11, 1985, the City
<br />approved the proposal that the City undertake to provide financing for the Project
<br />and gave preliminary approval to the financing of the Project, including the
<br />issuance, sale and delivery of the Bonds, as hereinafter defined, subject to final
<br />approval by the City; and
<br />WHEREAS, the City proposes to finance the acquisition, of units in the
<br />Project pursuant to authority conferred by the Act through the issuance of the
<br />Bonds, as hereinafter defined; and
<br />WHEREAS, Duran & Moody, Inc. (the "Underwriter"), proposes to purchase
<br />said Bonds; and
<br />WHEREAS, said Bonds issued under this resolution will be secured by a
<br />pledge and assignment of the Loan Agreement, as hereinafter defined, and of the
<br />revenues derived by the City from the Loan Agreement, and said Bonds and the
<br />interest on said Bonds shall be payable solely from the revenue pledged therefor
<br />and the Bonds shall not constitute a debt of the City within the meaning of any
<br />constitutional or statutory limitation nor shall constitute nor give rise to a
<br />pecuniary liability of the City or a charge against its general credit or taxing
<br />powers and shall not constitute a charge, lien, or encumbrance, legal or equitable,
<br />upon any property of the City other than its interest in the Loan Agreement:
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
<br />CITY OF FALCON HEIGHTS, MINNESOTA:
<br />1. That the City Council of the City finds, determines, and declares
<br />that the acquisition and construction of the Project within the City will expand the
<br />business and employment opportunities within the City, will promote the develop-
<br />ment of property within the City, and will generally aid and assist the City, and
<br />that, but for the availability of tax exempt financing, the Project would not
<br />otherwise have been undertaken in the City.
<br />2. That for the purpose of financing the acquisition of the Project after
<br />its construction there is hereby authorized the issuance, sale and delivery of
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