CCRes_83-44 - Laserfiche WebLink

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-3- 5. Company has agreed and it is 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 Authority will be paid by Company; 6. Briggs and Morgan, Professional Association, acting as bond counsel, is authorized to assist in the preparation and review. of necessary documents relating to the Project, to consult with the City Attorney, 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; 7. Nothing in this resolution or in the documents prepared 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 on the Revenue Bonds or the interest thereon, or to enforce payment thereof against any property of the City. The Revenue Bonds, including interest thereon, is 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; • $. In anticipation of the approval by the Authority the issuance of the Revenue Bonds to finance all or a portion of the Project, .and in order that completion of the Project will not be unduly delayed when approved, Company is hereby authorized to make such expenditures and advances toward payment. of that portion of the costs of the Project to be financed from the proceeds of the Revenue Bonds as Company considers necessary, including the use of interim, short-term financing, subject to reimbursement from the proceeds of the Revenue Bonds if and when delivered but otherwise without liability on the part of the City; The motion for the foregoing Resolution was duly seconded by Mayor Warkentien and upon a vote being taken, the following voted in favor thereof: Mayor Warkentien, Councilmembers Chestovich, Eggert and Ciernia, and the following voted against the same: None. WHEREUPON, the Resolution was declared duly passed and adopted. Willis C. A. Warkentien, Mayor ATTEST: • ~.~"~ Dewan B. Barnes, Clerk Administrator Regular Meeting of the City Council on December 28, 1983