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11-14-2007 Council Agenda
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11-14-2007 Council Agenda
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6. Briggs and Morgan, Professional Association, acting as bond counsel, is <br />authorized to assist in the preparation and review of necessary documents relating to the Project, <br />to consult with the counsel to the City, the Borrower and the purchaser of the Bonds as to the <br />maturities, interest rates and other terms and provisions of the Bonds and as to the covenants and <br />other provisions of the necessary documents and to submit such documents to the City for final <br />approval. <br />7. Nothing in this resolution or in the documents prepared pursuant hereto shall <br />authorize the expenditure of any municipal funds on the Project other than the revenues derived <br />from the Project or otherwise granted to the City for this purpose. The Bonds shall not constitute <br />a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City of Little <br />Canada, Minnesota except the revenue and proceeds pledged to the payment thereof, nor shall <br />the City of Little Canada, Minnesota be subject to any liability thereon. The holder of the Bonds <br />shall never have the right to compel any exercise of the taxing power of the City of Little <br />Canada, Minnesota to pay the outstanding principal on the Bonds or the interest thereon, or to <br />enforce payment thereof against any property of the City of Little Canada, Minnesota. The <br />Bonds shall recite in substance that the Bonds including interest thereon, are payable solely from <br />the revenue and proceeds pledged to the payment thereof. The Bonds shall not constitute a debt <br />of the City of Little Canada, Minnesota within the meaning of any constitutional or statutory <br />limitation. <br />2098490v1 <br />8. This resolution shall take effect immediately upon adoption. <br />-4 <br />
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