02-26-1997 Council Agenda - Laserfiche WebLink

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FROM BRIGGS&MORGAN (FRI) 02. 21' 97 14:38/ST. 14:36/NO. 3560836851 P 5/7 opportunities to residents of the City, and to promote more intensive development and use of land within the City. 4. The Project and the program to finance the Project by the issuance of revenue bonds, is hereby given preliminary approval by the City subject to the approval of the Metropolitan Council of the Twin Cities Area, the holding of a public hearing on the Project and housing program and subject to final approval by the City, the Developer and the purchasers of the Bonds as to ultimate details of the financing of the project. 5. The City Staff is hereby authorized and directed to prepare a housing program for financing the project prepared in accordance with the provisions of Minnesota Statutes, Section ' 462C.03. 6. The Developer 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 will be paid by the Developer. 7. 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, Developer and the underwriter of the Bonds as to the maturities, interest rates and other terms and provisions of the Bonds and as to the covenants and other provisions of the necessary documents and submit such documents to the City for final approval. 8. Nothing in this Resolution or 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 Bonds shall not constitute a charge, lien or encum- brance, 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 Bonds shall never have the right to compel any exercise of the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce payment thereon against any property of the City, except such property as may be expressly pledged for the security of the Bonds. The Bonds shall recite in substance that Bonds, including the interest thereon, are payable solely from the revenue and proceeds pledged to the payment thereof. The Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 343114.1 3 Page 37