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10-23-1985 Additions
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10-23-1985 Additions
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8. Briggs and Morgan, Professional Association, <br />acting as bond counsel, is authorized to assist in the <br />preparation and review of necessary documents relating to the <br />Project and the financing program therefor, to consult with the <br />City Attorney, Developer and purchasers of the Bonds (or <br />trustee for the purchasers of the Bonds) as to the maturities, <br />interest rates and other terms and provisions of the Bonds and <br />as to the covenants and other provisions of the necessary <br />documents and submit such documents to the City for final <br />approval; <br />9. Nothing in this Resolution or the documents <br />prepared pursuant hereto shall authorize the expenditure of any <br />municipal funds on the Project other than the revenues derived <br />from the Project or otherwise granted to the City for this <br />purpose. The Bonds shall not consitute a charge, lien or encum- <br />brance, legal or equitable, upon any property or funds of the <br />City except the revenue and proceeds pledged to the payment <br />thereof, nor shall the City be subject to any liability <br />thereon. The holder of the Bonds shall never have the right to <br />compel any exercise of the taxing power of the City to pay the <br />outstanding principal on the Bonds or the interest thereon, or <br />to enforce payment thereon against any property of the City. <br />The Bonds shall recite in substance that Bonds, including the <br />interest thereon, are payable solely from the revenue and <br />proceeds pledged to the payment thereof. The Bonds shall not <br />constitute a debt of the City within the meaning of any <br />constitutional or statutory limitation. <br />10. In anticipation of the approval by MHFA, the <br />Metropolitan Council and the issuance of the Bonds to finance <br />all or a portion of the Project, and in order that completion <br />of the project will not be unduly delayed when approved, the <br />Developer is hereby authorized to make such expenditures and <br />advances toward payment of that portion of the costs of the <br />Project to be financed from the proceeds of the Bonds, as the <br />Developer considers necessary, including the use of interim, <br />short -term financing, subject to reimbursement from the <br />proceeds of the Bonds if any when delivered but otherwise <br />without liability on the part of the City. <br />Adopted by the City Council of the City of Little <br />Canada, this 23rd day of October, 1985. <br />
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