Laserfiche WebLink
6. Briggs and Morgan, Professional Association, acting as <br />bond counsel, is authorized to assist in the preparation and <br />review of necessary documents relating to the Project, to <br />consult with the City Attorney, Company and the purchaser of <br />the Revenue Bonds as to the maturities, interest rates and <br />other terms and provisions of the Revenue Bonds and as to the <br />covenants and other provisions of the necessary documents and <br />to submit such documents to the Council for final approval; <br />7. Nothing in this resolution or in the documents pre- <br />pared 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 Revenue Bonds shall not constitute a charge, lien <br />or encumbrance, legal or equitable, upon any property or funds <br />of the City except the revenue and proceeds pledged to the <br />payment thereof, nor shall the City be subject to any liability <br />thereon. The holders of the Revenue Bonds shall never have the <br />right to compel any exercise of the taxing power of the City to <br />pay the outstanding principal on the Revenue Bonds or the <br />interest thereon, or to enforce payment thereof against any <br />property of the City. The Revenue Bonds shall recite in <br />substance that the Revenue Bonds including interest thereon, is <br />payable solely from the revenue and proceeds pledged to the <br />payment thereof. The Revenue Bonds shall not constitute a debt <br />of the City within the meaning of any constitutional or <br />statutory limitation; <br />8. In anticipation of the approval by the Commissioner <br />and the issuance of the Revenue Bonds to finance all or a <br />portion of the Project, and in order that completion of the <br />Project will not be unduly delayed when approved, Company is <br />hereby authorized to make such expenditures and advances toward <br />payment of that portion of the costs of the Project as Company <br />considers necessary, including the use of interim, short -term <br />financing, subject to reimbursement from the proceeds of the <br />Revenue Bonds if and when delivered but otherwise without <br />liability on the part of the City; <br />Adopted by the City Council of the City of Little Canada, <br />Minnesota, this 23rd day of October, 1985. <br />Attests <br />Mayor <br />City Clerk- Treasurer <br />