08-13-1986 Council Agenda - Laserfiche WebLink

Home Browse Search

(h) under the provisions of Minnesota Statutes, Section 474.10, and as provided in the Loan Agreement and Indenture, the Bonds are not to be payable from or charged upon any funds other than the revenue pledged to the payment thereof; the City is-not subject to any liability thereon; no holder of any Bonds shall ever have the right to compel any exercise by the City of its taxing powers to pay any of the Bonds or the interest or premium thereon, or to enforce payment thereof against any property of the City except the interests of the City in the Loan Agreement which have been assigned to the Trustee under the Indenture; the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable upon any property of the City except the interests of the City in the Loan Agreement which have been assigned to the Trustee under the Indenture; the Bonds shall recite that the Bonds are issued without moral obligation on the part of the state or its political subdivisions, and that the Bonds, including interest thereon, are payable solely from the revenues pledged to the payment thereof; and, the Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 7. Subject to the /pproval of the City Attornez and-- the forms of the Loan Agreement, the Purchase Agreement and Indenture and exhibits thereto and are approved substantially in the form submitted , exeept -'as pro, .-. .. .. -• - . . The Loan AgreementAorrt(dh,t and Indenture, in substantially the form submitted, are directed to be executed in the name and on behalf of the City by the Mayor and the City Clerk. Thz Purchase AgLcemenL a any other documents and certificates necessary to the transaction described above. Copies of all of the documents necessary to the transaction herein described shall be delivered, filed and recorded as provided herein and in Loan Agreement and Indenture. • - .. .1 - • • • • 13