01-12-1977 Council Agenda - Laserfiche WebLink

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4. In accordance with Subdivision 7 of Section 474.01, Minnesota Statutes, the Mayor of the City is hereby authorized and directed to submit the proposal for the above described Project to the Commissioner of Economic Development requesting his approval, and other officers, employees and agents of the City are hereby authorized to provide the Com- missioner with such preliminary information as he may require. The Company has agreed and it is hereby determined that any and all costs incurred by the City in connection with the Project whether or not the Project is carried to completion and whether or not approved by the Commissioner will be paid by the Com- pany; 5. The City Attorney and Briggs and Morgan, Pro- fessional Association as the City's Bond Counsel are author- ized to assist in the preparation and review of necessary documents relating to the Project, and to consult with repre- sentatives of the Company and the purchasers of the bonds and any interim notes as to the maturities, interest rates and other terms and provisions of the bonds and any interim notes and the covenants and other provisions of the necessary docu- ments and to submit such documents to the Council for final approval; 6. Nothing in this resolution or in the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues thereof or the proceeds of the revenue bonds and any interim notes or other funds granted to the City for this purpose. Neither the bonds nor any interim notes shall constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except the Project and the revenue pledged to the payment thereof nor shall the City be subject to any liability thereon. No holder of any bond or interim note shall ever have the right to compel any exercise of the taxing power of the City to pay any such bond or interim note or the interest thereon, nor to enforce payment thereof against any property of the City except the Project. Each bond or interim note shall recite in substance that the bond or interim note, including interest thereon, is payable solely from the revenues pledged to the payment thereof. No bond or interim note issued hereunder shall constitute a debt of the City within the meaning of any constitutional or statutory limitation; 7. In anticipation of the approval by the Commis- sioner of Economic Development and the issuance of the bonds to finance all or a portion of the Project, and in order that completion of the Project will not be unduly delayed when -4- 009