07-11-1979 Council Agenda - Laserfiche WebLink

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or the proceeds of the Revenue Note or other funds granted to the City for this purpose. The Note shall not 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. The bondholders shall never have the right to compel any exercise of the taxing power of the City to pay the note or the interest thereon, nor to enforce payment thereof against any property of the City except the Project. The Note shall recite in substance that the Note, including interest thereon, is payable solely from the revenue pledged to the payment thereof. No 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 Commissioner of Securities and the issuance of the Revenue Note to finance a portion of the Project, and in order that completion of the Project will not be unduly delayed when approved, the Company is hereby authorized to make such expenditures and advances toward payment of that portion of the costs of the Project to be financed from the proceeds of the Revenue Note as the Company considers necessary, including the use of interim, short -term financing, subject to reimbursement from the proceeds of the Revenue Note, when and if delivered, but otherwise without liability on the part of the City. • Adopted by the City Council of the City of Little Canada, Minnesota this day of , 1979; Attest: City Clerk Mayor 008