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11-15-1982 Council Agenda
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11-15-1982 Council Agenda
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(h) under the provisions of Minnesota <br />Statutes, Section 474.10, and as provided in the <br />Loan Agreement and Indenture, the Bonds are not to <br />be payable from or charged upon any funds other <br />than the revenue pledged to the payment thereof; <br />the City is not subject to any liability thereon; <br />no holder of any Bonds shall ever have the right <br />to compel any exercise by the City of its taxing <br />powers to pay any of the Bonds or the interest or <br />premium thereon, or to enforce payment thereof <br />against any property of the City except the <br />interests of the City in the Loan Agreement which <br />have been assigned to the Trustee under the <br />Indenture; the Bonds shall not constitute a <br />charge, lien or encumbrance, legal or equitable <br />upon any property of the City except the interests <br />of the City in the Loan Agreement which have been <br />assigned to the Trustee under the Indenture; the <br />Bonds shall recite that the Bonds are issued <br />without moral obligation on the part of the state <br />or its political subdivisions, and that the Bonds, <br />including interest thereon, are payable solely <br />from the revenues pledged to the payment thereof; <br />and, the Bonds shall not constitute a debt of the <br />City within the meaning of any constitutional or <br />statutory limitation. <br />' 6. Subject to the approval of the City Attorney, the <br />forms of the Loan Agreement and Indenture are approved <br />substantially in the form submitted. The Loan Agreement and <br />Indenture, in substantially the foiiu submitted, are directed to <br />be executed in the name and on behalf of the City by the Mayor <br />and the City Clerk and any other documents and certificates <br />necessary to the transaction described above shall be executed <br />by the appropriate City officers. Copies of all of the <br />documents necessary to the transaction herein described shall <br />be delivered, filed and recorded as provided herein and in said <br />Loan Agreement and Indenture. <br />7. The City shall proceed forthwith to issue its <br />Bonds, in the form and upon the terms set forth in the <br />Indenture. The offer of Miller Securities, Inc. ( "Miller ") to <br />purchase the Bonds for $ plus accrued interest to the <br />date of delivery at the interest rate or rates specified in the <br />Indenture is hereby accepted. The Mayor and City Clerk are <br />authorized and directed to prepare and execute the Bonds as <br />prescribed in the Indenture and to deliver them to the Trustee <br />for authentication and delivery to Miller. <br />14 <br />
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