2005-183 Council Resolution - Laserfiche WebLink

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• • Section 5. Costs. The Borrower will pay the administrative fees of the City, or, upon demand, reimburse the City for payment of costs incurred by the City in connection with the Project and the issuance of the Notes, whether or not the Notes are issued. The City acknowledges that the amount of administrative fees of the City to be paid by the Borrower has not been determined as of the date of this resolution. The Borrower and the City will negotiate, as part of the note financing transaction, the amount of the administrative fees that the City will charge the Borrower relating to the Project and the issuance of the Notes by the City. Section 6. Commitment Conditional. The adoption of this resolution does not constitute a guarantee or a firm commitment that the City will issue the Notes as requested by the Borrower. If based on comments received at the public hearing to be held pursuant to this resolution, or other information made available to or obtained by the City during its review of the Project, it appears that the Project or the issuance of Notes to finance or refinance the costs thereof is not in the public interest or is inconsistent with the purposes of the Act or the Code, the City reserves the right not to give final approval to the issuance of the Notes. The City also retains the right, in its sole discretion, to withdraw from participation and accordingly not issue the Notes should the City Council, at any time prior to the issuance thereof, determine that it is in the best interests of the City not to issue the Notes or should the parties to the transaction be unable to reach agreement as to the terms and conditions of any of the documents for the transaction. Section 7. Effective Date. This Resolution shall be in full force and effect from and after its passage. Passed and adopted this 28th day of November, 2005. TNF CITY OF LINO LAKES, MINNESOTA Mayor Attest: Cit}/Administrator LN 140 -91 (JAE) 269759 vl