1997-019 Council Resolution - Laserfiche WebLink

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(g) the Basic Payments under the Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of the principal of, purchase price, and interest on the Bonds issued under the Indenture when due, and the Loan Agreement and Indenture also provide that the Company is required to pay all expenses of the operation and maintenance of the Project, including, but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and all taxes and special assessments levied upon or with respect to the Project Premises and payable during the term of the Loan Agreement and Indenture; and (h) under the provisions of the Act, and as provided in the Loan Agreement and the 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 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, either 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 of Minnesota 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. 8. The forms of the Indenture, the Loan Agreement, and the Bond Placement Agreement (collectively the "Bond Documents") and exhibits thereto are approved in substantially the form submitted. Subject to the review and approval of Bond Counsel and City staff, the Mayor and the Clerk -Treasurer of the City are hereby authorized and directed to execute the Bond Documents in substantially the forms submitted. Any other documents and certificates necessary to the transaction described above shall be executed by the appropriate City officials. In the event of the disability or the resignation or other absence of the Mayor or Clerk -Treasurer, such other officers who may act in their behalf shall without further act or authorization of the Council do all things and execute all instruments and documents required to be done or to be executed by such absent or disabled officials. Copies of all of the documents necessary to the transaction herein described shall be delivered, filed and recorded as provided herein and in the Bond Documents. 776937.1 4