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5. Briggs and Morgan,Professional Association, who will <br />act as Bond Counsel, is authorized in consultation with the City's <br />Fiscal Consultant and attorney and any other necessary parties to <br />assist in the preparation and review of necessary documents relating <br />to the Project, and to consult with the Company and the purchaser <br />of the Note as to the maturities, interest rates and other terms <br />and provisions of the Note and the covenants and other provisions <br />of the necessary documents and to submit such documents to the <br />Council for final approval. <br />6. Nothing in this resolution or in the documents pre- <br />pared pursuant hereto shall authorize the expenditure of any muni- <br />cipal funds on the Project other than the revenues thereof or the <br />proceeds of the Note or other funds granted to the City for this <br />purpose. The Note shall not constitute a charge, lien or encum- <br />brance, legal or equitable, upon any property or funds of the City <br />except the Project and the revenue pledged to the payment thereof <br />nor shall the City be subject to any liability thereon. No holder <br />of the Note shall ever have the right to compel any exercise of the <br />taxing power of the City to pay the Note or the interest thereon, <br />nor to enforce payment thereof against any property of the City <br />except the Project. The Note shall recite in substance that the <br />Note, including interest thereon, is payable solely from the revenue <br />pledged to the payment thereof. No Note issued hereunder shall con- <br />stitute a debt of the City within the meaning of any constitutional <br />or statutory limitation. <br />7. In anticipation of the approval by the Commissioner <br />of Securities and the issuance of the Note to finance a portion of <br />the Project, and in order that completion of the Project will not <br />be unduly delayed when approved, the Company is hereby authorized <br />to make such expenditures and advances toward payment of that <br />portion of the costs of the Project to be financed from the proceeds <br />of the Note as the Company considers necessary, including the use <br />of interim, short-term financing, subject to reimbursement from <br />the proceeds of the Note when and if delivered but otherwise with- <br />out liability on the part of the City. <br />Adopted by the City Council of the City of Lake Elmo, <br />Minnesota, this J 15 day of August . 1978. <br />Attest: <br />Cle14� <br />Mayor <br />- 4 - <br />