Laserfiche WebLink
that the bonds of the Municipality shall not constitute a <br />charge, lien or encumbrance, legal or equitable, upon any property <br />of the Municipality, except the Project, and each bond, when, as <br />and if issued, shall recite in substance that the bond, including <br />interest thereon, is payable solely from the revenues received <br />from the Project and property pledged to the payment thereof, and <br />shall not constitute a debt of the Municipality. <br />2.3 The form of the Application to the Commissioner of <br />Securities, with attachments, is hereby approved, and the Mayor <br />and City Administrator are authorized to execute said <br />documents in behalf of the Municipality. <br />2.4 In accordance with Section 474.10, Subdivision 7a of <br />the Act, the Mayor and City Administrator are hereby authorized <br />and directed to cause said Application to be submitted to the <br />Commissioner of Securities for approval of the Project. The <br />Mayor, City Administrator, City Attorney and other officers, <br />employees and agents of the Municipality are hereby authorized <br />and directed to provide the Commissioner with any preliminary <br />information the Commissioner may need for this purpose, and the <br />City Attorney is authorized to initiate and assist in the prepara- <br />tion of such documents as may be appropriate to the Project, if <br />it is approved by the Commissioner. <br />Section 3. General. <br />3.1 If the bonds are issued and sold, the Municipality <br />will enter into a lease, sale or loan agreement or similar <br />agreement satisfying the requirements of the Act (the Revenue <br />Agreement) with the Borrower. The lease rentals, installment <br />sale payments, loan payments or other amounts payable by the <br />Borrower to the Municipality under the Revenue Agreement shall <br />be sufficient to pay the principal, interest and redemption <br />premium, if any, on the bonds as and when the same shall become <br />due and payable. <br />3.2 The Borrower has agreed and it is hereby determined <br />that any and all direct and indirect costs incurred by the <br />Municipality in connection with this Project, whether or <br />not the Project is carried to completion, and whether or not <br />approved by the Commissioner of Securities, and whether or not <br />the Municipality by resolution authorized the issuance of the bonds, <br />will be paid by the Borrower upon request. <br />3.3 The Mayor and City Administrator are directed, if <br />the bonds are issued and sold, thereafter_ to comply with the <br />-3- <br />