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3 <br />449039v1 JAE MN475-38 <br />(ii) refinancing the Prior Loans; (iii) funding required reserves for the Mounds View Note, if any; and <br />(iv) paying the costs of issuing the Mounds View Note. The issuance of the Mounds View Note is also <br />subject to the mutual agreement of the City, the Borrower, and the initial purchaser of the Mounds View <br />Note as to the details of the Mounds View Note and provisions for its payment. <br /> <br />3.02. The Note shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any <br />property of the City except the City’s interest in the loan or revenue agreement with respect to the <br />Mounds View Note and the Project, and the Mounds View Note, when, as, and if issued, shall recite in <br />substance that the Mounds View Note, including interest thereon, is payable solely from the revenues <br />received from the Project and property pledged to the payment thereof, and shall not constitute a general <br />or moral obligation of the City. <br /> <br /> 3.03. The law firm of Kennedy & Graven, Chartered, is authorized to act as Bond Counsel and <br />to assist in the preparation and review of necessary documents relating to the Project and the Mounds <br />View Note issued in connection therewith. The Mayor, the City Administrator, and other officers, <br />employees, and agents of the City are hereby authorized to assist Bond Counsel in the preparation of such <br />documents. <br /> <br /> Section 4. Costs. The Borrower will pay the administrative fees of the City and pay, or, <br />upon demand, reimburse the City for payment of, any and all costs incurred by the City in connection <br />with the Project and the issuance of the Mounds View Note, whether or not the Mounds View Note is <br />issued. <br /> <br /> Section 5. Commitment Conditional. The adoption of this resolution does not constitute a <br />guaranty or firm commitment that the City will issue the Mounds View Note as requested by the <br />Borrower. The City retains the right in its sole discretion to withdraw from participation and accordingly <br />not to issue the Mounds View Note, or issue the Mounds View Note in an amount less than the amount <br />referred to herein, should the City at any time prior to issuance thereof determine that it is in the best <br />interest of the City not to issue the Mounds View Note, or to issue the Mounds View Note in an amount <br />less than the amount referred to in Section 3.01 hereof, or should the parties to the transaction be unable <br />to reach agreement as to the terms and conditions of any of the documents required for the transaction. <br /> <br /> Section 6. Effective Date. This resolution shall be in full force and effect from and after its <br />passage. <br /> <br /> <br /> Approved by the City Council of the City of Mounds View, Minnesota, this 8th day of September, <br />2014. <br /> <br /> <br /> <br />Joe Flaherty, Mayor <br /> <br /> <br />(ATTEST) <br /> <br />Jim Ericson, City Administrator <br /> <br /> <br /> <br />(SEAL)