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Section 2. Preliminary Approval of Bond Financing. On the basis of the <br />information given the City to date, the views submitted at the public hearing and the <br />written comments (if any) submitted to the City on the Housing Program and issuance of <br />the Bonds, the Housing Program is hereby adopted and preliminary approval is hereby <br />given to the issuance of the Bonds, in an amount not to exceed $18,750,000, to provide <br />financing for the Project. The adoption of this resolution shall not be deemed, however, <br />to establish a legal obligation on the part of the City or its Council to issue or to cause the <br />issuance of the Bonds. All details of the Bonds and the provisions for payment thereof <br />shall be subject to final approval of this Council prior to their issuance. The Bonds, if <br />issued, shall not constitute a charge, lien or encumbrance, legal or equitable, upon any <br />property of the City, except the revenues to be received from the operation of the Project <br />and owner thereof specifically pledged to the payment thereof, and each Bond, when, as <br />and if issued, shall recite in substance that the Bond, including interest thereon, is payable <br />solely from said revenues and funds specifically pledged to the payment thereof, and <br />shall not constitute a debt or pecuniary liability of the City within the meaning of any <br />constitutional or statutory limitation. <br />Section 3. AAvplication for Bond Issuance Allocation. The Mayor and City <br />Manager, in consultation with the Borrower, are authorized to execute the necessary <br />documents on behalf of the City to apply for an allocation of bonding authority for the <br />Project pursuant to the provisions of Minnesota Statutes, Chapter 474A. <br />Adopted this 28`" day of May, 2013. <br />Jerome O. Faust, Mayor <br />Attest: <br />Barbara J. St 'u, City Clerk <br />