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• 5. 5. Delivery and Use of Proceeds. Prior to delivery of <br /> the Note, the documents referred to in Section 3. 3 hereof <br /> shall be completed and executed in form and substance as <br /> approved by the City Attorney. The City shall execute and <br /> deliver the Note to the Lender , together with a duly <br /> certified copy of this Resolution, original, executed <br /> counterparts of the Construction Loan Agreement, the Loan <br /> Agreement and the Pledge Agreement, and such closing <br /> certificates, opinions and related documents as are <br /> required by Dorsey, Windhorst, Hannaford, Whitney & <br /> Halladay, bond counsel. <br /> Upon delivery of the Note and the above items to <br /> the Lender , the Lender shall, on behalf of the City, <br /> disburse to the Borrower the proceeds of the Note in <br /> reimbursement of Project Costs pursuant to the provisions <br /> of the Construction Loan Agreement, the Loan Agreement and <br /> the Pledge Agreement, and the proceeds so disbursed shall <br /> be deemed to have been disbursed for the benefit of the <br /> City. The Lender or the Borrower shall provide the City <br /> with a full accounting of all funds disbursed for Project <br /> Costs. <br /> Section 6. Limitations of the City ' s Obligations. <br /> Notwithstanding anything contained in the Note , the <br /> • Construction Loan Agreement, the Loan Agreement, the <br /> Pledge Agreement , or any other documents referred to in <br /> Section 3. 3, the Note shall not be payable from nor <br /> charged upon any funds of the City other than the revenue <br /> under the Loan Agreement pledged to the payment thereof, <br /> nor shall the City be subject to any liability thereon. <br /> No Holder or Holders of the Note shall ever have the right <br /> to compel any exercise of the taxing power of the City to <br /> pay the Note or the interest thereon, nor to enforce <br /> payment thereof against any property of the City except <br /> the Project, or portions thereof, mortgaged or otherwise <br /> encumbered by the Mortgage. The Note shall not constitute <br /> a charge, lien, or encumbrance, legal or equitable , upon <br /> any property of the City, except the Project, or portions <br /> thereof, mortgaged or otherwise encumbered by the <br /> Mortgage. The Note, including interest thereon, is <br /> payable solely from the revenue under the Loan Agreement <br /> pledged to the payment thereon. The Note shall not <br /> constitute a debt of the City within the meaning of' any <br /> constitutional , statutory or charter limitation. However , <br /> nothing contained in this Section 6 shall impair the <br /> rights of the Holder or Holders of the Note to enforce <br /> covenants made for the security 'thereof as provided under <br /> the provisions of Minnesota Statutes , Section 474. 11. <br /> -7- <br />