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`f i <br /> (1) The Project is hereby given preliminary approval <br /> by the City, subject to the approval of the Project by the i <br /> Commissioner of Securities and subject to final approval by <br /> this Council and the Obligor and the initial purchaser of any <br /> bonds to be issued as to the ultimate details of the Project <br /> and such bonds. The City hereby undertakes preliminarily to <br /> issue its revenue bonds in the amount necessary to pay the <br /> costs of the Project, presently estimated to be $1 ,500 ,000 . <br /> (2) In order that completion of the Project will <br /> not be unduly delayed, the Obligor is hereby authorized to <br /> make such expenditures and advances toward payment of costs <br /> of the Project as it considers necessary, including the use <br /> of interim, short-term financing, subject to reimbursement <br /> from the proceeds of the revenue bonds if and when delivered <br /> but otherwise without liability on the part of the City. <br /> (3) In accordance with Subdivision 7 of Section <br /> 474. 01, Minnesota Statutes, the Mayor and City Clerk are <br /> hereby authorized and directed to submit the proposal for <br /> the above described Project to the Commissioner of Securities <br /> requesting her approval. <br /> (4.1. The adoption of this resolution does not consti- <br /> tute a guarantee or a firm commitment t;.at the City will issue <br /> the bonds as requested by the Obligor. The City retains the right <br />- -� in its sole discretion to withdraw from participation and accord- <br /> ingly not issue the bonds should -the Citv at any time prior to <br /> the issuance thereof determine that it is in the best interests <br /> of the City not to issue the bonds .or should the parties to the <br /> transaction be unable to reach agreement .as to the terms and <br /> conditions of any of the documents required for the transaction. <br /> Approved: <br /> 'Mayor <br /> Attest: 's- ( /1"L& �2� <br /> City Cle <br /> 1 <br /> Motion for adoption of the foregoing resolution was <br /> f <br /> duly seconded by Councilmember Marks , and upon vote being <br /> taken the following voted in favor: Haik, Sundland, Ranallo, Marks, <br /> Letourneau <br /> :and: the following were opposed: None <br /> Wte'ieupon said resolution was declared and passed and adopted. <br /> F <br />