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1 <br /> 3. Said Project is hereby given preliminary approval by <br /> the City subject to the approval of the Project by the <br /> Commissioner of Securities and subject to final approval by this <br /> • Council, the Borrower, and the purchaser or purchasers of the <br /> Bonds as to the ultimate details of the financing of the Project. <br /> 4 . In accordance with Subdivision 7(a) of Section <br /> 474 . 01, Minnesota Statutes, the Mayor of the City is hereby <br /> authorized and directed to submit the proposal for the <br /> above-described Project to the Commissioner of Securities, <br /> requesting her approval, and other officers, employees and agents <br /> of the City are hereby authorized to provide the Commissioner with <br /> such preliminary information as she may require. Representatives <br /> of the City and Lindquist & Vennum, as bond counsel , are hereby <br /> authorized, in cooperation with the Borrower and the Borrower' s <br /> counsel , to initiate the preparation of a proposed loan agreement, <br /> mortgage and such other documents as may be necessary or <br /> appropriate to the Project so that, when and if the proposed <br /> project is approved by the Commissioner and this Council gives its <br /> final approval thereto, the Project may be carried forward. <br /> expeditiously. <br /> . 5-. The Borrower has agreed and it is hereby determined <br /> that any and all costs incurred by the City in connection with the <br /> financing of the project, whether or not the Project is carried to <br /> completion and whether or not approved by the Commissioner, will <br /> be paid by the Borrower. <br /> 6 . Noshing in this resolution or in the documents pre- <br /> pared pursuant hereto will authorize the expenditure of any <br /> municipal. funds on the Project other than the revenues derived <br /> from the Project or otherwise granted to the City for this <br /> purpose. The Bonds will not constitute a charge, lien or <br /> encumbrance, legal or equitable, upon any property or funds of the <br /> City except the revenue and proceeds pledged to the payment <br /> thereof, nor shall the City be subject to any liability thereon . <br /> The holder or holders from time to time of the Bonds will never <br /> have the right to compel any exercise of the taxing power of the <br /> City to pay the outstanding principal on the Bonds or the interest <br /> thereon or to enforce payment thereof against any property of the <br /> City. The Bonds will recite in substance that the Bonds, <br /> including interest thereon, are payable solely from the revenue <br /> and proceeds pledged to the payment thereof. The Bonds will not <br /> constitute a debt of the City within the meaning of any <br /> constitutional or statutory limitation. <br /> 7. In anticipation of the approval of the Commissioner <br /> of Securities and the issuance of the Bonds to finance all or a <br /> portion of the Project and in order that completion of the Project <br /> will not be unduly delayed when approved, the Borrower is hereby <br /> authorized to make such expenditures and advances toward payment <br /> of that portion of the costs of the Project to be financed from <br /> the proceeds of the Bonds as the Borrower considers necessary, <br /> including the use of interim, short-term financing, subject to <br /> • reimbursement from the proceeds of the Note if and when delivered <br /> but otherwise without liability on the part of the City. <br /> 3 <br />