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issue its revenue bonds under the provisions of the Act to <br /> finance the Development in the maximum aggregate principal <br /> amount of $6,350, 000. <br /> 2.2. It is determined to proceed with the Development <br /> and its financing and this Council hereby declares its present <br /> intent to have the City issue its revenue bonds under the Act <br /> to finance the Development. Notwithstanding the foregoing, <br /> however, the adoption of this resolution shall not be deemed to <br /> establish a legal obligation on the part of the City or its <br /> City Council to issue or to cause the issuance of such revenue <br /> bonds. The City retains the right in its sole discretion to <br /> withdraw from participation and accordingly not issue the Bonds <br /> should the City at any time prior to the issuance thereof <br /> determine that it is in the best interest of the City not to <br /> issue the Bonds, or should the parties to the transaction be <br /> unable to reach agreement as to the structuring of the <br /> financing or as to the terms and conditions of any of the <br /> documents required for the transaction. All details of such <br /> revenue bond issue 'and .the provisions for payment thereof shall <br /> be subject to reveiw and approval of the Program by the Agency <br /> and may be subject to such further conditions as the City may <br /> specify. The bonds, if issued, shall not constitute a charge, <br /> lien or encumbrance, legal or equitable, upon any property of <br /> the City, except the revenues specifically pledged to the <br /> payment thereof, and each bond, when, as and if issued, shall <br /> • recite in substance that the bond, including interest thereon, <br /> is payable solely from the revenues and property specifically <br /> pledged to the payment thereof, and shall not constitute a debt <br /> of the City within the meaning of any constitutional or <br /> statutory limitation. <br /> 2. 3. The Program is hereby approved, and in <br /> accordance with Section 462C.04, Subdivision 2 of the Act, the <br /> City Manager and City Clerk are hereby authorized and directed <br /> to cause the Program to be submitted to the Agency for review <br /> and approval. The City Manager, City Clerk, .City Attorney and <br /> other officers, employees and agents of the City are hereby <br /> authorized and directed to provide the Agency with any <br /> preliminary information needed for this purpose. <br /> 2. 4. Pursuant to Subdivision 1 of Section 462C. 07 of <br /> the Act, in the making of the loan to finance acquisition, <br /> construction and equipment of the Project and in the issuance <br /> of the bonds or other obligations of the City, the City may <br /> exercise, within its corporate limits, any of the powers the <br /> Agency may exercise under Chapter 462A, Minnesota Statutes, <br /> without limitation under the provisions of Chapter 475, <br /> Minnesota Statutes. <br /> -4- <br />