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Section 103 of the .Internal Revenue Code of 1954, as amended <br /> • <br /> (the , "Code" ) , necessary in order to- assure the tax exemption <br /> of the interest on the Bonds have been satisifed, and until <br /> the City,. the Developer and the purchaser or purchasers of <br /> the Bonds have agreed upon the details of the Bonds and the <br /> provisions for their payment. The principal of, premium; <br /> if. any, and interest on each .Bond, .when, as and if issued, <br /> shall be payable solely from .the revenues of the Development <br /> and. the property pledged to the payment thereof and shall <br /> not constitute a debt of the City. The City Attorney and <br /> other officers of the City are authorized in cooperation <br /> with Dorsey & Whitney, as bond counsel, to initiate preparation <br /> of such documents as may be appropriate to the financing <br /> of the Development setting forth the detailed terms of the <br /> Bonds, -the security therefor- and the provisions for payment <br /> of the principal, premium, if any, and interest thereon in <br /> compliance with state and federal statutes and regulations . <br /> 2 : 03 . Pursuant to subdivision l of Section 462C.07 <br /> of the Act, in the making of the -loan to finance acquisition, _ <br /> construction and equipment of the Development and 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 <br /> the Minnesota Housing Finance Agency may exercise under Chapter <br /> 462A, Minnesota Statutes, without limitation under the provisions <br /> of Chapter 475, Minnesota Statutes . <br /> 2 .04 . In accordance with Section 462C. 04 subdivision <br /> 2 of the Act, the Mayor and City Manager are hereby authorized <br /> and directed to cause the Program to be submitted to the <br /> Minnesota Housing Finance Agency for review. The Mayor, <br /> City Manager, City Attorney and other officers, employees <br /> and agents of the City are hereby authorized ,and directed <br /> to provide the Minnesota Housing Finance Agency with any <br /> preliminary information needed for this purpose. The City <br /> Attorney is authorized. to initiate and assist- in the preparation <br /> of such documents as may be appropriate to the Development, <br /> the Bonds and the Program. <br /> 2 . 05. The Developer has agreed to pay .directly <br /> or through the City any and all costs incurred by the City <br /> in connection with the Development whether or not the Program <br /> is rejected by .the Minnesota Housing Finance Agency; whether <br /> or not the Development is carried to completion; and whether <br /> or not the Bonds and all operative instruments are executed. <br /> 2 .06 . The City retains the right., in its sole <br /> discretion, to withdraw from participation and, accordingly, <br /> not .issue the Bonds should the City at any time prior to <br /> the issuance thereof determine that it is in the best interest <br /> of .the City not to issue the Bonds . <br /> -3- <br />