2014.06.16 RESO 2014-18 - Laserfiche WebLink

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to promote more intensive development and use of land within the City of Brooklyn Park and surrounding communities. 2. Preliminary Approval. The City hereby gives preliminary approval to the proposal of the Borrower that the City undertake the Project, and the financing therefor, pursuant to the Act and to issue the Bonds in the principal amount not to exceed $20,000,000. 3. DEED Application. The financing of the Project by the issuance of the Bonds by the Issuer is subject to, among other things, (a) the approval of the Project by the City and the Minnesota Department of Employment and Economic Development, (b) final approval by the City, the Borrower and the purchaser of the Bonds as to the ultimate details of the financing, and (c) review and approval of the proposed Project by Bond Counsel. 4. Payment of Costs. The Borrower has agreed and it is hereby determined that any and all costs incurred by the City in connection with the financing of the Project whether or not the Project is carried to completion and whether or not approved by the City will be paid by the Borrower. 5. Bond Documents. Briggs and Morgan, Professional Association, acting as bond counsel, is authorized to assist in the preparation and review of necessary documents relating to the Project, to consult with the Borrower and the purchaser of the Bonds as to the maturities, interest rates and other terms and provisions of the Bonds and as to the covenants and other provisions of the necessary documents and submit such documents to the City for final approval. 6. Limited Obligation. Nothing in this Resolution or the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues derived from the Project or otherwise granted to the City for this purpose. The Bonds shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property or funds of the City except the revenue and proceeds pledged for the payment thereof, nor shall the City be subject to any liability thereon. No holders of the Bonds shall ever have the right to compel any exercise of the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce payment thereon against any property of the City, except such property as may be expressly pledged for the security of the Bonds. The Bonds shall recite in substance that the Bonds, including the interest thereon, is payable solely from the revenue and proceeds pledged to the payment thereof. The Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 7. Reimbursement. In anticipation of the approval of the Project by the State of Minnesota, Department of Employment and Economic Development and all other necessary entities and the issuance of the Bonds to finance all or a portion of the Project, and in order that completion of the Project will not be unduly delayed when approved, the City hereby authorizes the Borrower, in accordance with the provisions of the Act and subject to the terms and conditions imposed by the purchaser of the Bonds, to provide for the expansion, renovation, and equipping of the Project by such means as shall be available to the Borrower and in the manner determined by the Borrower, and without advertisement for bids as may be required for the construction and acquisition of other municipal facilities; the City hereby ratifies, affirms, and approves all actions heretofore taken by the Borrower consistent with and in anticipation of such 3 6282780x1