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2001.09.05 RESO 2001-0051
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2001.09.05 RESO 2001-0051
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City Council
Document Type
Resolutions
Meeting Date
9/5/2001
Meeting Type
Regular
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Resolution 2001- 51 <br />Page 3 <br />maturities, interest rates, and other terms and provisions of the Bonds, and as to the <br />covenants and other provisions of the necessary documents and to submit such documents <br />to the Council for final approval. <br />7. Nothing in this resolution or in the documents prepared pursuant hereto shall <br />authorize the expenditure of any municipal funds on the Project other than the revenues <br />derived from the Project or otherwise granted to the City for this purpose. The Bonds shall <br />not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds <br />of the City except the revenue and proceeds pledged to the payment thereof, nor shall the <br />City be subject to any liability thereon. The holder of the Bonds shall never have the right <br />to compel any exercise of the taxing power of the City to pay the outstanding principal on <br />the Bonds or the interest thereon, or to enforce payment thereof against any property of the <br />City. The Bonds shall recite in substance that the Bonds including interest thereon, are <br />payable solely from the revenue and proceeds pledged to the payment thereof. The Bonds <br />shall not constitute a debt of the City within the meaning of any constitutional or statutory <br />limitation. <br />8. In anticipation of the issuance of the Bonds to finance all or a portion of the <br />Project, and in order that completion of the project will not be unduly delayed when <br />approved, Company is hereby authorized to make such expenditures and advances toward <br />payment of this portion of the costs of the Project as Company considers necessary, <br />including the use of interim, short-term financing, subject to reimbursement from the <br />proceeds of the Bonds if and when delivered but otherwise without liability on the part of <br />the City. <br />Whereupon said resolution was declared passed and adopted this 5t' day of September 2001. <br />M <br />on, Mayor <br />ATTEST: <br />Mary AdidCreager, City Cl <br />
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