1990.04.16 RESO 1990-0012 - Laserfiche WebLink

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° 0 that its efforts with respect to the Project shall be exercised on behalf of the City and in keeping with the best interests of the City for the purpose of promoting, attracting, and encouraging the development of economically sound industry and commerce in the City. Section 3. Source and Contribution of Funds. All funds required for undertaking the Project in the City shall be derived from the proceeds of the bonds of the Authority and from the Developer, and the City shall not be required to provide any financial assistance to the Project. The authority may use its own funds to provide such additional assistance, if any, as it determines to be necessary or useful in connection with the Project. Section 4 The Authority and the City agree that the Authority shall require, in all agreements, documents, or instruments executed or entered into in connection with the financing or development of the Project, that the City shall be indemnified by the Developer or any other obligors with respect to the Project for any and all claims or causes of action arising from or in connection with the undertaking of the Project pursuant to the Agreement. Section 5. Liability for Debts and Obligations. The authority shall not do any act or thing the effect of which is to create a charge on or lien against the property or revenues of the Authority or the City. The bonds of the Authority issued with respect to the Project shall be special, limited obligations of the Authority payable solely from proceeds, revenues, and other amounts pledged thereto. The bonds and the interest thereon shall neither constitute nor give rise to an indebtedness, pecuniary liability, general or moral obligation, or a pledge of the faith or loan of credit of the Authority, the City, the State of Minnesota or any political subdivision of the above, within the meaning of any constitutional or Statutory provisions. Section 6. Authority Indemnification. The Authority shall indemnify and hold the City and its officers, employees, agents, and volunteer workers, harmless from any and all claims, suits, damages, costs (including reasonable attorney's fees) arising out of any act or omission of the Authority, its officers, employees, agents, or volunteer workers in the performance of this Agreement. Section 7. Unless otherwise provided by concurrent action of the Authority and the City, this Agreement shall terminate upon the retirement or defeasance of the last outstanding bonds issued to finance the Project and the payment of all amounts required to be paid under the Project documents, and this Agreement may not be terminated in advance of such retirement or defeasance. If the Bonds are not issued on or before November 1. 1990, this Agreement shall terminate on December 31, 1990. Section 8. Amendments. This Agreement may be amended only by the mutual written consent of the Authority and the City at any time. No amendment may impair the rights of the holders of the bonds issued to finance the Project unless they have consented to such amendment in the manner provided for amendment of the bond documents.