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thereon, are payable solely from the revenues. of the Project and proceeds pledged to the payment <br />thereof. The Revenue Bonds shall not constitute a debt of the City within the meaning of any <br />constitutional, statutory or charter limitation. <br />6. It is the purpose of this resolution. to evidence the commitment of the parties and <br />their intentions with respect to the proposed Project in order that the Company may proceed <br />without delay with the .commencement of the acquisition of the Project with the assurance that <br />there has been sufficient "official action" within the meaning of the Internal Revenue Code of <br />1986, as amended, to allow for the issuance of industrial revenue bonds (including, if deemed <br />appropriate, any interim note or notes to provide temporary financing thereof] to finance the <br />entire cost of the Project upon agreement being reached as to the ultimate details of the Project <br />and its financing. <br />7. In anticipation of the final approval by the City of the issuance of the Revenue <br />Bonds to finance all or a portion of the Project, and in order that completion of the Project will <br />not be unduly delayed when approved, the Company is hereby authorized to make such <br />expenditures and advances toward payment of that portion of the costs of the Project to be <br />financed from the proceeds of the Revenue Bonds as Company considers necessary, including <br />the use of interim, short-term financing, subject to reimbursement from the proceeds of the <br />Revenue Bonds if and when delivered but without liability on the part of the City. <br />8. A public hearing on the proposal of the Company will be held at the time and <br />place set forth in the Notice of Public Hearing attached hereto. The Clerk is hereby authorized <br />and directed to cause notice of the hearing to be given one publication in the official newspaper <br />of the City and a newspaper of general circulation available in the City, not less than 14 days nor <br />more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached <br />Notice of Public Hearing. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />and upon vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />and the following abstained: <br />and the following were absent: <br />RESOLUTION # 08-07- <br />Page 3 of 4 <br />-79- <br />