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<br />thereon, are payable solely from the revenues of the Project and proceeds pledged tothe 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 /> <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 /> <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 /> <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 /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Strommen, and upon vote being taken thereon, the following voted in favor thereof: <br /> <br />Mayor Gamec <br />Councilmember Look <br />Councilmember Strommen <br />Councilmember Dehen <br />Councilmember Elvig <br />Councilmember Jeffrey <br />Councilmember Olson <br /> <br />and the following voted against the same: <br /> <br />None <br /> <br />and the following abstained: <br /> <br />None <br /> <br />RESOLUTION # 08-07-130 <br />Page 3 of 4 <br />