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[DRAFT] <br /> <br /> 8._5 8.6 CONDITIONS PRECEDENT TO CITY'S CONSTRUCTION OF CITY <br />PHASE Il UTILITY IMPROVEMENTg. The City is not obligated to commence construction of <br />the CityPhase II Utility Improvements until the conditions precedent described in <br />Section 7.J ,~7.8 above are satisfied. <br /> <br /> 8.~_~66 8.7 COMMENCEMENT AND COMPLETION OF PHASE II <br />CONSTRUCTION. The City is obligated to commence and complete construction of the City <br />Phase II Utility Improvements on the same dates that the City is obligated to commence and <br />substantially complete construction of the City Phase II Roadway Improvements pursuant to <br />eocction 7.11 Sections 7.8 and 7.9 above. The City Utility Improvements will be public <br />improvements, and the City will maintain the City Utility Improvements as public <br />improvements. <br /> <br /> 8_._7_ $:$ FINANCING OF CITY PHASE II UTILITY IMPROVEMENTS. The City <br />will issue general obligation revenue bonds pursuant to Minnesota Statutes, Chapter 444, to <br />finance the City Phase II Utility Improvements. The City will repay the bonds from revenues the <br />City's storm sewer, sanitary sewer andwater system's generate (hook-up fees and rates and <br />charges). For a period of three years after the date hereo~ the City will not lex,), special <br />assessments against the Subject Property to finance the cost of the City Phase II Utility <br />Improvements. Thereafter, the City may levy special assessments against the Subject Property to <br />finance the cost of the City Phase II Utility Improvements, but only to the extent necessary to <br />cover shortfalls in the revenues received by the City from hook up fees and rates and charges <br />from the Subject Property to cover debt sen, ice on the bonds issued to finance the Phase II <br />Utility Improvements. The attached Exhibit K sets forth the Ciu,'s projections of hook up <br />fees and rates and charges anticipated from the Subject Property. <br /> <br /> 8.._8 8.9 FEES. The City represents that the City's current charges for access, hook-up <br />or connection to City water, sanita/T sewer and stonn water utilities are set forth on the attached <br />Exhibit K. The City a~ees that the City will not charge the Developer or any Secondary <br />Developer any higher access, hook-up or connection fees or charges than those charged to other <br />landowners within the City. The City makes no representations or warranties regarding the <br />amount of future access, hook-up or connection charges. <br /> <br />1555730.red <br />V8 tp V6; <br />8/29/03 <br /> <br />27 <br /> <br /> <br />