Agenda - Council - 12/08/1998 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I Minnesota Trade and Economic Development Authority (the "Authority"), (c) review and approval of the proposed Project by the City's Bond Counsel, (d) the availability of an allocation for the issuance of tax exampz obligations, and (e) final approval by this Council, the Company, and the purchaser of the Revenue Bonds as to the ultimate details of the financing of the Project. 4. Company has agreed and it is hereby determined that any and all costs incurred by the City in connection with the financing of the Project whether or not the Project is carried to completion and whether or not approved by the City will be paid by Company. 5. Nothing in this resolution or in the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues derived from the Project or otherwise granted to the City for this purpose. The Revenue Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except the revenue and proceeds pledged to the payment thereof, nor shall the City be subject to any liability thereon. The holder of the Revenue Bonds shall never have the right to compel any exercis~ of the taxing power of the City to pay the outstanding principal on the Revenue Bonds or the interest thereon, or to enforce payment thereof against any property of the City. The Revenue Bonds shall recite in substance that the Revenue Bonds, including interest thereon, is payable solely from the revenue and proceeds pledged to the pa~ent thereof. The Revenue Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 6. It is the purpose of this resolution to evidence the commitment of the parties and their intentions with respect to the proposed Project in order that the Company may proceed without delay with the commencement of the acquisition, installation and construction of the Project with the assurance that there has been sufficient "official action" within the meaning of the Internal Revenue Code of 1986, as amended, to allow for the issuance of industrial rcvenu~ ~on~s (including, if deemed appropriate, any interim note or notes to provide temporary financing thereof) to finance the entire cost of the Project upon agreement being reached as to the ultimate details of the Project and its financing. 7. In anticipation of the final approval by the City of the issuance of the Revenue Bonds to finance all or a portion of the Project, and in order that completion of the Project will not be unduly delayed when approved, the Company is hereby authorized to make such expenditures and advances toward payment of that portion of the costs of the Project to be financed from the proceeds of the Revenue Bonds as Company considers necessary,