Agenda - Council - 06/12/1990 - Laserfiche WebLink

Home

I I I I I I I I We also agree to release the City from, and agree that the City shall not be liable for, and agree to hold the City, its City Council and its respective officers and employees harmless against any and all losses, claims, causes of action, damages, suits or liability to which the City, its officers and employees may become subject under any law in connection with the issuance and sale of the Bonds and the carrying out of any of the transactions contemplated including any loss or damage to property or any injury to or death of any person that may be occasioned by any cause whatsoever pertaining to the Project or the use there. We further agree to reimburse the City, its officers and employees, for any out-of-pocket legal and other expenses (including reasonable counsel fees) incurred by the City, its officers and employees, in connection with investigating any such losses, claims, damages or liabilities or in connection with defending any actions relating thereto. We understand that the Bonds shall be limited obligations of the City, and that principal and interest on the Bonds shall be payable solely out of the revenues derived from amounts payable to the City by the Borrower pursuant to the provisions of the Loan Agreement. Pursuant to the pertinent provisions of the Act, we shall make every effort to comply or cause compliance with the requirements of said statute for the purpose of providing employment to those individuals who are unemployed or who are economically disadvantaged and who otherwise qualify for employment with the Borrower or Lessee. We intend, to any extent deemed feasible by the Borrower, to use the Job Service Bureau of the Economic Security Department of the State of Minnesota as a first source of employment recruitment, referral and replacement. We intend to provide such reports as may be required by statute to the Minnesota Department of Trade and Economic Development. RAMSEY INVESTMENTS By Its General Partner 4069f -2-