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5) <br /> <br />That the Borrower has agreed to pay any and all cosus incurred by the City in <br />connection with the Project whether m' not the Project is approved by the Minnesot. <br />Depsztment of Trade and Economic Development and whether or not the Project is <br />carried to completion, <br /> <br />6) <br /> <br />That the Project is hereby given preliminary approval by the City subject to <br />approval of the Project by the Minnesota Department of Trade and Economic <br />Development and subject to final approval by this Council and by the purchasers of <br />any bonds to be issued as to the ultimate details of the Project and as to the terms of <br />the bonds. <br /> <br />7) <br /> <br />That in accordancc with thc requirements of thc Act, thc Mayor, thc City Clerk, and <br />such other officers and representatives of thc City as may from time to time be <br />designated are hereby authorized and diree~ to submit the proposal for thc Project <br />to the Minnesota Department of Traflc and Economic Development and request its <br />approval thereof, and thc Mayor, the City Clerk, and other officers, employees and <br />agents of thc City are hereby authorized to provide the Department with such <br />preliminary information as it may require. Thc Borrower, Faegre & Benson, as <br />bond counsel, the City Clerk, thc City Attorney, and other City officials are also <br />authorized to initiate the preparation of a proposed loan agreement and such other <br />documents as may be necessary or appropriate to thc Project so that, when and if <br />the proposed Project is approved by the Department and this Council gives its final <br />approval thereto, thc Project may be carried forward expeditiously. <br /> <br />8) <br /> <br />That the Borrower is hereby authorized to enter into such contracts, in its own name <br />and not as agent for the City, as may be necessary for the carrying out of the Project <br />by any means available to it and in the manner it determines, without advertisement <br />for bids as may be required for the acquisition or construction of municipal <br />facilities, but the City shall not be liable on any such contracts. <br /> <br />The motion for the adoption-of the foregoing resolution was duly seconded by <br />Councilmember Cich and upon vote being taken thereon, the following voted in favor <br />thereof: <br /> <br />Mayor Reimann <br />Councilmember Pearson <br />Coun¢ilmember Cich <br />Coundlmember DeLuca <br />Councilmember Peterson <br /> <br />and the following voted against the same: <br /> <br />None <br /> <br />and the following abstained: <br /> <br />!N~one <br /> <br />and the following were absent: <br /> one <br /> <br />Resolution g90-06-173 <br />Page 2 of 3 <br /> <br />$/ <br /> <br /> <br />