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the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, <br />or to enforce payment thereon against any property of the City, except such property as may be <br />expressly pledged for the security of the Bonds. The Bonds shall recite in substance that the <br />Bonds, including the interest thereon, are payable solely from the revenue derived from the <br />Project and pledged to the payment thereof. The Bonds shall not constitute a debt of the City <br />within the meaning of any constitutional or statutory limitation. <br /> <br /> 8. In anticipation of the approval of the Project by the State of Minnesota, <br />Department of Trade and Economic Development and all other necessary entities, the issuance of <br />the Bonds to finance all or a portion of the Project, and in order that completion of the Project <br />will not be unduly delayed when approved, the Borrower 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 Bonds as the Borrower considers necessary, including the use <br />of interim, short-term financing, subject to reimbursement from the proceeds of the Bonds if and <br />when delivered but otherwise without liability on the part of the City. <br /> <br />1598059v2 4 <br /> <br /> <br />